In December 2023, the Securities and Exchange Commission (SEC) adopted a rule mandating central clearing for certain Treasury repurchase agreements (repos).1 After the rule was adopted, in anticipation of required compliance, centrally cleared repo volumes increased substantially. Since July 2025, volumes increased both in proportion to all Treasury repos outstanding and to the Treasury repos in scope, namely, those that are non-affiliate and fixed-term (Figure 1). Once the peak of 53% cleared was reached, the share of centrally cleared Treasury repos fell to about 46% and has remained there since. […]