CME Group to add Equilibrium Matching on BrokerTec Chicago
Equilibrium Matching adds a random 1-2 millisecond batching window for aggressive orders, and clients can test it from Thursday, November 19.
CME Group, an international derivatives marketplace, will introduce Equilibrium Matching (EM), a new matching protocol, for U.S. Treasury Actives on BrokerTec Chicago (Market Segment 48). The protocol takes effect in the first quarter of 2027.
The new functionality includes three enhancements. Aggressive orders go through a batching process that uses a random window of 1-2 milliseconds. Non-aggressive orders skip batching and update the book immediately. A Reservation Price can optionally be attached to aggressive order prices in order to achieve price/time priority in "contested" batching events.
Clients can begin testing the protocol in New Release on Thursday, November 19.
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