BrokerTec’s US Repo average daily notional value (ADNV) increased 4% to $270 billion year-over-year (yoy) and is flat month-on-month (mom). In emailed commentary, John Edwards, global head of BrokerTec at CME Group, writes:
US Treasuries
In July, BrokerTec’s U.S. Treasuries Notional ADV was $96 billion. Volumes continue to be driven by economic releases on US growth prospects and future FOMC decisions.
US Repo
US Repo on BrokerTec saw a steady ADV of $270.3 billion in July. Total money market fund balances remained at $5.4 trillion during the last week of the month and the RRP at the Fed was down to $1.8 trillion from a previous $2 trillion.
EU Repo
BrokerTec EU Repo volumes were slightly lower in July with Notional ADV of €326.7 billion. During the month, the UK’s inflation dropped to the lowest level in 15 months and the European Central Bank raised their interest rates by 25bp on July 27, taking the deposit rate from 3.5% to 3.75%.