ISDA and Actrix put September 2026 cleared US Treasury repo activity at an average $7.7 trillion per day, up 1.8% from August. Sponsored clearing rose 2.4% to $2.4 trillion a day and accounted for 31.0% of the measured total. These are monthly averages of daily clearing activity, not month-end balances or annual revenue.[1]
The report uses sponsored cleared volume as a proxy for client participation in central clearing. In broad terms, direct members clear positions themselves while a sponsored arrangement lets eligible clients obtain central clearing through a sponsoring member and the applicable rulebook. It is a useful market-structure indicator ahead of the US Treasury clearing transition, although it is not an exact count of newly onboarded end investors.[1][2]
September 2026 daily-average cleared repo
| Category | Daily average | Change vs August |
|---|---|---|
| Total cleared repo | $7.7tn | +1.8%Source 1 |
| Sponsored cleared repo | $2.4tn / 31.0% of total | +2.4%Source 1 |
| Sponsored bilateral | $1.6tn | +1.5%Source 1 |
| Sponsored triparty | $0.8tn | +4.3%Source 1 |
| Direct cleared repo | $5.3tn | +1.5%Source 1 |
The composition of sponsored clearing
Sponsored bilateral activity averaged $1.6 trillion a day, up 1.5% month on month; sponsored triparty activity was $0.8 trillion, up 4.3%. Direct clearing averaged $5.3 trillion, up 1.5%. The rounded components reconcile to the published totals, while the reported 31.0% share should be retained rather than recalculated from rounded trillion-dollar figures.[1]
The faster triparty growth does not mean triparty suddenly dominates. On the rounded figures it accounts for roughly one-third of sponsored cleared volume, while bilateral represents about two-thirds. The split could affect brokers' operational priorities around custodian links, collateral substitutions and sponsor capacity, but the aggregate data do not establish the reasons any individual participant chose a specific route.[1]
Timing and comparability
The SEC’s compliance dates are 31 December 2026 for eligible cash-market transactions and 30 June 2027 for eligible repo transactions. September’s clearing indicator measures activity ahead of those deadlines. It does not identify which remaining transactions are legally in scope or which firms have completed their access, documentation and liquidity arrangements.[3][1]
The indicator is published as monthly average daily volume. It should not be compared directly with a record single-day FICC total without reconciling whether the metrics count repo versus cash transactions, gross versus net values and different populations. The central conclusion is a measured September rise in sponsored clearing participation, not a declaration that implementation risk has disappeared.[1][2]
Sources & further reading
- US Treasury repo market clearing indicators, September 2026 ISDA and Actrix · 27 Oct 2026 · Accessed 30 Oct 2026
- Sponsored Treasury repo clearing grows in September Securities Finance Times · 27 Oct 2026 · Accessed 30 Oct 2026
- Treasury clearing implementation and compliance dates U.S. Securities and Exchange Commission · Accessed 30 Oct 2026