CME Group said it will apply to clear US Treasuries, becoming the first exchange company to publicly state its ambitions to grab a lucrative slice of the world’s biggest bond market.
“It’s a no-brainer to go ahead and file the application to become a Treasury clearer,” Terry Duffy, chief executive of CME, told the Financial Times on Tuesday.
The $27tn Treasury market is facing seismic changes under new US Securities and Exchange Commission rules, which will remodel the way that trades are finalised. The regulator is forcing more Treasury trades through a clearing house in an effort to make the market more resilient after a series of crises.
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