CME Group began trading S&P UBS USD Liquid Leveraged Loan Index futures on September 14, 2026, marking the first exchange-traded futures contract linked to a transparent leveraged loan benchmark. The Chicago-based derivatives marketplace introduced the product to provide institutions with capital-efficient risk management tools beyond traditional investment-grade and high-yield markets.
- Launch date: September 14, 2026
- Underlying index: S&P UBS USD Liquid Leveraged Loan Index
- Trading venues: CME Globex and CME ClearPort
- Prior credit futures volume: 1.5 million contracts traded since June 2024, with open interest exceeding $2 billion as of September 2026
- Cross-margining benefit: Automatic margin offsets against CME interest rate and equity futures
Our new S&P UBS Liquid Leveraged Loan Index futures give institutions the risk management tools they’ve been asking for – beyond investment grade and high-yield markets. By offering this new product within a single clearing house, we can provide clients with unparalleled cross-margining benefits and free up more capacity on their balance sheets.
Ted Carey, Executive Director of Rates and OTC Products at CME Group, highlighted the product’s efficiency benefits. The contracts enable automatic margin offsets against the company’s existing interest rate and equity futures, part of $95 billion in daily efficiencies that CME delivers across asset classes.
S&P Dow Jones Indices partnered with CME Group and UBS to develop the index. Cameron Drinkwater, Chief Product and Operations Officer at S&P Dow Jones Indices, stated that the contract demonstrates the power of combining trusted benchmarks with liquid market tools to deepen participation in the loan index ecosystem. The contracts are available for trade on CME Globex and listed under CBOT rules. CME Group is the world’s leading derivatives marketplace, offering futures and options across asset classes including interest rates, equities, foreign exchange, cryptocurrencies, energy, and metals.
Ted Carey, Executive Director of Rates and OTC Products at CME Group. Source: LinkedIn
Cameron Drinkwater, Chief Product and Operations Officer at S&P Dow Jones Indices. Source: LinkedIn
