Sponsored triparty repo hit a new record in June – and continues to gain ground relative to the much larger uncleared triparty market.

The second installment of the ISDA-Actrix Repo Indicators is out, and it has some compelling numbers for June 2026:

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• Overall cleared repo volumes rebounded in June 2026, increasing by 1.2% month-on-month to reach nearly $6.5Trn in ADV measured on a trade-side basis. Trade sides are used so that we can analyse both client (sponsored members) and dealer (direct members) activity.
• 38.6% of total cleared repo was transacted by sponsored members last month, up 0.8 percentage points compared to May.
• Sponsored triparty repo volumes grew an impressive 4.5% compared to May, reaching a new all-time ADV high of $0.76Trn.

Repo Market Structure

Repo market structure is unique and should be thought of in four segments:

The four segments are:

• Centrally cleared triparty (~$1.5Trn trade sides outstanding)
• Centrally cleared bilateral (~$6.6Trn trade sides outstanding)
• Non-centrally cleared triparty (BNY triparty, ~$4.2Trn trade sides outstanding)
• Non-centrally cleared bilateral (NCCBR, >$5.1Trn trade sides outstanding)

(Note that these are trade-side outstanding balances, rather than the ADV measures used elsewhere in this blog. See the full methodology of the indicators here.)

Centrally cleared triparty is the smallest of the four sectors, but is currently one of the fastest-growing parts of the cleared market.

Sponsored Triparty Repo

Within centrally cleared triparty repo, there are volumes conducted by both direct and sponsored members of a CCP. “Sponsored Triparty Repo” refers to activity done by sponsored members, who are typically clients (with direct members being dealers).

To understand more about the sponsored triparty repo market, consider this from the DTCC website:

Sponsored General Collateral (GC) Service: Allows Sponsoring Members to transact in tri-party repo transactions with their Sponsored Members on a general collateral basis, in the same asset classes eligible for the GCF Repo^® Service (“Sponsored GC Trades”) and settle those transactions on the tri-party repo platform of a Sponsored GC Clearing Agent Bank.

What does this mean? In my own words for beginners in the repo world:

• The trade is agreed against a General Collateral category rather than a specific security. Eligible securities are allocated to the trade at settlement.
• BNY acts as the triparty collateral and settlement agent, managing the allocation and movement of collateral between the parties.
• The start leg settles on the triparty platform. Once that has happened and the specific securities are known, the end leg is novated to FICC.
• These types of trades can be particularly attractive for cash lenders who are willing to accept collateral from a defined GC basket rather than select a specific security – so think money market funds and other cash investors active in repo.

Sponsored Triparty Volumes

Indicator 4 shows Cleared Triparty Repo Activity (Direct and Sponsored). Using our interactive charts from apps.actrixft.com, you can see the all time highs in ADV hit by sponsored members:

No one here is saying that this record month in June 2026 is the beginning of a trend, but it is good to see the volumes beat March 2026 to grab a new record.

Repo Market Participants

Indicator 7 shows Cleared Repo Activity by Market Participant Type. Consistent with the importance of MMFs in sponsored triparty repo, the data for June 2026 shows MMF’s increasing their activity:

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• MMFs share of cleared repo notional outstanding increased to 13.8%, up by about 1 percentage point from last month.
• Not a huge change but it chimes well with the rest of the data.

Versus Uncleared

Our eagle-eyed readers will have noted that the non-centrally cleared triparty repo market is estimated at $4.2Trn outstanding, much larger than the cleared equivalent. But is sponsored clearing gaining ground?

Indicator 6 tracks sponsored cleared triparty activity relative to the non-centrally-cleared triparty market. And yes, sponsored cleared activity is steadily growing relative to that uncleared market:

This is one of our key metrics and allows us to observe how client volumes in clearing are evolving relative to the uncleared market.

In Summary

• Cleared repo ADV rose 1.2% in June to nearly $6.5trn of trade sides.
• Sponsored triparty repo hit a record $0.76trn ADV, up 4.5% month-on-month.
• Sponsored clearing continues to gain ground in triparty, while MMFs increased their share of total cleared repo activity.