CM CME CME Group Inc. Loading... : Bullish and Bearish Analyst Opinions

ICE's own treasury clearing system (approved) is central to its strategy to extend its fixed income network, though it's not a lead player in the US. The plan is to tie Market Access's treasury rates platform into ICE's clearing system, aiming to scale its US rates footprint. — This validates a durable competitive push into the US rates clearing market, directly threatening CME's incumbency and its related treasury data and execution revenue streams.

ICE's new clearing service for US cash treasuries, approved by the SEC, is set to compete directly with the existing fixed income clearing services offered by its peers. — This introduces a new competitor to the DTCC's FICC and CME's fixed income clearing, aiming to capture market share in the growing treasury clearing space.