BrokerTec EU repo climbs 20% YoY for July
05 August 2026 US
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CME Group鈥檚 BrokerTec has revealed EU repo average daily notional value (ADNV) was up 20 per cent year-on-year (YoY) for July, generating US$355.6 billion.
The market's focus remained squarely on central bank decisions, with both the European Central Bank and the Bank of England opting to hold their main interest rates steady at current levels.
BrokerTec's overall ADNV for the month was US$1.056 trillion, up 15 per cent YoY.
The figure represents volumes across benchmark cash US Treasuries, European government bonds, and 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 9 per cent YoY and remain elevated at 鈧�392.8 billion in ADNV.
For US Treasuries ADNV, June volumes were up 13 per cent YoY to US$90.6 billion, while volatility 鈥� measured by the CME Group US Treasury Volatility Index 鈥� declined 11 per cent over the same period.
Erik Norland, chief economist at CME group, states: 鈥淯S Treasury yields bear-steepened in July as the Federal Reserve opted not to hike rates despite core inflation running at 3.3 per cent YoY, well above the central bank's target. Two-year Treasury yields rose by 8 basis points, while 5-year, 10-year, and 30-year yields drifted 16bps, 19bps, and 23bps higher respectively.
鈥淓urozone bond yields jumped across the curve by 21 to 3 bps, depending on the country and maturity, as eurozone core inflation accelerated to 2.5 per cent YoY. UK gilt yields also rose by 25鈥�27bps, depending on the maturity.
鈥淯K core inflation remains at 2.6 per cent and, like many of its peers, the country continues to run large budget deficits given the low unemployment rate. Finally, Japanese government bond yields also rose by about 8鈥�10bps in the 2-year to 10-year segment as the market continues to price in the possibility of further BoJ tightening.鈥�
The market's focus remained squarely on central bank decisions, with both the European Central Bank and the Bank of England opting to hold their main interest rates steady at current levels.
BrokerTec's overall ADNV for the month was US$1.056 trillion, up 15 per cent YoY.
The figure represents volumes across benchmark cash US Treasuries, European government bonds, and 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 9 per cent YoY and remain elevated at 鈧�392.8 billion in ADNV.
For US Treasuries ADNV, June volumes were up 13 per cent YoY to US$90.6 billion, while volatility 鈥� measured by the CME Group US Treasury Volatility Index 鈥� declined 11 per cent over the same period.
Erik Norland, chief economist at CME group, states: 鈥淯S Treasury yields bear-steepened in July as the Federal Reserve opted not to hike rates despite core inflation running at 3.3 per cent YoY, well above the central bank's target. Two-year Treasury yields rose by 8 basis points, while 5-year, 10-year, and 30-year yields drifted 16bps, 19bps, and 23bps higher respectively.
鈥淓urozone bond yields jumped across the curve by 21 to 3 bps, depending on the country and maturity, as eurozone core inflation accelerated to 2.5 per cent YoY. UK gilt yields also rose by 25鈥�27bps, depending on the maturity.
鈥淯K core inflation remains at 2.6 per cent and, like many of its peers, the country continues to run large budget deficits given the low unemployment rate. Finally, Japanese government bond yields also rose by about 8鈥�10bps in the 2-year to 10-year segment as the market continues to price in the possibility of further BoJ tightening.鈥�
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