Repo ADV grows 25% YoY for July, says Tradeweb
11 August 2025 US
Image: Worawut/stock.adobe.com
Repo average daily volume (ADV) traded on the Tradeweb platform jumped 25 per cent year-over-year (YoY) to US$777.3 billion for July.
In the US, strong growth was driven by the effects of the Fed’s balance sheet unwind. Additionally, balances in the Fed’s reverse repo facility remained at relatively low levels throughout most of the month, despite an increase into month-end.
In Europe, volumes were driven by increased government bond issuance as well as market volatility, Tradeweb’s data reveals.
The global operator of electronic marketplaces for rates, credit, equities, and money markets reports that the ADV across all asset classes for the month of July reached US$2.4 trillion, up 30.7 per cent YoY.
US government bond ADV was relatively flat YoY at US$204.7 billion. European government bond ADV was up 18.5 per cent to US$50.9 billion.
For swaps and swaptions, ADV climbed 10.5 per cent YoY for the month to US$388.5 billion. Total rates derivatives ADV also increased, rising 16.9 per cent YoY to US$785.2 billion.
In credit markets, fully electronic US credit ADV was up 21 per cent YoY to US$8.1 billion, while European credit ADV increased 33.4 per cent YoY to US$2.8 billion.
In the US, strong growth was driven by the effects of the Fed’s balance sheet unwind. Additionally, balances in the Fed’s reverse repo facility remained at relatively low levels throughout most of the month, despite an increase into month-end.
In Europe, volumes were driven by increased government bond issuance as well as market volatility, Tradeweb’s data reveals.
The global operator of electronic marketplaces for rates, credit, equities, and money markets reports that the ADV across all asset classes for the month of July reached US$2.4 trillion, up 30.7 per cent YoY.
US government bond ADV was relatively flat YoY at US$204.7 billion. European government bond ADV was up 18.5 per cent to US$50.9 billion.
For swaps and swaptions, ADV climbed 10.5 per cent YoY for the month to US$388.5 billion. Total rates derivatives ADV also increased, rising 16.9 per cent YoY to US$785.2 billion.
In credit markets, fully electronic US credit ADV was up 21 per cent YoY to US$8.1 billion, while European credit ADV increased 33.4 per cent YoY to US$2.8 billion.
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