CME Group plans to apply to clear U.S. Treasuries, a spokesperson said, a $26 trillion dollar market.

The Financial Times reported earlier on Tuesday that CME Group would apply this year to clear U.S. Treasuries, becoming the first exchange company to publicly announce its plans to enter the world’s biggest bond market.

Its competitor Intercontinental Exchange’s president of fixed income and data services, Chris Edmonds, told Reuters his company is also interested in offering Treasury clearing services, saying Intercontinental Exchange “will find a way to serve the market”.

CME operates CME Clearing, which offers clearing and settlement services for exchange-traded contracts and over-the-counter derivatives transactions.

The exchange operator also offers global benchmark products across major asset classes, including futures and options.