The European repo market – ICMA survey shows value of EUR 10.8 trillion at December 2024
9 April 2025 ICMA’s European Repo and Collateral Council (ERCC) has today released the results of its 48th 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 61 participants at close of business on 11 December 2024. 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 48th ICMA ERCC European Repo Market Survey.
The total value of repos and reverse repos still outstanding on the books of the 61 entities who participated in the latest survey fell back 2.3% year-on-year to EUR 10,860 billion. The latest total represents the first contraction since June 2020, but was presaged by a deceleration in the rate of growth over the previous 18 months.
Summary of key findings:
- It is important to note that his latest survey covers the period prior to the tariff regime introduced by the current US administration.
The results show the first downturn in market size since June 2020 - though unlike the temporary Covid-induced dip, this decline may reflect a more structural shift. - The transition from quantitative easing (QE) to quantitative tightening (QT) appears to have hit trading in specific collateral in particular, prompting questions over whether this marks a true turning point for the market.
- In H2 2024, a shift in balance sheet allocation away from Europe and toward the US was also evident, as trading opportunities in the euro area were perceived as relatively weaker. Correspondingly, European demand for US Dollars and US Treasuries continued to increase, now reaching record levels in collateral holdings.
- Meanwhile, some core eurozone bonds saw diminished investor interest, mirrored in subdued activity across automatic trading systems (ATS) and central counterparty clearing (CCP) platforms. These dynamics may be linked to political uncertainty and the heavier issuance of government securities.
