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Cboe U.S. Treasuries

Finally, Treasury trading built for size.

We're solving the Treasury market's execution challenge.

Cboe has innovated large order execution in FX—now we're applying that same proven technology to Treasury trading. Our Full Amount platform addresses typical execution challenges, delivering single-ticket fills with minimal market impact. The results speak for themselves: increasing trading volumes and rapid adoption since launch.

What makes this different:

  • Proven technology - Full Amount execution that works in FX, now optimized for Treasury trading
  • Addresses real market need - Large order execution that the industry hasn’t solved effectively
  • Institutional infrastructure - All participants are FICC members and registered broker-dealers
  • Growing momentum - From first trade to record volumes, proving market demand for this approach

How Cboe U.S. Treasuries Work

What Treasury traders have been waiting for. Cboe's Full Amount technology consolidates streaming quotes from premier dealers into single best prices at prescribed size levels. This proven approach from our FX platform delivers the efficiency and low market impact that traders expect for large order execution.

Engagement

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Cboe actively engages with Participants to construct and refine Full Amount liquidity pools based on quantitative and qualitative measures.

Liquidity

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Liquidity consumers receive streaming top-of-book quotes across the on-the-run curve, in various sizes.

Streaming

a generic illustration of a table

Configured liquidity providers continuously quote in prescribed sizes, filling aggressing Immediate-or-Cancel orders in a single-ticket.

Low Impact

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Top of book prices are disseminated for each security and size via ITCH market data. Orders will never 'sweep' the market.

Cboe Fixed Income Markets, LLC ("Cboe Fixed Income") is a registered broker-dealer with the U.S. Securities and Exchange Commission, and is a member of the Financial Industry Regulatory Authority, Inc. (www.finra.org). Cboe Fixed Income does not provide services to retail customers.

Why this works:

  • Orders never sweep the market
  • Executions are announced only to parties involved
  • All trades clear through established FICC infrastructure

For liquidity providers.

Leverage Cboe's technology to anonymously distribute pricing with the assurance of being the full size of the incoming order.

Key benefits:

  • Proven technology platform - Full Amount system with demonstrated success
  • Quality flow assurance - All participants are FICC members and registered broker-dealers
  • Operational efficiency - Streamlined connectivity through FIX or leading market data vendors
  • Risk management - Clear counterparty structure with Cboe Fixed Income Markets, LLC as counterparty to all trades

For liquidity consumers.

Transfer risk in size with efficiency and low market impact, while potentially earning price improvement on each trade.

Key benefits:

  • FIX order entry for direct trading connectivity
  • Leading Independent Software Vendors for integrated workflow
  • ITCH market data feeds for real-time pricing visibility
  • Comprehensive reporting through established clearing relationships

Access & reporting.

Whether you prefer direct connectivity or vendor relationships, we've designed seamless integration paths for market participants.

Access options:

  • Single-ticket execution - Transfer risk efficiently and anonymously with low market impact through proven Full Amount methodology
  • Decreased market impact - Access competitive pricing across our dealer network with no post-trade market data
  • Institutional standards - Trade with confidence knowing all participants meet FICC member requirements
  • Flexible access - Connect via FIX order entry or your preferred Independent Software Vendor

Operational framework:

  • All participants are registered broker-dealers or government securities broker-dealers
  • Cboe Fixed Income Markets, LLC serves as counterparty to all trades
  • Clearing through FICC vs. a Fully Disclosed Clearing Broker
  • TRACE reporting handled seamlessly through established processes

Key Resources

Cboe Fixed Income Operating Procedures

Cboe Fixed Income Application and Participant Agreement

Cboe Fixed Income Liquidity Provider Standards

Cboe Fixed Income Fee Schedule

Cboe Fixed Income Information

Cboe Fixed Income Connectivity Order Form

Cboe Fixed Income Connectivity and Session Price List

Cboe Fixed Income Connectivity Terms & Conditions

Cboe Fixed Income Reference Data

Cboe Fixed Income Markets, LLC ("Cboe Fixed Income") is a registered broker-dealer with the U.S. Securities and Exchange Commission, and is a member of the Financial Industry Regulatory Authority, Inc. (www.finra.org). Cboe Fixed Income does not provide services to retail customers.