BrokerTec reports highest overall volume month on record for April
02 May 2025 US, Europe
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April was BrokerTec’s highest overall volume month on record, with US$1.01 trillion in average daily notional value (ADNV) transacted across US Treasuries, European government bonds, as well as US and EU repo.
This figure, derived from the firm’s Central Limit Order Book (CLOB), dealer-to-client (D2C) request-for-quote (RFQ), and streaming platforms, represents an increase of 31 per cent year-on-year (YoY) and 6 per cent month-on-month (MoM).
On 7 April, BrokerTec set a new single-day volume record of US$1.2 trillion in ADNV traded.
Additionally, April observed nine consecutive days over US$1 trillion ADNV from 3 to 15 April, while surpassing US$1 trillion 10 times in the month.
In the US repo market, BrokerTec saw an ADNV of US$378 billion, up 28 per cent YoY.
According to John Edwards, global head of BrokerTec at CME Group, this was a result of the strong volatility in the outright market, many open positions, specials activity, and tax month.
“New issuance and quantitative tightening continued boosting our volumes in April,” Edwards added.
US Treasuries ADNV for April was US$151 billion, up 39 per cent YoY, as Treasury markets digested news from the incoming tariff rollout plan.
Erik Norland, chief economist at CME Group, comments: “US Treasuries had a volatile and choppy April that finished with a significant yield curve steepening.”
In Europe, ADNV for BrokerTec EU repo grew 9 per cent YoY to €321 billion in March.
Edwards explains: “During April, the European Central Bank continued its monetary policy easing.
“Interest rates for the euro area were reduced for a seventh time by 25bps, taking the deposit rate from 2.50 per cent to 2.25 per cent, effective from 23 April.”
This figure, derived from the firm’s Central Limit Order Book (CLOB), dealer-to-client (D2C) request-for-quote (RFQ), and streaming platforms, represents an increase of 31 per cent year-on-year (YoY) and 6 per cent month-on-month (MoM).
On 7 April, BrokerTec set a new single-day volume record of US$1.2 trillion in ADNV traded.
Additionally, April observed nine consecutive days over US$1 trillion ADNV from 3 to 15 April, while surpassing US$1 trillion 10 times in the month.
In the US repo market, BrokerTec saw an ADNV of US$378 billion, up 28 per cent YoY.
According to John Edwards, global head of BrokerTec at CME Group, this was a result of the strong volatility in the outright market, many open positions, specials activity, and tax month.
“New issuance and quantitative tightening continued boosting our volumes in April,” Edwards added.
US Treasuries ADNV for April was US$151 billion, up 39 per cent YoY, as Treasury markets digested news from the incoming tariff rollout plan.
Erik Norland, chief economist at CME Group, comments: “US Treasuries had a volatile and choppy April that finished with a significant yield curve steepening.”
In Europe, ADNV for BrokerTec EU repo grew 9 per cent YoY to €321 billion in March.
Edwards explains: “During April, the European Central Bank continued its monetary policy easing.
“Interest rates for the euro area were reduced for a seventh time by 25bps, taking the deposit rate from 2.50 per cent to 2.25 per cent, effective from 23 April.”
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