At Eurex Repo, volumes grew by 17% to €128.4 billion ($144.9bn) from €110.1 billion in November year on year (yoy). The GC Pooling segment grew by 22% to €61.2 billion in comparison to the same month last year. On a month on month basis, repo volumes are down from October’s €131.1 billion, while GC Pooling is up from October’s €59.9 billion.
In an email update, Frank Gast, managing director at Eurex Repo, wrote: “November was another month of high trading volumes thanks to term trading activities. MoM, term business in GC Pooling increased by two percent while the Specials segment increased by twelve percent. Compared to November last year, the GC Pooling market grew by 22 percent thanks to several 2-month trades maturing in mid-January. GC Pooling traded as negative as -85bp for ECB and -82bp for ECB extended basket.
We sustained elevated term volumes in Bund repo during November, with many trades expiring on 3 January and around 20 January. We saw especially negative rates for January forward starting trades in the Bund Future cheapest to deliver and other Bunds. We also noticed year-end antics in various Bunds on either side of the turn, which recently started to ease off. In EU Bonds, we had a record month in terms of trading volumes. The total traded volume of EU bonds doubled in November, mainly driven by more activity in GC trading (EFSF + ESM + EU Bond GC Basket).”
Eurex Clearing recorded another strong month in November with overall notional outstanding up 15% to €21.2 trillion from €18.5 trillion yoy. Overall average daily cleared volumes grew by 11% from €144 billion €159 billion across the same period. In terms of specific segments, Overnight Index Swaps showed the strongest performance, with notional outstanding and average daily cleared volumes up 68% and 21% at €1.2 trillion and €9 billion, respectively.