BrokerTec US repo jumps 24% YoY for October
06 November 2025 US
Image: MdSahab/stock.adobe.com
CME Group鈥檚 BrokerTec has revealed the second-highest month on record for US repo average daily notional value (ADNV), which was up 24 per cent year-on-year (YoY) for October, generating US$392 billion.
According to John Edwards, global head of BrokerTec at CME Group, the month of October saw significant activity in special collateral trading across 5, 10, and 20-year tenors.
General collateral volumes were also elevated as holdings in money funds reached a new record of US$7.3 trillion.
BrokerTec's overall ADNV for the month was US$958 billion, up 13 per cent YoY across benchmark cash US Treasuries, European government bonds, as well as US and EU repo on its dealer-to-dealer CLOB and D2C RFQ platforms.
In terms of EU repo, volumes remained robust during October, generating 鈧�300 billion in ADNV 鈥� up from US$299.7 billion in the same period last year.
October saw a larger volume of gilt general collateral trading above base rate, partially attributed to month end, says Edwards.
For US Treasuries ADNV, October volumes were down 29 per cent YoY to US$80.2 billion, with BrokerTec's RV product suite at US$1.8 billion ADNV.
Erik Norland, chief economist at CME Group, says: 鈥淏ond yields generally fell in October as central banks continued to ease policy.
鈥淯K 10-year gilt yields slide by 27bps, while French OAT yields of similar maturity slide by 10.5bps. Meanwhile, the US Treasury curve flattened with 2-year yields roughly unchanged as the market had already priced in the Fed cut, while 10-year yields fell by 4.5bps while 30-years fell by 7bps.鈥�
According to John Edwards, global head of BrokerTec at CME Group, the month of October saw significant activity in special collateral trading across 5, 10, and 20-year tenors.
General collateral volumes were also elevated as holdings in money funds reached a new record of US$7.3 trillion.
BrokerTec's overall ADNV for the month was US$958 billion, up 13 per cent YoY across benchmark cash US Treasuries, European government bonds, as well as US and EU repo on its dealer-to-dealer CLOB and D2C RFQ platforms.
In terms of EU repo, volumes remained robust during October, generating 鈧�300 billion in ADNV 鈥� up from US$299.7 billion in the same period last year.
October saw a larger volume of gilt general collateral trading above base rate, partially attributed to month end, says Edwards.
For US Treasuries ADNV, October volumes were down 29 per cent YoY to US$80.2 billion, with BrokerTec's RV product suite at US$1.8 billion ADNV.
Erik Norland, chief economist at CME Group, says: 鈥淏ond yields generally fell in October as central banks continued to ease policy.
鈥淯K 10-year gilt yields slide by 27bps, while French OAT yields of similar maturity slide by 10.5bps. Meanwhile, the US Treasury curve flattened with 2-year yields roughly unchanged as the market had already priced in the Fed cut, while 10-year yields fell by 4.5bps while 30-years fell by 7bps.鈥�
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