BrokerTec reports 23% YoY growth in US repo ADNV for March
03 April 2025 US, Europe
Image: Nattanon/stock.adobe.com
CME Group鈥檚 BrokerTec has reported an average daily notional value (ADNV) of US$955 billion for March across US Treasuries (USTs), 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).
On 3 March, BrokerTec set a new single-day volume record of US$1.05 trillion in ADNV traded.
On a quarterly basis, Q1 2025 was BrokerTec鈥檚 highest overall volume quarter on record, with US$913 billion ADNV transacted, up 22 per cent YoY.
In the US repo market, March was a record month, with ADNV of US$352 billion, up 23 per cent YoY.
According to John Edwards, global head of BrokerTec at CME Group, this was a result of strong volatility in the outright market, many open positions, and some specials activity.
鈥淭he high levels of new issuance and quantitative tightening continued to boost our volumes in March,鈥� he comments.
During the month, interest rates remained unchanged, while quantitative tightening was reduced to US$5 billion USTs per month.
The amount of new issuance has not increased YoY, but remains high, while total outstanding USTs amount to US$28.6 trillion 鈥� up 6.8 per cent YoY as per 麻豆传媒 Industry and Financial Markets Association (SIFMA) Research.
US Treasuries ADNV climbed 31 per cent YoY for March, generating US$120 billion, as Treasury markets digested news from the incoming administration, economic indicators and treasury supply, as well as Federal Reserve policy guidance.
Liquidity in the US Treasury CLOB remained resilient throughout this period of increased volatility, says Edwards, with the average top of book depth in the 10Y note falling 5 per cent YoY, while 10Y treasury CVOL reached its highest level post-US election on 3 March.
In Europe, ADNV for BrokerTec EU repo grew 13 per cent YoY to 鈧�337 billion in March.
Notably, the second-highest ADV notional day and week of 2025 were achieved during March.
Edwards adds: 鈥淒uring the month, the ECB lowered interest rates for the sixth time since June 2024, and indicated that its cutting phase may be drawing to a close with inflation cooling and the potential repercussions of geopolitics.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).
On 3 March, BrokerTec set a new single-day volume record of US$1.05 trillion in ADNV traded.
On a quarterly basis, Q1 2025 was BrokerTec鈥檚 highest overall volume quarter on record, with US$913 billion ADNV transacted, up 22 per cent YoY.
In the US repo market, March was a record month, with ADNV of US$352 billion, up 23 per cent YoY.
According to John Edwards, global head of BrokerTec at CME Group, this was a result of strong volatility in the outright market, many open positions, and some specials activity.
鈥淭he high levels of new issuance and quantitative tightening continued to boost our volumes in March,鈥� he comments.
During the month, interest rates remained unchanged, while quantitative tightening was reduced to US$5 billion USTs per month.
The amount of new issuance has not increased YoY, but remains high, while total outstanding USTs amount to US$28.6 trillion 鈥� up 6.8 per cent YoY as per 麻豆传媒 Industry and Financial Markets Association (SIFMA) Research.
US Treasuries ADNV climbed 31 per cent YoY for March, generating US$120 billion, as Treasury markets digested news from the incoming administration, economic indicators and treasury supply, as well as Federal Reserve policy guidance.
Liquidity in the US Treasury CLOB remained resilient throughout this period of increased volatility, says Edwards, with the average top of book depth in the 10Y note falling 5 per cent YoY, while 10Y treasury CVOL reached its highest level post-US election on 3 March.
In Europe, ADNV for BrokerTec EU repo grew 13 per cent YoY to 鈧�337 billion in March.
Notably, the second-highest ADV notional day and week of 2025 were achieved during March.
Edwards adds: 鈥淒uring the month, the ECB lowered interest rates for the sixth time since June 2024, and indicated that its cutting phase may be drawing to a close with inflation cooling and the potential repercussions of geopolitics.鈥�
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