Hedge funds have captured 60% of UK government bond trading volumes on Tradeweb's electronic platform in early 2025, marking the highest share in five years. This increase from 53% at the end of 2023 highlights the growing influence of major macro funds like Brevan Howard and Millennium Management, which utilize repo financing for basis trades and other strategies. The UK gilts market, valued at approximately £2.5 trillion, is significantly smaller than the US Treasury market, making it more susceptible to the impacts of concentrated trading. Tradeweb's role as a leading electronic marketplace has facilitated this shift, as banks retreat from market-making due to regulatory constraints. Additionally, Tradeweb's involvement in on-chain repo transactions with tokenized gilts on the Canton Network could enhance collateral management and settlement efficiency, presenting new opportunities for decentralized finance integration.