Matt Gierke, Global Head of BrokerTec, CME Group
BrokerTec's overall average daily notional value (ADNV) for September rose 18% to $1.135T across benchmark cash U.S. Treasuries, European Government Bonds and U.S. and EU Repo on its dealer-to-dealer central limit order book and dealer-to-client request-for-quote platforms. In addition, BrokerTec also saw:
- An all time record volume day of $1.261T on 30 September (previous high was $1.250T on 2 March 2026).
- A record quarter in Q3 2026 with $1.084T ADNV, up 16% on Q3 2025.
U.S. Treasuries
U.S. Treasuries ADNV was $114.7B in September, up 29% versus last September outpacing volatility – measured by the CME Group US Treasury Volatility Index (CVOL) – which rose 12% over the same period.
U.S. Repo
US Repo ADNV reached $405.8B in September, up 1% on prior year after traders adjusted to the higher Fed Funds and Repo range. During the course of the month, several securities traded very special when rates moved higher across the curve contributing to higher Repo volume.
EU Repo
EU Repo volumes remained robust in September 2026, with ADNV reaching €373.6B - up 25% year-over-year - as central bank policy dominated market dynamics. The ECB raised interest rates 25bps on 10 September to 2.50%, while the Bank of England held rates steady at 3.75%.
All examples in this report are hypothetical interpretations of situations and are used for explanation purposes only. The views in this report reflect solely those of the author and not necessarily those of CME Group or its affiliated institutions. This report and the information herein should not be considered legal advice, investment advice or the results of actual market experience. Where regulatory matters are summarized, they represent CME Group’s good faith understanding of the applicable requirements.