BrokerTec reports 10% YoY rise in US repo ADNV for January
05 February 2025 US, Europe
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CME Group’s BrokerTec has reported an average daily notional value (ADNV) of US$875 billion for January across US Treasuries, European government bonds, as well as US and EU repo.
This figure, derived from the firm’s Central Limit Order Book (CLOB), dealer-to-client (D2C) request-for-quote (RFQ), and streaming platforms, represents an 18 per cent increase year-on-year (YoY).
In the US repo market, BrokerTec saw an ADNV of US$318 billion, up 10 per cent YoY.
John Edwards, global head of BrokerTec at CME Group, comments: “We continue to see elevated volume from new issuance, ongoing quantitative tightening of US$60 billion per month, and another record of US$6.9 trillion in total money funds assets early during the month.”
US Treasuries ADNV for January was US$103 billion, up 29 per cent month-on-month (MoM).
“Liquidity in the US Treasury central limit order book remained resilient throughout this period of increased volatility,” says Edwards, “with the average top of book depth in the 10-year Note increasing by 46 per cent YoY.”
In Europe, ADNV for BrokerTec EU repo grew 13 per cent both MoM and YoY to €310 billion in January.
Edwards adds: “During the month, a heavy bond issuance calendar contributed to the volumes on the platform. On 30 January, the European Central Bank reduced interest rates by 25 basis points, in line with market expectations.”
This figure, derived from the firm’s Central Limit Order Book (CLOB), dealer-to-client (D2C) request-for-quote (RFQ), and streaming platforms, represents an 18 per cent increase year-on-year (YoY).
In the US repo market, BrokerTec saw an ADNV of US$318 billion, up 10 per cent YoY.
John Edwards, global head of BrokerTec at CME Group, comments: “We continue to see elevated volume from new issuance, ongoing quantitative tightening of US$60 billion per month, and another record of US$6.9 trillion in total money funds assets early during the month.”
US Treasuries ADNV for January was US$103 billion, up 29 per cent month-on-month (MoM).
“Liquidity in the US Treasury central limit order book remained resilient throughout this period of increased volatility,” says Edwards, “with the average top of book depth in the 10-year Note increasing by 46 per cent YoY.”
In Europe, ADNV for BrokerTec EU repo grew 13 per cent both MoM and YoY to €310 billion in January.
Edwards adds: “During the month, a heavy bond issuance calendar contributed to the volumes on the platform. On 30 January, the European Central Bank reduced interest rates by 25 basis points, in line with market expectations.”
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