BrokerTec US repo ADNV rises 18% YoY for February
03 March 2026 US
Image: Anyket/stock.adobe.com
CME Group’s BrokerTec has revealed the fourth-highest month on record for US repo average daily notional value (ADNV), which was up 18 per cent year-on-year (YoY) for February, generating US$383 billion.
According to Matt Gierke, global head of BrokerTec at CME Group, the firm’s overall ADNV for February reached an all-time high of US$1.042 trillion, up 16 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 reached €369 billion in ADNV, up 11.5 per cent YoY — the fourth-highest monthly ADNV on record.
For US Treasuries, ADNV in February was US$92 billion, despite US Treasury volatility remaining at multi-year lows, with the CME Group Volatility Index (CVOL) showing levels measuring a 24 per cent decrease in volatility.
Erik Norland, chief economist at CME Group, says: “The US yield curve bull flattened in February with 2-year Treasury yields falling 15bps while 5 and 10-years declined by 29bps and 30bps respectively. 30-year yields slid by 26bps amid soft consumer spending numbers.
“European yields also fell by less so with Bund and OAT yields down by 18–20bps across the 5–30-year portion of the yield curves while 2-year Eurozone yields by around 9–10bps.”
According to Matt Gierke, global head of BrokerTec at CME Group, the firm’s overall ADNV for February reached an all-time high of US$1.042 trillion, up 16 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 reached €369 billion in ADNV, up 11.5 per cent YoY — the fourth-highest monthly ADNV on record.
For US Treasuries, ADNV in February was US$92 billion, despite US Treasury volatility remaining at multi-year lows, with the CME Group Volatility Index (CVOL) showing levels measuring a 24 per cent decrease in volatility.
Erik Norland, chief economist at CME Group, says: “The US yield curve bull flattened in February with 2-year Treasury yields falling 15bps while 5 and 10-years declined by 29bps and 30bps respectively. 30-year yields slid by 26bps amid soft consumer spending numbers.
“European yields also fell by less so with Bund and OAT yields down by 18–20bps across the 5–30-year portion of the yield curves while 2-year Eurozone yields by around 9–10bps.”
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
