This report provides indicators that 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, the key objective of the Securities and Exchange Commission’s US Treasury clearing mandate.

Note: Following a revision to the treatment of Sponsored GC repo volumes, the figures below have been superseded. See the July 2026 report and accompanying Methodology Revision Notice for updated figures and full details.

Key highlights from the April 2026 report include:

• 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.

To access interactive charts and export the data, click here.

An accompanying methodology document is available here.

Click on the PDF to read the paper in full.