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 (SEC’s) US Treasury clearing mandate.

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.

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