A representative part of the members of the Bund Issues Auction Group voluntarily report their trades in Federal securities (Bubills, Schaetze, Bobls, Bunds, Green Federal securities and inflation-linked Federal securities) - categorized by type of Federal security traded, by region and by institutional form of the trading partner. Based on trading volumes and net positions, this allows the Finance Agency to identify rough structures of the secondary market trading.

For example, a net position of € -22 bn vis-à-vis brokers corresponds to a € 22 bn higher volume of purchases by auction group members from brokers than sales to brokers. The trading data published here are provisional, as later subsequent submissions may lead to corrections.

Annual Comparison of Trading Volumes 2025 vs. 2024

In 2025, trading turnover in Federal securities totalled € 7,113 bn. This figure is 6 % higher than the previous year and 3 % lower than the record year of 2005. The volume of outstanding Federal securities also increased by 6 %. The turnover rate, which measures how often a Federal security changes hands within a year, thus remained constant at 4 for the third year in a row.

In 2025, three instruments – Federal Treasury notes, 15-year and 30-year Federal bonds – all saw record trading volumes. Trading in 7-year Federal bonds and green Federal securities reached the second-highest level, whilst trading in Federal notes reached the third-highest level since records began. Trading in 30-year Federal bonds saw the sharpest increase compared with the previous year, rising by more than a fifth. Trading in Treasury discount papers fell by a fifth, whilst the decline in trading in inflation-linked Federal securities reached almost 30%. Trading volume of € 41 bn fell short even of the trading volume in the year of their first issue in 2006.

Among institutions, 2025 saw an end to the run of three consecutive record trading volumes for hedge funds. Nevertheless, a slight decline of 4% still represents their third-highest trading volume since records began. Only other investors – in particular retail investors and companies outside the financial sector – suffered a similarly significant decline of 4%.

Trading by brokers, which also includes trading volumes with the finance agency, increased by 22% compared with 2024; pension funds traded 29% more, and central banks 12%. Asset managers, who remain a very significant group, recorded slightly declining turnover in 2025 for the third consecutive year. However, as 2022 was by far a record year for them, their most recent turnover figures still represent the fourth-best result since records began.

In the analysis by institutions, banks rose to become the second-largest net buyers for the first time since 2017, reaching a new record high of 100 bn in the statistics. However, with growth of almost a quarter compared with the previous year, they ranked behind ‘others’, who purchased a net total of 11 bn – 125 % more than in the previous year. Central banks remained the most significant buyers, with 154 bn, 8 % higher than the previous year. An 11 % increase to € 9 bn helped insurance companies set a new record in the statistics; compared with the previous year. 
Pension funds reduced their net purchases by more than half to € 9 bn. Hedge funds shifted from their record levels of the previous two years to move from net buyers to net sellers in 2025, selling € 5 bn to the bidding banks.

Data revisions by the banks of the bidding group may, in certain circumstances, lead to changes in classifications (particularly regarding institutions) and thus also to shifts compared with previous publications