BrokerTec US repo rises 13% YoY for December
07 January 2026 US
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CME Group鈥檚 BrokerTec has revealed the third-highest month on record for US repo average daily notional value (ADNV), which was up 13 per cent year-on-year (YoY) for December, generating US$386 billion.
The firm also reports six consecutive record quarters with US$388 billion in the fourth quarter.
The increased activity was driven by year-end funding dynamics, the Federal Open Market Committee (FOMC) decision to lower rates, and increased US Treasury issuance.
General collateral volumes were also elevated as holdings in money funds reached a new record of US$7.7 trillion.
According to Matt Gierke, global head of BrokerTec at CME Group, the firm鈥檚 overall average daily notional value (ADNV) for December was US$936 billion, up 17 per cent year-on-year, with Q4 2025 ADNV reaching US$950 billion, up 13 per cent compared to Q4 2024.
This figure measures YoY across benchmark cash US Treasuries, European government bonds, and US and EU Repo on BrokerTec鈥檚 dealer-to-dealer central limit order book and dealer-to-client request-for-quote platforms.
In terms of EU repo, volumes remained strong during December, generating 鈧�305 billion in ADNV 鈥� up 11 per cent YoY. Total ADNV for 2025 reached 鈧�308 billion, up 6 per cent from 2024.
For US Treasuries, ADNV in December was US$70 billion, while ADNV for the year was US$96 billion against a backdrop of low US Treasury volatility with the CME Group Volatility Index (CVOL) showing levels down 13 per cent, reaching their lowest level since 2021.
BrokerTec's RV product suite reached a record US$2.22 billion ADNV in 2025 with RV Butterflies ADNV growing 48 per cent YoY.
Erik Norland, chief economist at CME Group, says: 鈥淭he US yield curve steepened in December with 2-year yields falling 6bps as the Fed eased policy, while 10-year and 30-year yields rose by 8bps and 10bps, respectively.
鈥淎 similar steepening occurred in the Eurozone with German 2-year yields falling by 11bps over the course of the month while 10-year Bund yields rose by 9bps.
鈥淲hile central bank easing is pulling shorter term yields lower, the fact that inflation remains above target and budget deficits remain exceptionally large appears to be putting upward pressure on longer-term yields.鈥�
The firm also reports six consecutive record quarters with US$388 billion in the fourth quarter.
The increased activity was driven by year-end funding dynamics, the Federal Open Market Committee (FOMC) decision to lower rates, and increased US Treasury issuance.
General collateral volumes were also elevated as holdings in money funds reached a new record of US$7.7 trillion.
According to Matt Gierke, global head of BrokerTec at CME Group, the firm鈥檚 overall average daily notional value (ADNV) for December was US$936 billion, up 17 per cent year-on-year, with Q4 2025 ADNV reaching US$950 billion, up 13 per cent compared to Q4 2024.
This figure measures YoY across benchmark cash US Treasuries, European government bonds, and US and EU Repo on BrokerTec鈥檚 dealer-to-dealer central limit order book and dealer-to-client request-for-quote platforms.
In terms of EU repo, volumes remained strong during December, generating 鈧�305 billion in ADNV 鈥� up 11 per cent YoY. Total ADNV for 2025 reached 鈧�308 billion, up 6 per cent from 2024.
For US Treasuries, ADNV in December was US$70 billion, while ADNV for the year was US$96 billion against a backdrop of low US Treasury volatility with the CME Group Volatility Index (CVOL) showing levels down 13 per cent, reaching their lowest level since 2021.
BrokerTec's RV product suite reached a record US$2.22 billion ADNV in 2025 with RV Butterflies ADNV growing 48 per cent YoY.
Erik Norland, chief economist at CME Group, says: 鈥淭he US yield curve steepened in December with 2-year yields falling 6bps as the Fed eased policy, while 10-year and 30-year yields rose by 8bps and 10bps, respectively.
鈥淎 similar steepening occurred in the Eurozone with German 2-year yields falling by 11bps over the course of the month while 10-year Bund yields rose by 9bps.
鈥淲hile central bank easing is pulling shorter term yields lower, the fact that inflation remains above target and budget deficits remain exceptionally large appears to be putting upward pressure on longer-term yields.鈥�
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