US MMFs’ cleared repos top half-a-trillion dollars

FICC-routed transactions increased 52% in the 12 months to April

Central clearing of reverse repos by US money market funds (MMFs) has held above half-a-trillion dollars for the past two months, evidence of a growing momentum ahead of mandatory clearing of US Treasury transactions scheduled to take effect in two years.

Volumes funnelled through the Fixed Income Clearing Corporation (FICC) topped $517.3 billion, data from the Office of Financial Research (OFR) shows, marking a 16.8% increase since the start of the year and representing the highest end-month

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