BrokerTec US repo ADNV rises 20% YoY for January 04 February 2026US Reporter: Hansa Tote
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CME Group’s BrokerTec has revealed the fourth-highest month on record for US repo average daily notional value (ADNV), which was up 20 per cent year-on-year (YoY) for January, generating US$382 billion.
According to Matt Gierke, global head of BrokerTec at CME Group, the firm’s overall ADNV for January reached an all-time high of US$1.01 trillion, up 17 per cent YoY.
This figure measures YoY across benchmark cash US Treasuries, European government bonds, as well as US and EU Repo on BrokerTec’s dealer-to-dealer central limit order book and dealer-to-client request-for-quote platforms.
In terms of EU repo, volumes remained strong during January, generating €346 billion in ADNV — up 11 per cent YoY.
For US Treasuries, ADNV in January was US$93.4 billion, despite US Treasury volatility remaining at multi-year lows, with the CME Group Volatility Index (CVOL) showing levels measuring a 34 per cent decrease in volatility.
Erik Norland, chief economist at CME Group, says: “The US Treasury curve bear flattened in January with 2, 5, and 10-year yields rising around 5–7bps while 30-year yields rose by only 3bps.
“US yields stayed within narrow 15bps bands during the month.
“Across the pond, yields moved in the opposite direction with German Bund yields falling by around 1–3bps across the curve while French BTAN and OAT yields dropped by 10–14bps amid easing concerns regarding the French budget deficit.”
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