BrokerTec US repo ADNV climbs 23% YoY for July
08 August 2025 US
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CME鈥檚 BrokerTec has reported a 23 per cent year-on-year (YoY) increase in average daily notional value (ADNV) for US repo, generating US$358.7 billion.
According to the firm, July marks the third-best month on record for US repo, which continues to benefit from demand for specials activity in multiple sectors, including US Treasury Bills.
BrokerTec's overall ADNV for July was US$928 billion, up 22 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),dealer-to-client request-for-quote (D2C RFQ), and streaming platforms.
For BrokerTec EU repo volumes, activity remained stable in July at 鈧�297 billion ADNV.
The firm also reports that US Treasuries ADNV for the month of July was US$80.4 billion, down 15 per cent YoY. BrokerTec's RV product suite reached US$2 billion ADNV in the same period, up 5 per cent YoY.
Commenting on the report, Erik Norland, chief economist at CME Group, says: 鈥淏ond yields rose globally as investors reassessed the likelihood of further central bank easing amid persistent inflation and budget deficits.
鈥�30-year Japanese government bond yields led the way higher, rising by 24 basis points. Meanwhile, the US Treasury curve鈥� flattened, with 2-year yields up 24bps while 30-year yields rose by 16bps.
鈥淓uropean bonds were the outperformers, but their yields still rose by around 11bps at the 10-year point on the curve.鈥�
According to the firm, July marks the third-best month on record for US repo, which continues to benefit from demand for specials activity in multiple sectors, including US Treasury Bills.
BrokerTec's overall ADNV for July was US$928 billion, up 22 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),dealer-to-client request-for-quote (D2C RFQ), and streaming platforms.
For BrokerTec EU repo volumes, activity remained stable in July at 鈧�297 billion ADNV.
The firm also reports that US Treasuries ADNV for the month of July was US$80.4 billion, down 15 per cent YoY. BrokerTec's RV product suite reached US$2 billion ADNV in the same period, up 5 per cent YoY.
Commenting on the report, Erik Norland, chief economist at CME Group, says: 鈥淏ond yields rose globally as investors reassessed the likelihood of further central bank easing amid persistent inflation and budget deficits.
鈥�30-year Japanese government bond yields led the way higher, rising by 24 basis points. Meanwhile, the US Treasury curve鈥� flattened, with 2-year yields up 24bps while 30-year yields rose by 16bps.
鈥淓uropean bonds were the outperformers, but their yields still rose by around 11bps at the 10-year point on the curve.鈥�
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