BrokerTec US repo ADNV climbs 15% YoY for May
02 June 2026 US
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Data from CME Group’s BrokerTec has revealed US repo average daily notional value (ADNV) was up 15 per cent year-on-year (YoY) for May, generating US$405.9 billion.
According to Matt Gierke, global head of BrokerTec at CME Group, BrokerTec's overall ADNV for May was US$1.076 trillion.
This was the second highest month on record after March 2026 (US$1.151 trillion), up 12 per cent year-to-date compared to 2025.
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, there continued to be strong volumes across EU repo during May, resulting in an ADNV of €360.4 billion, up 18 per cent on May 2025.
For US Treasuries, ADNV in May was US$99.2 billion, as volatility, measured by the CME Group US Treasury Volatility Index (CVOL), remained elevated, with the ongoing Iran conflict shifting Fed expectations.
According to Erik Norland, chief economist at CME Group, the US yield curve bear-flattened in May, with 2-year and 5-year US Treasury yields rising by 13.5 bps, while 10-year yields rose by 6.5 bps and 30-year yields by only 0.5 bps.
According to Matt Gierke, global head of BrokerTec at CME Group, BrokerTec's overall ADNV for May was US$1.076 trillion.
This was the second highest month on record after March 2026 (US$1.151 trillion), up 12 per cent year-to-date compared to 2025.
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, there continued to be strong volumes across EU repo during May, resulting in an ADNV of €360.4 billion, up 18 per cent on May 2025.
For US Treasuries, ADNV in May was US$99.2 billion, as volatility, measured by the CME Group US Treasury Volatility Index (CVOL), remained elevated, with the ongoing Iran conflict shifting Fed expectations.
According to Erik Norland, chief economist at CME Group, the US yield curve bear-flattened in May, with 2-year and 5-year US Treasury yields rising by 13.5 bps, while 10-year yields rose by 6.5 bps and 30-year yields by only 0.5 bps.
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