BrokerTec Sets New Single-Day Volume Record With Over $1 Trillion Notional Traded

Rhea-AI Summary

CME Group's BrokerTec achieved a historic milestone on March 3, 2025, setting a new single-day volume record of $1.05 trillion in average daily notional volume (ADNV). This surpassed February 2025's ADNV of $909B, driven by record-breaking performance across multiple products.

Key volume highlights for March 3 included:

• U.S. Repo: $407B ADNV (second-largest U.S. Repo volume day)
• EU Repo: €350B ADNV
• U.S. Treasuries: $137B ADNV

John Edwards, Global Head of BrokerTec, attributed this success to increased client reliance during market uncertainty, particularly in cash Repo dealer-to-dealer CLOB trading. The record was further supported by growth in the dealer-to-client RFQ platform, BrokerTec Quote, and momentum in BrokerTec Stream offering.

Positive

• Record-breaking $1.05T single-day trading volume
• Second-highest U.S. Repo volume day ($407B)
• Strong EU Repo performance (€350B)
• Growth in dealer-to-client RFQ platform

Negative

• None.

Insights

Financial Markets Analyst

CME Group's BrokerTec division has achieved a significant operational milestone with its record-breaking $1.05 trillion in single-day notional trading volume on March 3. This represents a 16% increase over February's average daily notional volume of $909 billion, demonstrating exceptional growth in trading activity across their fixed income platforms.

This record was driven by impressive performance across multiple product categories: $407 billion in U.S. Repo (second-largest ever), €350 billion in EU Repo, and $137 billion in U.S. Treasuries. For an exchange operator like CME Group, whose revenue model is primarily transaction-based, this volume surge directly translates to increased fee income.

What makes this particularly noteworthy is the broad-based nature of the record across multiple trading platforms - their dealer-to-dealer central limit order book, dealer-to-client RFQ platform (BrokerTec Quote), and streaming offerings. This demonstrates the effectiveness of CME's multi-channel strategy in capturing trading flow across different market segments.

The timing of this volume spike during what management described as "market uncertainty" highlights BrokerTec's standing as a preferred liquidity venue during periods of volatility. This flight-to-quality behavior among institutional traders reinforces CME's position as a critical infrastructure provider in fixed income markets, particularly for short-term funding and risk management needs.

CHICAGO and LONDON, March 6, 2025 /PRNewswire/ -- CME Group, the world's leading derivatives marketplace, today announced that its BrokerTec business reached a new single-day volume record of $1.05 trillion in average daily notional volume (ADNV) traded on March 3. Surpassing the ADNV of $909B for February 2025, this new all-time high was driven by a series of individual product records across the U.S. Treasuries, U.S. and EU Repo, and European Government Bond central limit order book (CLOB), request-for-quote (RFQ), and streaming platforms.

Additional March 3 volumes included:

• U.S. Repo: $407B ADNV, the second largest U.S. Repo volume day ever;
• EU Repo: €350B ADNV; and
• U.S. Treasuries: $137B ADNV.

"During periods of market uncertainty, clients rely on BrokerTec's highly liquid benchmark cash Treasuries and Repo markets," said John Edwards, Global Head of BrokerTec. "Our record volume was driven by trading activity in our cash Repo dealer-to-dealer CLOB, which enables clients to secure short-term funding, manage collateral efficiently, and mitigate risk in volatile times. Ongoing growth in our dealer-to-client RFQ platform, BrokerTec Quote, and momentum in our BrokerTec Stream offering also contributed to this all-time record."

For more information, visit cmegroup.com/brokertec.

As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals.  The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform.  In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing. 

CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc.  CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc.  NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc.  COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a product of S&P Dow Jones Indices LLC ("S&P DJI"). "S&P®", "S&P 500®", "SPY®", "SPX®", US 500 and The 500 are trademarks of Standard & Poor's Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners.

BrokerTec Americas LLC. ("BAL") is a registered broker-dealer with the U.S. Securities and Exchange Commission, is a member of the Financial Industry Regulatory Authority, Inc. (www.FINRA.org), and is a member of the Securities Investor Protection Corporation (www.SIPC.org). BAL does not provide services to private or retail customers.

CME-G

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SOURCE CME Group

FAQ

What record did BrokerTec achieve on March 3, 2025?

BrokerTec reached a new single-day volume record of $1.05 trillion in average daily notional volume (ADNV), surpassing February 2025's ADNV of $909B.

How much was CME's BrokerTec U.S. Repo trading volume on March 3, 2025?

BrokerTec's U.S. Repo trading reached $407B ADNV, marking the second-largest U.S. Repo volume day ever.

What drove BrokerTec's record-breaking trading volume in March 2025?

The record was driven by trading activity in cash Repo dealer-to-dealer CLOB, BrokerTec Quote (dealer-to-client RFQ platform), and momentum in BrokerTec Stream offering during market uncertainty.

What was BrokerTec's EU Repo and U.S. Treasuries volume on the record-breaking day?

On March 3, 2025, EU Repo volume was €350B ADNV, while U.S. Treasuries volume reached $137B ADNV.