ICMA publishes survey showing new record outstanding value of EUR 9,680 billion at half-year 2022
31 October The European Repo and Collateral Council (ERCC) of the International Capital Market Association (ICMA) has today released the results of its 43rd semi-annual survey of the European repo market.
The survey, which measured the amount of repo business outstanding on 8 June 2022, from the returns of 56 financial institutions sets the baseline figure for European market size at a record high of EUR 9,680 billion, up by 5.2% from EUR 9,198 billion in the December 2021 survey and an increase of 10.9% since June 2021.
Download the 43rd ICMA ERCC European Repo Market Survey
While headline numbers showed accelerating growth in the European repo market, the underlying conditions showed few major differences to the previous survey.
The easing of QE was evident in the continued recovery of tri-party repo, which is purely cash-driven.
There were also increases in the shares of floating-rate repos in the survey and in trading on the ATS, as would be expected in an environment of rising rates.
Despite overall eurozone activity growth over the period, the share of the euro in the survey had fallen back by June 2022 as the shares of the US dollar and Japanese yen expanded.