ISDA launches repo market indicators
12 June 2026 US
Image: Kanika_Graphic/stock.adobe.com
The International Swaps and Derivatives Association (ISDA) has launched the ISDA-Actrix US Treasury Repo Market Clearing Indicators in collaboration with Actrix.
According to the association, 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 US Securities and Exchange Commission’s (SEC’s) Treasury clearing mandate.
The report will be published on a monthly basis.
Key highlights from the recent report indicate that the total cleared repo average daily volume reached US$6.4 trillion in April 2026, doubling from US$3.2 trillion in May 2023.
In addition, the total sponsored cleared repo activity grew 249 per cent since May 2023 to US$2.4 trillion, accounting for 38 per cent of total cleared repo activity in April 2026, compared to 22 per cent in May 2023.
Sponsored cleared bilateral repo volumes have also grown by 191 per cent since May 2023 to US$1.7 trillion in April 2026, while sponsored cleared triparty repo volumes have increased by 583 per cent to US$0.7 trillion over the same period.
Direct clearing repo activity reached US$3.9 trillion in April 2026, up by 61 per cent 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 30 June 2027 for US Treasury repo transactions).
According to the association, 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 US Securities and Exchange Commission’s (SEC’s) Treasury clearing mandate.
The report will be published on a monthly basis.
Key highlights from the recent report indicate that the total cleared repo average daily volume reached US$6.4 trillion in April 2026, doubling from US$3.2 trillion in May 2023.
In addition, the total sponsored cleared repo activity grew 249 per cent since May 2023 to US$2.4 trillion, accounting for 38 per cent of total cleared repo activity in April 2026, compared to 22 per cent in May 2023.
Sponsored cleared bilateral repo volumes have also grown by 191 per cent since May 2023 to US$1.7 trillion in April 2026, while sponsored cleared triparty repo volumes have increased by 583 per cent to US$0.7 trillion over the same period.
Direct clearing repo activity reached US$3.9 trillion in April 2026, up by 61 per cent 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 30 June 2027 for US Treasury repo transactions).
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