BrokerTec US repo climbs 17% YoY for November
04 December 2025 US
Image: emerald_media/stock.adobe.com
CME Group鈥檚 BrokerTec has revealed the third-highest month on record for US repo average daily notional value (ADNV), which was up 17 per cent year-on-year (YoY) for November, generating US$386 billion.
During the month, BrokerTec experienced significant activity due to several factors, including pressure from Canadian year-end, quarterly refunding, increased interest rate uncertainty, and a continued increase in US Treasury issuance.
General collateral volumes were also elevated as holdings in money funds reached a new record of US$7.5 trillion.
According to John Edwards, global head of BrokerTec at CME Group, the overall ADNV for the month of November was US$957 billion, up 11 per cent.
This figure measures YoY across benchmark cash US Treasuries, European government bonds, and US and EU Repo on BrokerTec鈥檚 dealer-to-dealer central limit order book and dealer-to-client request-for-quote platforms.
In terms of EU repo, volumes remained strong during November, generating 鈧�304 billion in ADNV 鈥� up 1 per cent from the previous month.
For US Treasuries ADNV, November volumes were up 3 per cent month-on-month, to US$82.9 billion, with BrokerTec's RV product suite at US$1.6 billion ADNV.
Erik Norland, chief economist at CME Group, says: 鈥淎mid an active debate over the pace of rate cuts among FOMC members, the US Treasury curve steepened over the course of November with 2-year and 5-year yields falling by 8.5-9.0 bps while 10-year yields fell by 6.5bps and 30-year edged about 1bps higher.
鈥淢eanwhile in the Eurozone, German 10-year yield rose by 5bps over the course of the month as Germany prepares to loosen spending controls while French and Spanish 10-year yields each fell by about 1bps.鈥�
During the month, BrokerTec experienced significant activity due to several factors, including pressure from Canadian year-end, quarterly refunding, increased interest rate uncertainty, and a continued increase in US Treasury issuance.
General collateral volumes were also elevated as holdings in money funds reached a new record of US$7.5 trillion.
According to John Edwards, global head of BrokerTec at CME Group, the overall ADNV for the month of November was US$957 billion, up 11 per cent.
This figure measures YoY across benchmark cash US Treasuries, European government bonds, and US and EU Repo on BrokerTec鈥檚 dealer-to-dealer central limit order book and dealer-to-client request-for-quote platforms.
In terms of EU repo, volumes remained strong during November, generating 鈧�304 billion in ADNV 鈥� up 1 per cent from the previous month.
For US Treasuries ADNV, November volumes were up 3 per cent month-on-month, to US$82.9 billion, with BrokerTec's RV product suite at US$1.6 billion ADNV.
Erik Norland, chief economist at CME Group, says: 鈥淎mid an active debate over the pace of rate cuts among FOMC members, the US Treasury curve steepened over the course of November with 2-year and 5-year yields falling by 8.5-9.0 bps while 10-year yields fell by 6.5bps and 30-year edged about 1bps higher.
鈥淢eanwhile in the Eurozone, German 10-year yield rose by 5bps over the course of the month as Germany prepares to loosen spending controls while French and Spanish 10-year yields each fell by about 1bps.鈥�
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