ICMA releases semi-annual survey results
26 March 2026 Switzerland
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The International Capital Market Association’s (ICMA’s) European Repo and Collateral Council (ERCC) has released the results of its 50th semi-annual survey of the European repo market, marking an important milestone for one of the longest-running and most authoritative datasets on repo market activity.
The survey measured and analysed the value of outstanding repo plus reverse repo on the books of 59 participants at close of business on 10 December 2025.
Growth of 9.8 per cent since June and 24.6 per cent year-on-year extended the strong expansion observed in the first half of 2025, driven by tariff-related macroeconomic uncertainty and heightened financial market volatility.
According to ICMA, in this environment, the repo market efficiently met increased demand for precautionary liquidity while continuing to provide a safe haven for investors.
Despite the elevated uncertainty and volatility, repo rates remained broadly stable, including over the year-end, partly reflecting central bank efforts to encourage routine use of their liquidity facilities.
Key findings of the survey include: the share of interdealer repo traded on automatic trading systems (ATS) declined further to an eight-year low, reflecting increased activity in US dollar and US Treasury repo conducted outside European platforms, while voice-broking reached an 11-year high, highlighting its importance in periods of elevated trading volumes and in less electronically traded segments.
The survey results also found that central counterparty (CCP)-cleared repo activity stabilised overall, with a notable expansion in GC financing, which grew strongly and increased its share of the market, supported by longer tenors and wider participation.
It also revealed that, in triparty repo, there was a shift towards higher-quality collateral, with increased shares of AAA and A-rated securities and reduced exposure to commercial mortgage-backed securities (CMBS), reflecting concerns over commercial real estate valuations, and that the share of floating-rate repo rose strongly, approaching previous peaks, suggesting growing expectations that central bank rate cuts may be nearing an end.
The survey measured and analysed the value of outstanding repo plus reverse repo on the books of 59 participants at close of business on 10 December 2025.
Growth of 9.8 per cent since June and 24.6 per cent year-on-year extended the strong expansion observed in the first half of 2025, driven by tariff-related macroeconomic uncertainty and heightened financial market volatility.
According to ICMA, in this environment, the repo market efficiently met increased demand for precautionary liquidity while continuing to provide a safe haven for investors.
Despite the elevated uncertainty and volatility, repo rates remained broadly stable, including over the year-end, partly reflecting central bank efforts to encourage routine use of their liquidity facilities.
Key findings of the survey include: the share of interdealer repo traded on automatic trading systems (ATS) declined further to an eight-year low, reflecting increased activity in US dollar and US Treasury repo conducted outside European platforms, while voice-broking reached an 11-year high, highlighting its importance in periods of elevated trading volumes and in less electronically traded segments.
The survey results also found that central counterparty (CCP)-cleared repo activity stabilised overall, with a notable expansion in GC financing, which grew strongly and increased its share of the market, supported by longer tenors and wider participation.
It also revealed that, in triparty repo, there was a shift towards higher-quality collateral, with increased shares of AAA and A-rated securities and reduced exposure to commercial mortgage-backed securities (CMBS), reflecting concerns over commercial real estate valuations, and that the share of floating-rate repo rose strongly, approaching previous peaks, suggesting growing expectations that central bank rate cuts may be nearing an end.
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