ISDA has launched the ISDA-Actrix US Treasury Repo Market Clearing Indicators in collaboration with Actrix.
The indicators illustrate central clearing adoption in the US Treasury repo market. Sponsored cleared repo volumes are used as a proxy to monitor client participation in central clearing, a key objective of the Securities and Exchange Commission’s (SEC) US Treasury clearing mandate. The report will be published on a monthly basis.
Key highlights from the April 2026 report:
- Total cleared repo average daily volume reached $6.4 trillion in April 2026, doubling from $3.2 trillion in May 2023.
- Total sponsored cleared repo activity (typically clients) reached $2.4 trillion, growing by 249% since May 2023. It accounted for 38% of total cleared repo activity in April 2026, compared to 22% in May 2023.
- Sponsored cleared bilateral repo volumes have grown by 191% since May 2023 to $1.7 trillion in April 2026, while sponsored cleared triparty repo volumes have grown by 583% to $0.7 trillion over the same period.
- Direct cleared repo activity (typically dealers that are direct clearing members) reached $3.9 trillion in April 2026, growing by 61% since May 2023.
The report uses publicly available data sources, including the Office of Financial Research (OFR) Short-term Funding Monitor, Depository Trust & Clearing Corporation disclosures, OFR money market fund statistics and Primary Dealer Statistics from the Federal Reserve Bank of New York. It provides ongoing visibility into clearing adoption given the SEC’s US Treasury clearing mandate (effective from June 30, 2027 for US Treasury repo transactions). Only repo activity is covered, as similarly granular data on cash US Treasury clearing is not publicly available.
The full report is available here.
An accompanying methodology document is available here.
Interactive charts and downloadable data are available at here.
