The European repo market – ICMA survey shows record outstanding value of EUR 12.4 trillion at June 2025
27 November 2025 ICMA’s European Repo and Collateral Council (ERCC) has today released the results of its 49th semi-annual survey of the European repo market.
The survey measured and analysed the value of outstanding repo plus reverse repo on the books of 59 participants at close of business on 11 June 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 49th ICMA ERCC European Repo Market Survey
The total value of the repo books of the survey sample jumped 11.9% year-on-year to EUR 12,435 billion. The driver seems to have been the financial market volatility and economic uncertainty triggered by the shock of hikes and threats of hikes in trade tariffs by the US Administration, which increased demand for precautionary liquidity but also encouraged investors to seek shelter in the money market, not least in repo.
Summary of key findings:
- The growth in the survey sample largely reflected continued strong growth in euro-denominated repos against Italian and other “peripheral” eurozone government bonds, while the shares of repos against French, German and some other “core” government bonds continued to contract. US Treasuries continued to expand its share and they remain the largest collateral component in survey. UK gilt and, even more so, JGB repo also lost share.
- Strong activity in peripheral eurozone government bonds boosted the shares of the interdealer automatic trading systems (ATS) and also of CCP-clearing, reflecting the close connection between ATS and CCP. Data from the systems showed that outstanding ATS-traded repo reached a record size.
- Voice-brokers continued to recapture share.
- Automated trading systems, which serve the dealer-to-customer repo market, resumed rapid growth on the back of buoyant hedge fund trading.
- The share of tri-party repo in the repo books of the survey sample fell back slightly but the total value of outstanding tri-party repo positions (for the whole market and not just the survey sample) reached a new record.
- There was an across-the-board extension of average residual maturities, with larger shares for positions with two days and one month remaining, in part, reflecting official investors employing term repo for the re-investment of cash balances. This shift continues the expansion in the share of short-dated repo (one month or less to maturity) seen since 2023.
- In terms of net repo positions, the survey sample was a net borrower for one day and a net lender across all other maturities, increasing the degree of maturity transformation provided to the rest of the European repo market.
- The share of floating-rate repo recovered, which could suggest that the market is starting to discount the possibility of further central bank rate cuts.
