-part-1.jpg)
BrokerTec EU repo jumps 19% YoY for June
02 July 2026 US
Image: Md/stock.adobe.com
CME Group’s BrokerTec has revealed EU repo average daily notional value (ADNV) was up 19 per cent year-on-year (YoY) for June, generating US$362.8 billion.
Central bank activity was one of the main focuses throughout the month.
The European Central Bank raised interest rates for the first time in almost three years on 11 June, taking the deposit rate to 2.25 per cent, in an attempt to curb inflation pressures caused by the war in Iran. The Bank of England left borrowing costs unchanged at 3.75 per cent.
BrokerTec's overall ADNV for the month was US$1.078 trillion, up 17 per cent YoY and was noted as the second highest month on record after March 2026 (US$1.151 trillion).
The figure represents volumes across benchmark cash US Treasuries, European government bonds, as well as US and EU repo on its dealer-to-dealer central limit order book and dealer-to-client request-for-quote platforms.
In terms of US repo, volumes increased 11 per cent YoY and remain elevated at €397.7 billion in ADNV.
For US Treasuries ADNV, June volumes were up 5 per cent YoY to US$93 billion, despite volatility — measured by the CME Group US Treasury Volatility Index — which eased in the second half of the month alongside subsiding geopolitical risks.
Erik Norland, chief economist at CME Group, says: “The US Treasury curve bear flattened in June amid stronger-than-consensus economic data and the Fed removing its easing bias. 2-year yields jumped 17 basis points, while 5-year yields rose by 9bps and 10-year yields by only 3bps. 30-year US Treasury long bond yields fell by 2bps.
“Meanwhile, European government bond yields diverged following the ECB's 25bps rate hike on 11 June. French OAT yields rose by between 3–12bps over the course of the month while German yields fell by 1bps to 8 bps.
“Higher ECB rates could add to budgetary stress in France where government debt levels have risen to around 115 per cent of GDP, nearly twice the levels in Germany. JGB yields were little changed over the course of the month despite the BoJ raising its policy rate by 25bps to 1 per cent. Finally UK gilt yields fell by 5–6bps across the curve.”
Central bank activity was one of the main focuses throughout the month.
The European Central Bank raised interest rates for the first time in almost three years on 11 June, taking the deposit rate to 2.25 per cent, in an attempt to curb inflation pressures caused by the war in Iran. The Bank of England left borrowing costs unchanged at 3.75 per cent.
BrokerTec's overall ADNV for the month was US$1.078 trillion, up 17 per cent YoY and was noted as the second highest month on record after March 2026 (US$1.151 trillion).
The figure represents volumes across benchmark cash US Treasuries, European government bonds, as well as US and EU repo on its dealer-to-dealer central limit order book and dealer-to-client request-for-quote platforms.
In terms of US repo, volumes increased 11 per cent YoY and remain elevated at €397.7 billion in ADNV.
For US Treasuries ADNV, June volumes were up 5 per cent YoY to US$93 billion, despite volatility — measured by the CME Group US Treasury Volatility Index — which eased in the second half of the month alongside subsiding geopolitical risks.
Erik Norland, chief economist at CME Group, says: “The US Treasury curve bear flattened in June amid stronger-than-consensus economic data and the Fed removing its easing bias. 2-year yields jumped 17 basis points, while 5-year yields rose by 9bps and 10-year yields by only 3bps. 30-year US Treasury long bond yields fell by 2bps.
“Meanwhile, European government bond yields diverged following the ECB's 25bps rate hike on 11 June. French OAT yields rose by between 3–12bps over the course of the month while German yields fell by 1bps to 8 bps.
“Higher ECB rates could add to budgetary stress in France where government debt levels have risen to around 115 per cent of GDP, nearly twice the levels in Germany. JGB yields were little changed over the course of the month despite the BoJ raising its policy rate by 25bps to 1 per cent. Finally UK gilt yields fell by 5–6bps across the curve.”
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
