BrokerTec EU repo ADNV jumps 27% YoY for August
04 September 2026 US
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CME Group鈥檚 BrokerTec has revealed EU repo average daily notional value (ADNV) was up 27 per cent year-on-year (YoY) for August, generating US$356.4 billion.
BrokerTec's overall ADNV for the month was US$1.059 trillion, up 16 per cent YoY.
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 3 per cent YoY to 鈧�390 billion in ADNV, as traders adjusted to changing rate expectations across the yield curve.
For US Treasuries ADNV, August volumes were up 2 per cent YoY to US$84.1 billion, while volatility 鈥� measured by the CME Group US Treasury Volatility Index 鈥� declined 7 per cent over the same period.
Customer average collateral balances to meet performance bond requirements for rolling 3-months ending July 2026 were US$147 billion for cash collateral and US$166 billion for non-cash collateral.
Erik Norland, chief economist, CME Group, says: 鈥淯S Treasury yields fell sharply following the US Treasury鈥檚 19 August decision to double the size of their weekly buyback operations from US$2 billion to US$4 billion.
鈥淭his implies that the Treasury could buy an additional US$100 billion per year in 10-year to 30-year US Treasuries and fund those purchases by issuing T-Bills.鈥�
Following this announcement, Norland indicates that 30-year Treasury yields fell by around 10 basis points while shorter term Treasury yields rose. By month end, 2-year and 5-year Treasury yields were around 5bps higher than their end of July levels while 10-year yields rose by 1.5bps and 30-year yield fell by 3bps.
He continues: 鈥淭he mechanism by which the Treasury buys longer dated bonds is akin to what the Federal Reserve did during 鈥榦peration twist鈥�, an effort to flatten the yield curve back in the mid-2010s.
鈥淪uch actions can raise concerns about a potential expansion of the money supply since T-Bills are near cash instruments that have little to no haircut when used as collateral, unlike long-term bonds which carry significant duration risk and often require 3-6 per cent haircuts when posted as collateral.鈥�
In international markets, Japanese, French, German, and Italian bond yields rose.
BrokerTec's overall ADNV for the month was US$1.059 trillion, up 16 per cent YoY.
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 3 per cent YoY to 鈧�390 billion in ADNV, as traders adjusted to changing rate expectations across the yield curve.
For US Treasuries ADNV, August volumes were up 2 per cent YoY to US$84.1 billion, while volatility 鈥� measured by the CME Group US Treasury Volatility Index 鈥� declined 7 per cent over the same period.
Customer average collateral balances to meet performance bond requirements for rolling 3-months ending July 2026 were US$147 billion for cash collateral and US$166 billion for non-cash collateral.
Erik Norland, chief economist, CME Group, says: 鈥淯S Treasury yields fell sharply following the US Treasury鈥檚 19 August decision to double the size of their weekly buyback operations from US$2 billion to US$4 billion.
鈥淭his implies that the Treasury could buy an additional US$100 billion per year in 10-year to 30-year US Treasuries and fund those purchases by issuing T-Bills.鈥�
Following this announcement, Norland indicates that 30-year Treasury yields fell by around 10 basis points while shorter term Treasury yields rose. By month end, 2-year and 5-year Treasury yields were around 5bps higher than their end of July levels while 10-year yields rose by 1.5bps and 30-year yield fell by 3bps.
He continues: 鈥淭he mechanism by which the Treasury buys longer dated bonds is akin to what the Federal Reserve did during 鈥榦peration twist鈥�, an effort to flatten the yield curve back in the mid-2010s.
鈥淪uch actions can raise concerns about a potential expansion of the money supply since T-Bills are near cash instruments that have little to no haircut when used as collateral, unlike long-term bonds which carry significant duration risk and often require 3-6 per cent haircuts when posted as collateral.鈥�
In international markets, Japanese, French, German, and Italian bond yields rose.
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