BrokerTec reports 9% YoY rise in US repo ADNV for February
04 March 2025 US, Europe
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CME Group’s BrokerTec has reported an average daily notional value (ADNV) of US$909 billion for February 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 a 21 per cent increase year-on-year (YoY).
In the US repo market, BrokerTec saw an ADNV of US$324 billion, up 9 per cent YoY.
According to John Edwards, global head of BrokerTec at CME Group, high levels of new issuance and quantitative tightening continued to boost the firm’s volumes in February.
US Treasuries ADNV for February was US$112.5 billion, up 5 per cent YoY, as Treasury markets digested news from the incoming administration, economic indicators and treasury supply, and Federal Reserve policy guidance.
“Liquidity in the US Treasury CLOB remained resilient throughout this period of increased volatility, with the average top of book depth in the 2Y note increasing by 55 per cent YoY,” says Edwards.
In Europe, ADNV for BrokerTec EU repo grew 20 per cent YoY to €332 billion in February.
Edwards adds: “During the month, as expected by market participants, the Bank of England reduced their refinancing rate by 25bps on 6 February, bringing the base down to 4.50 per cent.”
This figure, derived from the firm’s Central Limit Order Book (CLOB), dealer-to-client (D2C) request-for-quote (RFQ), and streaming platforms, represents a 21 per cent increase year-on-year (YoY).
In the US repo market, BrokerTec saw an ADNV of US$324 billion, up 9 per cent YoY.
According to John Edwards, global head of BrokerTec at CME Group, high levels of new issuance and quantitative tightening continued to boost the firm’s volumes in February.
US Treasuries ADNV for February was US$112.5 billion, up 5 per cent YoY, as Treasury markets digested news from the incoming administration, economic indicators and treasury supply, and Federal Reserve policy guidance.
“Liquidity in the US Treasury CLOB remained resilient throughout this period of increased volatility, with the average top of book depth in the 2Y note increasing by 55 per cent YoY,” says Edwards.
In Europe, ADNV for BrokerTec EU repo grew 20 per cent YoY to €332 billion in February.
Edwards adds: “During the month, as expected by market participants, the Bank of England reduced their refinancing rate by 25bps on 6 February, bringing the base down to 4.50 per cent.”
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