BrokerTec US repo ADNV climbs 17% YoY for March
03 March 2026 US
Image: Broccolini/stock.adobe.com
CME Group’s BrokerTec has revealed the highest month on record for US repo average daily notional value (ADNV), which was up 17 per cent year-on-year (YoY) for March, generating US$412 billion.
According to Matt Gierke, global head of BrokerTec at CME Group, BrokerTec's overall average daily notional value (ADNV) for March reached an all-time record of US$1.151 trillion, up 22 per cent YoY.
This was the third back-to-back monthly record, contributing to a record quarter of US$1.069 trillion ADNV.
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 €389 billion in ADNV, up 15 per cent YoY — the second-highest monthly ADNV on record.
For US Treasuries, ADNV in March was US$135 billion, up 13 per cent.
According to the firm, liquidity on BrokerTec was resilient throughout the month, as average bid/ask spreads across all tenors expanded less than 5 per cent compared to February despite volatility measured by the CME Group Volatility Index (CVOL) increasing 55 per cent, resulting in improved cost to trade per unit of risk.
According to Matt Gierke, global head of BrokerTec at CME Group, BrokerTec's overall average daily notional value (ADNV) for March reached an all-time record of US$1.151 trillion, up 22 per cent YoY.
This was the third back-to-back monthly record, contributing to a record quarter of US$1.069 trillion ADNV.
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 €389 billion in ADNV, up 15 per cent YoY — the second-highest monthly ADNV on record.
For US Treasuries, ADNV in March was US$135 billion, up 13 per cent.
According to the firm, liquidity on BrokerTec was resilient throughout the month, as average bid/ask spreads across all tenors expanded less than 5 per cent compared to February despite volatility measured by the CME Group Volatility Index (CVOL) increasing 55 per cent, resulting in improved cost to trade per unit of risk.
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