BrokerTec reports 29% YoY rise in US repo ADNV for May
04 June 2025 US, Europe
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CME Group鈥檚 BrokerTec has reported an average daily notional value (ADNV) of US$936 billion for May 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 a 28 per cent increase year-on-year (YoY).
In the US repo market, May was BrokerTec鈥檚 second-best month on record, with an ADNV of US$352 billion 鈥� up 29 per cent YoY.
John Edwards, global head of BrokerTec at CME Group, comments: 鈥淲e continue to benefit from demand for specials activity as a result of market volatility in cash US Treasuries, as well as the quarterly refunding of 3s, 10s, and 30s bonds mid-month.鈥�
According to research by the 网爆吃瓜 Industry and Financial Markets Association (SIFMA), repo volumes are also increasing because of total US Treasuries outstanding growing 6 per cent to US$28.6 trillion at the end of March.
US Treasuries ADNV for May was US$101.1 billion, up 20 per cent YoY, as ongoing uncertainty related to tariffs and US trade deficit weighed on bond markets.
In Europe, ADNV for BrokerTec EU repo grew by 3 per cent YoY to 鈧�307 billion for May.
Erik Norland, chief economist at CME Group, adds: 鈥淪ome of this rise in US yields may have been propelled by a sharp increase in the yields of Japanese government bonds, especially on the 10Y and 30Y.
鈥淢eanwhile, Eurozone government bond yields were little changed, as European inflation rates remained below those in the US and Japan.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 a 28 per cent increase year-on-year (YoY).
In the US repo market, May was BrokerTec鈥檚 second-best month on record, with an ADNV of US$352 billion 鈥� up 29 per cent YoY.
John Edwards, global head of BrokerTec at CME Group, comments: 鈥淲e continue to benefit from demand for specials activity as a result of market volatility in cash US Treasuries, as well as the quarterly refunding of 3s, 10s, and 30s bonds mid-month.鈥�
According to research by the 网爆吃瓜 Industry and Financial Markets Association (SIFMA), repo volumes are also increasing because of total US Treasuries outstanding growing 6 per cent to US$28.6 trillion at the end of March.
US Treasuries ADNV for May was US$101.1 billion, up 20 per cent YoY, as ongoing uncertainty related to tariffs and US trade deficit weighed on bond markets.
In Europe, ADNV for BrokerTec EU repo grew by 3 per cent YoY to 鈧�307 billion for May.
Erik Norland, chief economist at CME Group, adds: 鈥淪ome of this rise in US yields may have been propelled by a sharp increase in the yields of Japanese government bonds, especially on the 10Y and 30Y.
鈥淢eanwhile, Eurozone government bond yields were little changed, as European inflation rates remained below those in the US and Japan.鈥�
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