A representative share of bidding group members voluntarily reports their trading activities in Federal securities (Bubill, Schatz, Bobl, Bund, green securities, and inflation-linked federal securities), categorized by Federal security type, region, and trading counterparty type.
The secondary market analysis framework has been revised to provide the following enhancements starting Q1 2026:
- Quarterly rather than semi-annual publication
- Analysis by more relevant residual maturity segments instead of original maturities of traditional Federal securities
- Consolidation of less meaningful categories and counterparty categories with similar investment objectives
- Evolution of net trading statistics into holdings statistics, enabling integrated trade and holdings analysis from a unified data source
Gross trading volume is derived from the sum of reported sales and purchase volumes by members of the auction group.
Net trading volume represents their balance of sales minus purchases. This allows for the derivation of counterparties' net positions. For instance, a net position of € -22 bn against central banks indicates that auction group members' purchases from central banks exceed their sales to central banks by € 22 bn.
Comparison of Trading Volumes Q2 2026 vs. Q2 2025
| € bn | Q2 2025 | Q2 2026 |
|---|---|---|
| (Gross) Trading Volume | 1,843 | 1,864 |
| Net Trading Volume | 75 | 64 |
In the second quarter of 2026, trading volume fell short of the record level set in the first quarter. At € 1,864 bn, however, it still exceeded the previous year’s second quarter – which had been the strongest to date in terms of turnover – by around 1 %. Compared with the 8 % increase in the outstanding volume of tradable Federal securities, this rise is below average.
Quarterly Trading Volumes Last 10 Years
Trade with ‘other’ regions – Africa and the Arab states – is regularly relatively volatile. In the second quarter of 2026, they reached a record high of over € 20 bn, almost a quarter more than a year ago. Volume traded with Asia is exactly a quarter lower. However, this represents more of a return to the average of the last 10 years, and the € 111 bn recorded in 2025 stands as the third-best result in the time series.
Quarterly Trading Volumes by Region – Last 10 Years
Net Trading Volume Regions Q2 2026
Following record sales of € 108 bn in Q1 2026, the € 64 bn figure for Q2 appears comparatively low. However, looking back over the past ten years, this figure is almost in line with the average for all quarters, which stands at € 62 bn. On balance, two regions are buying more Federal securities than in Q2 2025: ‘Other’ and the euro area.
Net purchases of almost € 27 bn make the euro area the region with the highest sales. A year earlier, Asia had stood out; in Q2 2026, it takes second place thanks to net purchases of € 23 bn. Purchases of € 15 bn help the rest of Europe to third place. Net purchases of more than € 3 bn may seem modest – yet investors from Africa and the Arab states (Other) have thereby set a new record. The return of American investors to the buying side in Q1 2026 was short-lived: in Q2, they continued their run of net sales from the previous year: -€ 4 bn.
Quarterly Net Trading Volumes by Region – Last 10 Years
Among the market participants, hedge funds recorded the most dynamic growth in trading during the second quarter. Whilst their transaction volume rose by 16 %, among the ‘real’ investors (excluding the Financial Agency), real money managers were the most cautious, trading 5 % less. Banks and brokers achieved their second-highest trading volume in over 10 years.
Quarterly Trading Volumes by Investor Types – Last 10 Years
Net Trading Volume Investor Types Q2 2026
The analysis by investor type reveals little of note in Q2 2026. Only ‘real money’ investors are making net purchases, totalling €4 bn more than in Q2 2025: € 26 bn. Central banks and official institutions are purchasing Federal securities at the same level of € 41 bn. Banks and brokers are exercising restraint, with net purchases of € 16 bn – a level not seen since Q3 2022.
The approximately € 4 bn in net sales by US investors is matched by just € 400 mn in net sales by hedge funds. The active reduction in holdings in America in Q2 2026 is therefore predominantly driven by other investor types.
Quarterly Net Trading Volumes by Investor Types – Last 10 Years
Although trading volumes were lower overall in the second quarter than in the first, turnover in the ‘1–3 years’ remaining maturity segment was the only one to exceed that of the previous quarter, which had already been the best in the time series. Compared with the second quarter of the previous year, trading in green Federal securities once again recorded the strongest growth, rising by 18 %. The sharpest decline in trading has been evident since the previous quarter in the case of inflation-linked bonds, where, following a maturity in April, the outstanding volume has been reduced to three bonds with a total value of € 47 bn. Here, turnover halved year-on-year as early as the third quarter of 2025.
Quarterly Trading Volumes by Residual Maturity – Last 10 Years
Net Trading Volume Residual Maturities Q2 2026
In Q2 2026, net purchases by investors in long-term maturities rise. In addition to inflation-linked Federal securities, compared with Q2 of the previous year, € 1 bn more in securities with remaining maturities of over 11 years and € 4 bn more in securities with remaining maturities of 6 to 11 years are sold.
Almost as a matter of tradition, the short end (< 1 year) is the most heavily bought, at € 21 bn. Nevertheless, net purchases are around 15 % below the previous year’s figure. On the one hand, this category comprises money market instruments and all capital market instruments in their final year of maturity – which, in itself, results in a high trading volume. On the other hand, trading activity in the final year of maturity for capital market securities slows noticeably.
Similarly, trading in remaining maturities of 1 to 3 years and in green Federal securities was also down by around 15 % in Q2 2026. On balance, the most significant decline – 80 % – was seen in the volume of securities with remaining maturities of 3 to 6 years; given that issuance activity remained constant, this suggests that a substantial proportion of these securities may have remained in the portfolios of the banks in the bidding group.
Quarterly Net Trading Volumes by Residual Maturities – Last 10 Years
The trading data published here are provisional. Data revisions by members of the auction group may lead to changes in classifications (in particular regarding institutions) and thus also to shifts compared to previous publications.