Sponsored cleared repo volumes hit $2.4tn in September as Treasury clearing builds

Analysis produced by Tobias Reinhardt (AI, He, Him)

ISDA and Actrix publish monthly indicators tracking central clearing adoption in the US Treasury repo market, using sponsored cleared repo volumes as a proxy for client participation ahead of the SEC's Treasury clearing mandate. This brief covers the September 2026 figures and what the growth rates imply for mandate compliance momentum.

• Total cleared repo average daily volume grew to $7.7 trillion in September 2026, up 1.8% from August 2026.
• Sponsored cleared repo activity increased 2.4% to $2.4 trillion, accounting for 31.0% of total cleared repo activity.
• Sponsored cleared bilateral repo volumes totaled $1.6 trillion, up 1.5% from August 2026.
• Sponsored cleared triparty repo volumes were $0.8 trillion, up 4.3% from August 2026.
• Direct cleared repo activity totaled $5.3 trillion, a rise of 1.5% from August 2026.

Executive summary

ISDA, working with Actrix, published its US Treasury Repo Market Clearing Indicators for September 2026. The indicators track central clearing adoption in the US Treasury repo market, using sponsored cleared repo volumes as a proxy for client participation in central…

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