BrokerTec US repo ADNV climbs 18% YoY for June
03 July 2025 US, Europe
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CME鈥檚 BrokerTec has reported an 18 per cent year-on-year (YoY) increase in average daily notional value (ADNV) for US repo, generating US$359 billion.
According to the platform, it continues to benefit from demand for specials activity in multiple sectors, including US Treasury Bills.
BrokerTec's overall ADNV for June was US$931 billion, up 19 per cent YoY, says John Edwards, global head of BrokerTec, CME Group.
The figure represents activity across benchmark cash US Treasuries, European government bonds, as well as US and EU repo on BrokerTec鈥檚 dealer-to-dealer central limit order book (CLOB) and dealer-to-client request-for-quote (D2C RFQ) and streaming platforms.
For BrokerTec EU repo volumes, activity remained steady in June, resulting in a 1 per cent YoY decrease to 鈧�305 billion ADNV.
The firm also reports that US Treasuries ADNV in June was US$89.1 billion, down 2 per cent YoY. BrokerTec's RV product suite reached US$2.1 billion ADNV in the same month, up 15 per cent YoY.
Commenting on the report, Erik Norland, chief economist at CME Group, says: 鈥淚n June, the US Treasury yield curve steepened with 2-year yields falling 20 basis points, 10-year yields coming down by 16bps, and 30-year yields dropping 13bps.
鈥淪lower-than-expected consumer spending data and a downside surprise on CPI contributed to the bond rally which was pushed further along at the short end of the curve by discussion of an earlier-than-anticipated interview process for the next Fed Chair.
鈥淏y contrast, bond yields rose in the eurozone with French and German 10-year yields rising by 8-9bps as Germany gets ready to ramp up spending on defense and infrastructure.鈥�
According to the platform, it continues to benefit from demand for specials activity in multiple sectors, including US Treasury Bills.
BrokerTec's overall ADNV for June was US$931 billion, up 19 per cent YoY, says John Edwards, global head of BrokerTec, CME Group.
The figure represents activity across benchmark cash US Treasuries, European government bonds, as well as US and EU repo on BrokerTec鈥檚 dealer-to-dealer central limit order book (CLOB) and dealer-to-client request-for-quote (D2C RFQ) and streaming platforms.
For BrokerTec EU repo volumes, activity remained steady in June, resulting in a 1 per cent YoY decrease to 鈧�305 billion ADNV.
The firm also reports that US Treasuries ADNV in June was US$89.1 billion, down 2 per cent YoY. BrokerTec's RV product suite reached US$2.1 billion ADNV in the same month, up 15 per cent YoY.
Commenting on the report, Erik Norland, chief economist at CME Group, says: 鈥淚n June, the US Treasury yield curve steepened with 2-year yields falling 20 basis points, 10-year yields coming down by 16bps, and 30-year yields dropping 13bps.
鈥淪lower-than-expected consumer spending data and a downside surprise on CPI contributed to the bond rally which was pushed further along at the short end of the curve by discussion of an earlier-than-anticipated interview process for the next Fed Chair.
鈥淏y contrast, bond yields rose in the eurozone with French and German 10-year yields rising by 8-9bps as Germany gets ready to ramp up spending on defense and infrastructure.鈥�
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