BrokerTec reports 10% YoY rise in US repo ADNV for January
05 February 2025 US, Europe
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CME Group鈥檚 BrokerTec has reported an average daily notional value (ADNV) of US$875 billion for January across US Treasuries, European government bonds, as well as US and EU repo.
This figure, derived from the firm鈥檚 Central Limit Order Book (CLOB), dealer-to-client (D2C) request-for-quote (RFQ), and streaming platforms, represents an 18 per cent increase year-on-year (YoY).
In the US repo market, BrokerTec saw an ADNV of US$318 billion, up 10 per cent YoY.
John Edwards, global head of BrokerTec at CME Group, comments: 鈥淲e continue to see elevated volume from new issuance, ongoing quantitative tightening of US$60 billion per month, and another record of US$6.9 trillion in total money funds assets early during the month.鈥�
US Treasuries ADNV for January was US$103 billion, up 29 per cent month-on-month (MoM).
鈥淟iquidity in the US Treasury central limit order book remained resilient throughout this period of increased volatility,鈥� says Edwards, 鈥渨ith the average top of book depth in the 10-year Note increasing by 46 per cent YoY.鈥�
In Europe, ADNV for BrokerTec EU repo grew 13 per cent both MoM and YoY to 鈧�310 billion in January.
Edwards adds: 鈥淒uring the month, a heavy bond issuance calendar contributed to the volumes on the platform. On 30 January, the European Central Bank reduced interest rates by 25 basis points, in line with market expectations.鈥�
This figure, derived from the firm鈥檚 Central Limit Order Book (CLOB), dealer-to-client (D2C) request-for-quote (RFQ), and streaming platforms, represents an 18 per cent increase year-on-year (YoY).
In the US repo market, BrokerTec saw an ADNV of US$318 billion, up 10 per cent YoY.
John Edwards, global head of BrokerTec at CME Group, comments: 鈥淲e continue to see elevated volume from new issuance, ongoing quantitative tightening of US$60 billion per month, and another record of US$6.9 trillion in total money funds assets early during the month.鈥�
US Treasuries ADNV for January was US$103 billion, up 29 per cent month-on-month (MoM).
鈥淟iquidity in the US Treasury central limit order book remained resilient throughout this period of increased volatility,鈥� says Edwards, 鈥渨ith the average top of book depth in the 10-year Note increasing by 46 per cent YoY.鈥�
In Europe, ADNV for BrokerTec EU repo grew 13 per cent both MoM and YoY to 鈧�310 billion in January.
Edwards adds: 鈥淒uring the month, a heavy bond issuance calendar contributed to the volumes on the platform. On 30 January, the European Central Bank reduced interest rates by 25 basis points, in line with market expectations.鈥�
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