Chicago-based derivatives marketplace, CME Group, says it will upgrade BrokerTec Stream from version 1.5 to 2.0 on June 4, 2023, in order to provide “the best performance and lowest possible latency for our clients.” The upgrade of the platform, which provides a price streaming service for US Treasuries, will come with features, such as sweepable matching and firm price improvements, among others.

The planned upgrade will happen over a year after BrokerTec Americas LLC, a registered broker-dealer with the United States Securities and Exchange Commission, launched a new trading platform for BrokerTec Stream. At the time, the company said the new platform comes with faster market data, significant improvements in processing time, enhanced price discovery and cost efficiencies for customers.

“This launch paves the way for future enhancements including netted credit across BrokerTec Stream and BrokerTec Markets on CME Globex,” the CME Group explained in a recent notice, speaking on the latest planned upgrade.

CME Group Unveils Other Plans

Furthermore, the CME Group disclosed its other plans scheduled for the same day BrokerTec Stream 2.0 upgrade will be launched. According to the derivatives market operator, its enhanced straight-through processing (STP) solution, CME STP, will start providing support for BrokerTec Stream 2.0 starting June 4, 2023.

“With this launch, there will be enhancements to CME STP Trade Capture Reports and Party Roles for BrokerTec Stream 2.0 trades,” CME Group noted, adding that “API clients must complete conformance testing and certification." On the contrary, the operator noted that the CME STP does not require these events for the launch.

In addition, the Group’s CME STP FIX will launch support for BrokerTec Stream 2.0 with “enhancements to CME STP FIX Trade Capture Reports and Party Roles for BrokerTec Stream 2.0 trades.” Moreover, both support and planned enhancements will be "backward compatible" and are currently available for customer testing in the New Release environment, the CME Group said.

Meanwhile, the derivatives operator recorded its second-highest March and quarterly average daily volume last month. The performance was pushed by increases in ADV across most of its products and offerings, such as interest rates, options, equity, index and digital asset derivatives. On top of this, trading activities on CME Group's FX Link jumped 34% year-over-year in March 2023.