Repo ADV up 17.9% YoY for November, reports Tradeweb
05 December 2025 US
Image: Karen/stock.adobe.com
Repo average daily volume (ADV) traded on the Tradeweb platform climbed 17.9 per cent YoY to US$828.4 billion for November.
According to Tradeweb, global repo trading activity was supported by increased client participation across the platform.
In the US, strong growth was driven by the effects of the Federal Reserve’s balance sheet unwind.
Additionally, balances in the Fed’s reverse repo facility (RRP) remained close to zero for most of the month.
In Europe, strong activity continued despite ongoing central bank balance sheet reduction, putting some mild upward pressure on European funding levels.
The global operator of electronic marketplaces for rates, credit, equities, and money markets reports that ADV across all asset classes for the month of November reached US$2.9 trillion, up US$22.3 per cent YoY.
US government bond ADV was up 2.7 per cent YoY to US$252.7 billion. European government bond ADV was up 33.1 per cent YoY to US$70.7 billion.
For swaps and swaptions, ADV was up 4 per cent YoY for the month to US$495.7 billion. Total rates derivatives ADV also increased, rising 41.5 per cent YoY to US$1.1 trillion.
In credit markets, fully electronic US credit ADV was up 9 per cent YoY to US$8.5 billion, while European credit ADV jumped 16.5 per cent YoY to US$2.9 billion.
According to Tradeweb, global repo trading activity was supported by increased client participation across the platform.
In the US, strong growth was driven by the effects of the Federal Reserve’s balance sheet unwind.
Additionally, balances in the Fed’s reverse repo facility (RRP) remained close to zero for most of the month.
In Europe, strong activity continued despite ongoing central bank balance sheet reduction, putting some mild upward pressure on European funding levels.
The global operator of electronic marketplaces for rates, credit, equities, and money markets reports that ADV across all asset classes for the month of November reached US$2.9 trillion, up US$22.3 per cent YoY.
US government bond ADV was up 2.7 per cent YoY to US$252.7 billion. European government bond ADV was up 33.1 per cent YoY to US$70.7 billion.
For swaps and swaptions, ADV was up 4 per cent YoY for the month to US$495.7 billion. Total rates derivatives ADV also increased, rising 41.5 per cent YoY to US$1.1 trillion.
In credit markets, fully electronic US credit ADV was up 9 per cent YoY to US$8.5 billion, while European credit ADV jumped 16.5 per cent YoY to US$2.9 billion.
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