鈥嬧�婻epo ADV rises 19.2% YoY for September, says Tradeweb
07 October 2025 US
Image: joeycheung/stock.adobe.com
Repo average daily volume (ADV) traded on the Tradeweb platform rose 19.2 per cent YoY to US$811.7 billion for September.
According to Tradeweb, record global repo trading activity was supported by increased client participation across the platform.
In the US, strong growth was driven by the effects of the Federal Reserve鈥檚 balance sheet unwind.
Additionally, balances in the Fed鈥檚 reverse repo facility (RRP) remained at relatively low levels throughout most of the month, despite a small increase into month-end.
In Europe, central banks deployed repo operations more aggressively to provide liquidity amid tightening macro conditions.
The global operator of electronic marketplaces for rates, credit, equities, and money markets reports that the ADV across all asset classes for the month of September reached US$2.9 trillion, up 10 per cent YoY.
US government bond ADV was up 3.5 per cent YoY to US$240.2 billion. European government bond ADV was up 27.3 per cent YoY to US$63 billion.
For swaps and swaptions, ADV jumped 6.1 per cent YoY for the month to US$611.2 billion. Total rates derivatives ADV also increased, rising 8.1 per cent YoY to US$1.1 trillion.
In credit markets, fully electronic US credit ADV was down 0.9 per cent YoY to US$8.6 billion, while European credit ADV climbed 4.2 per cent YoY to US$2.9 billion.
According to Tradeweb, record global repo trading activity was supported by increased client participation across the platform.
In the US, strong growth was driven by the effects of the Federal Reserve鈥檚 balance sheet unwind.
Additionally, balances in the Fed鈥檚 reverse repo facility (RRP) remained at relatively low levels throughout most of the month, despite a small increase into month-end.
In Europe, central banks deployed repo operations more aggressively to provide liquidity amid tightening macro conditions.
The global operator of electronic marketplaces for rates, credit, equities, and money markets reports that the ADV across all asset classes for the month of September reached US$2.9 trillion, up 10 per cent YoY.
US government bond ADV was up 3.5 per cent YoY to US$240.2 billion. European government bond ADV was up 27.3 per cent YoY to US$63 billion.
For swaps and swaptions, ADV jumped 6.1 per cent YoY for the month to US$611.2 billion. Total rates derivatives ADV also increased, rising 8.1 per cent YoY to US$1.1 trillion.
In credit markets, fully electronic US credit ADV was down 0.9 per cent YoY to US$8.6 billion, while European credit ADV climbed 4.2 per cent YoY to US$2.9 billion.
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