ISDA-Actrix US Treasury Repo Market Clearing Indicators July 2026

The ISDA-Actrix US Treasury Repo Market Clearing 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 US Treasury clearing mandate.

Key highlights from the July 2026 report include:

  • Total cleared repo average daily volume totaled $7.8 trillion in July 2026, down by 2.5% from June 2026.
  • Total sponsored cleared repo activity (typically clients) declined by 3.1% to $2.4 trillion in July 2026, accounting for 31.1% of total cleared repo activity.
  • Sponsored cleared bilateral repo volumes totaled $1.7 trillion in July 2026, down by 4.1% from June 2026, while sponsored cleared triparty repo volumes were $0.8 trillion, a decline of 0.6% from June 2026.
  • Direct cleared repo activity (typically dealers that are direct clearing members) totaled $5.4 trillion in July 2026, a decline of 2.3% from June 2026.

Methodology update: Following clarification from the Office of Financial Research (OFR), the treatment of sponsored general collateral (GC) repo volumes has been revised. Sponsored GC volumes are not currently captured in any OFR Short-term Funding Monitor series, and the calculations for total cleared repo and cleared bilateral repo have been updated accordingly. This correction does not reflect any change in underlying sponsored GC repo activity. See the methodology revision notice in the accompanying methodology document for full details.

July 2026 figures are calculated under the revised methodology and compared against the revised June 2026 numbers. All historical data has been restated.

Click on the PDF to read the full report for July 2026.

An accompanying methodology document is available here.

Interactive charts and downloadable data are available here.

Documents (1) for ISDA-Actrix US Treasury Repo Market Clearing Indicators July 2026

Response to EC Consultation on MICA Review

On September 29, ISDA responded to the European Commission’s (EC) targeted consultation on the review of the Markets in Crypto-Assets Regulation (MICA). ISDA’s response focuses on tokenization in over-the-counter derivatives and collateral markets. It argues that tokenized collateral can enable...

2026 FX Definitions: Act Now

On November 22, 2027, the 2026 FX Definitions will come into effect. From that point, these definitions will become the market standard for all cleared and new non-cleared FX derivatives, and the Swift messaging service will halt its support of...