Insights
Centrally cleared repo market brief
Through innovative and flexible cash investment and financing solutions, we provide both our custody and third-party clients access to the Fixed Income Clearing Corporation (FICC) sponsored repo platform.
Given the interconnectivity between repo markets, monetary policy and macroeconomic trends, we want to help you stay up to date on what’s happening in the market with a specific focus on the rapidly growing sponsored segment. With views on recent market trends and what to expect in the future, our quarterly briefs give you the insight you need to unlock the benefits of centrally cleared repo.
November 2025
Highlights from this quarter
- Cash volumes rose over the quarter, even as Fed easing continued – material inflows found their way into outright UST investments as net issuance was strong.
- With short-end volumes rising and net UST issuance strong, Cleared UST repo (FICC Sponsored) volumes continued to rise – particularly amongst cash borrowers (primarily hedge funds) – and spreads widened.
- Looking ahead, the path of Fed easing and Treasury debt issuance will dictate the supply-demand dynamic in short-end markets – although timing remains uncertain.
