BrokerTec US repo ADNV climbs 14% YoY for April
07 May 2026 US
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Data from CME Group鈥檚 BrokerTec shows US repo average daily notional value (ADNV) was up 14 per cent year-on-year (YoY) for April, generating US$388.6 billion.
According to Matt Gierke, global head of BrokerTec at CME Group, BrokerTec's overall ADNV for April was US$1.041 trillion ADV across benchmark cash US Treasuries, European government bonds and US and EU repo on its dealer-to-dealer central limit order book and dealer-to-client request-for-quote platforms.
This was the second highest month after March 2026 (US$1.141 trillion), up 12 per cent year to date compared to 2025.
This figure measures YoY 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 and dealer-to-client request-for-quote platforms.
In terms of EU repo, following a record first quarter and amid continued macroeconomic uncertainty, volumes remained elevated during April, reaching 鈧�369 billion in ADNV, up 13 per cent YoY.
For US Treasuries, ADNV in April was US$82.2 billion, as volatility, measured by the CME Group US Treasury Volatility Index (CVOL), on average in April fell 40 per cent from its recent peak on 26 March.
According to Erik Norland, chief economist, CME Group, the US yield curve flattened in April, with 2-year yields rising 12 basis points, 5-year yields increasing 10bps, while 10 and 30-year yields were up 8bps and 7bps respectively.
According to Matt Gierke, global head of BrokerTec at CME Group, BrokerTec's overall ADNV for April was US$1.041 trillion ADV across benchmark cash US Treasuries, European government bonds and US and EU repo on its dealer-to-dealer central limit order book and dealer-to-client request-for-quote platforms.
This was the second highest month after March 2026 (US$1.141 trillion), up 12 per cent year to date compared to 2025.
This figure measures YoY 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 and dealer-to-client request-for-quote platforms.
In terms of EU repo, following a record first quarter and amid continued macroeconomic uncertainty, volumes remained elevated during April, reaching 鈧�369 billion in ADNV, up 13 per cent YoY.
For US Treasuries, ADNV in April was US$82.2 billion, as volatility, measured by the CME Group US Treasury Volatility Index (CVOL), on average in April fell 40 per cent from its recent peak on 26 March.
According to Erik Norland, chief economist, CME Group, the US yield curve flattened in April, with 2-year yields rising 12 basis points, 5-year yields increasing 10bps, while 10 and 30-year yields were up 8bps and 7bps respectively.
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