(Revised April 2026)

This paper examines whether the SEC’s mandate for central clearing of U.S. Treasury repo transactions could enable all-to-all trading and support the development of a standardized term repo market. By mitigating counterparty risk through central clearing, cash lenders may become more willing to transact directly with a broader set of borrowers, reducing reliance on dealer intermediation. Clearing may also encourage greater participation in term repos beyond overnight tenors if counterparty risk is reduced. However, for all-to-all trading to take hold, the market must adopt more standardized contract terms, collateral schedules, and operational protocols, such as consolidated trade execution and post-trade processing. If these structural and operational hurdles are addressed, an all-to-all term repo market could emerge—enhancing liquidity, reducing rollover risk, and improving the resilience of the U.S. financial system.