DIVING European repo trading volumes exactly offset a rise in business in US instruments, brokerage Icap said yesterday.
Its data for May shows no growth in overall electronic broking volumes, down from six per cent growth in April.
US Treasury volumes climbed 13 per cent on the year to an average daily volume of $184.2bn (£119.7bn).
US repo volumes increased nine per cent to $217bn, according to the figures from Icap, a brokerage headed by Michael Spencer.
And EBS volumes rose 30 per cent to $95.9bn in the month.
But European repo volumes fell 24 per cent on the year to $193.7bn.
As a result, overall electronic broking volumes held flat at $690.8bn.
By contrast overall volumes in April rose on stronger US performance and only a one per cent dip in European volumes.