ICMA's 50th European Repo Market Survey: Market Growth Continues, Reaching EUR 13.7 Trillion
26 March 2026 ICMA’s European Repo and Collateral Council (ERCC) has today released the results of its 50th semi-annual survey of the European repo market, marking an important milestone for one of the longest-running and most authoritative datasets on repo market activity.
The survey measured and analysed the value of outstanding repo plus reverse repo on the books of 59 participants at close of business on 10 December 2025. Given that the ICMA surveys a sample of the European repo market, the headline number must be taken as the minimum size of the European market.
Download the 50th ICMA ERCC European Repo Market Survey
Growth of 9.8% since June and 24.6% year-on-year extended the strong expansion observed in the first half of 2025, driven by tariff-related macroeconomic uncertainty and heightened financial market volatility. In this environment, the repo market efficiently met increased demand for precautionary liquidity while continuing to provide a safe haven for investors. It also absorbed the rising volume of government debt issuance. Moreover, despite the elevated uncertainty and volatility, repo rates remained broadly stable, including over the year-end, partly reflecting central bank efforts to encourage routine use of their liquidity facilities.
Summary of key findings:
- The survey sample maintained its role as a net lender of cash, although this position has been gradually unwinding since the end of quantitative easing.
- The share of interdealer repo traded on automatic trading systems (ATS) declined further to an eight-year low, reflecting increased activity in US dollar and US Treasury repo conducted outside European platforms, while voice-broking reached an 11-year high, highlighting its importance in periods of elevated trading volumes and in less electronically traded segments.
- Dealer-to-customer electronic trading continued to grow, supported by hedge fund activity, although at a slower pace, while tri-party repo showed only a modest recovery in share.
- Cross-border activity continued to increase, reaching a new all-time high, driven by growth in non-European currencies and collateral, while activity between non-eurozone counterparties remained elevated.
- CCP-cleared repo activity stabilised overall, with a notable expansion in GC financing, which grew strongly and increased its share of the market, supported by longer tenors and wider participation.
- US Treasuries further increased their share of collateral to a new record, remaining the largest collateral class, while shares of EU government bonds and JGBs declined; Italian government bonds remained the second largest component.
- In tri-party repo, there was a shift towards higher-quality collateral, with increased shares of AAA and A-rated securities and reduced exposure to CMBS, reflecting concerns over commercial real estate valuations.
- The share of floating-rate repo rose strongly, approaching previous peaks, suggesting growing expectations that central bank rate cuts may be nearing an end.
- Maturity profiles shifted modestly towards longer tenors, with increased activity in one- to three-month transactions and greater maturity transformation by the survey sample.
25 years of the ERCC survey
To mark the 50th ERCC survey, ICMA will publish a retrospective analysis of the past 25 years of survey results, charting the evolution of the European repo market since its inception. Over this period, the repo market has firmly established itself at the core of European wholesale finance - gradually replacing unsecured funding, demonstrating resilience through the global financial crisis, and adapting to significant regulatory reforms. It has become a critical channel for monetary policy implementation while undergoing profound structural transformation, including increased electronification, the expansion of central clearing, and the entry of new market participants.
