Insights

Centrally cleared repo market brief

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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.

August 2025

Highlights from this quarter

  • Cash volumes remain persistent, even as trade tensions seem to have moderated and equity risk on sentiment is returning to the market.
  • Cleared UST (FICC) Repo volumes continued to rise amongst both cash investors and borrowers, despite a moderate softening in rates.
  • 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.
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