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Repo conditions and Treasury settlement across the market.
Annualized rate · percent
SOFR covers a broader Treasury repo market. TGCR measures tri-party general collateral repo; BGCR adds GCF repo activity. Click the legend to focus on a benchmark. Differences reflect market coverage and conditions, not a direct measure of a bank’s funding cost.
SOFR underlying volume · USD
SOFR minus TGCR · basis points
Primary dealers · cumulative weekly amounts · through Sep 16, 2026
A fail means securities were not delivered on the agreed settlement date. These weekly cumulative figures can include the same unsettled obligation on several days. They are not a default count, realized loss, or a measure of unique failed trades.
Additional coverage on the publisher’s website
| Date | SOFR (%) | TGCR (%) | BGCR (%) | SOFR volume (USD billions) | SOFR minus TGCR (bp) |
|---|---|---|---|---|---|
| 2026-09-24 | 3.88 | 3.86 | 3.86 | 2990 | 2 |
| 2026-09-23 | 3.87 | 3.85 | 3.85 | 2946 | 2 |
| 2026-09-22 | 3.87 | 3.85 | 3.85 | 2940 | 2 |
| 2026-09-21 | 3.85 | 3.83 | 3.83 | 2912 | 2 |
| 2026-09-18 | 3.85 | 3.83 | 3.83 | 2955 | 2 |
| 2026-09-17 | 3.85 | 3.83 | 3.83 | 2992 | 2 |
| 2026-09-16 | 3.62 | 3.6 | 3.6 | 2931 | 2 |
| 2026-09-15 | 3.64 | 3.62 | 3.62 | 2952 | 2 |
| 2026-09-14 | 3.62 | 3.6 | 3.6 | 2861 | 2 |
| 2026-09-11 | 3.62 | 3.6 | 3.6 | 2867 | 2 |
| 2026-09-10 | 3.62 | 3.6 | 3.6 | 2921 | 2 |
| 2026-09-09 | 3.64 | 3.62 | 3.62 | 2859 | 2 |
| 2026-09-08 | 3.64 | 3.63 | 3.63 | 2904 | 1 |
| 2026-09-04 | 3.65 | 3.64 | 3.64 | 2888 | 1 |
| 2026-09-03 | 3.66 | 3.64 | 3.64 | 2949 | 2 |
| 2026-09-02 | 3.65 | 3.63 | 3.63 | 2882 | 2 |
| 2026-09-01 | 3.66 | 3.63 | 3.63 | 2912 | 3 |
| 2026-08-31 | 3.68 | 3.67 | 3.67 | 3056 | 1 |
| 2026-08-28 | 3.65 | 3.63 | 3.63 | 2808 | 2 |
| 2026-08-27 | 3.64 | 3.62 | 3.62 | 2836 | 2 |
| 2026-08-26 | 3.64 | 3.62 | 3.62 | 2859 | 2 |
| 2026-08-25 | 3.66 | 3.64 | 3.64 | 2916 | 2 |
| 2026-08-24 | 3.65 | 3.63 | 3.63 | 2919 | 2 |
| 2026-08-21 | 3.65 | 3.63 | 3.63 | 2952 | 2 |
| 2026-08-20 | 3.63 | 3.6 | 3.6 | 2922 | 3 |
| 2026-08-19 | 3.62 | 3.6 | 3.6 | 2923 | 2 |
| 2026-08-18 | 3.65 | 3.63 | 3.63 | 3010 | 2 |
| 2026-08-17 | 3.66 | 3.64 | 3.64 | 3068 | 2 |
| 2026-08-14 | 3.62 | 3.6 | 3.6 | 2957 | 2 |
| 2026-08-13 | 3.62 | 3.6 | 3.6 | 2932 | 2 |
| 2026-08-12 | 3.62 | 3.6 | 3.6 | 2943 | 2 |
| 2026-08-11 | 3.64 | 3.63 | 3.63 | 2961 | 1 |
| 2026-08-10 | 3.63 | 3.61 | 3.61 | 2964 | 2 |
| 2026-08-07 | 3.62 | 3.6 | 3.6 | 2977 | 2 |
| 2026-08-06 | 3.65 | 3.63 | 3.63 | 3055 | 2 |
| 2026-08-05 | 3.64 | 3.63 | 3.63 | 2989 | 1 |
| 2026-08-04 | 3.66 | 3.64 | 3.64 | 3036 | 2 |
| 2026-08-03 | 3.65 | 3.63 | 3.63 | 3055 | 2 |
| 2026-07-31 | 3.66 | 3.64 | 3.64 | 3205 | 2 |
| 2026-07-30 | 3.65 | 3.63 | 3.63 | 3011 | 2 |
| 2026-07-29 | 3.65 | 3.64 | 3.64 | 3032 | 1 |
| 2026-07-28 | 3.65 | 3.64 | 3.64 | 2977 | 1 |
| 2026-07-27 | 3.64 | 3.62 | 3.62 | 2953 | 2 |
| 2026-07-24 | 3.64 | 3.62 | 3.62 | 2979 | 2 |
| 2026-07-23 | 3.64 | 3.62 | 3.62 | 2971 | 2 |
| 2026-07-22 | 3.62 | 3.6 | 3.6 | 3026 | 2 |
| 2026-07-21 | 3.61 | 3.58 | 3.58 | 2975 | 3 |
| 2026-07-20 | 3.57 | 3.54 | 3.54 | 3012 | 3 |
| 2026-07-17 | 3.59 | 3.56 | 3.56 | 3030 | 3 |
| 2026-07-16 | 3.62 | 3.59 | 3.59 | 3038 | 3 |
| 2026-07-15 | 3.64 | 3.62 | 3.62 | 3104 | 2 |
| 2026-07-14 | 3.63 | 3.62 | 3.62 | 3092 | 1 |
| 2026-07-13 | 3.6 | 3.58 | 3.58 | 3096 | 2 |
| 2026-07-10 | 3.55 | 3.52 | 3.52 | 3056 | 3 |
| 2026-07-09 | 3.53 | 3.51 | 3.51 | 3126 | 2 |
| 2026-07-08 | 3.58 | 3.57 | 3.57 | 3158 | 1 |
| 2026-07-07 | 3.62 | 3.6 | 3.6 | 3154 | 2 |
| 2026-07-06 | 3.63 | 3.61 | 3.61 | 3212 | 2 |
| 2026-07-02 | 3.64 | 3.62 | 3.62 | 3208 | 2 |
| 2026-07-01 | 3.66 | 3.63 | 3.63 | 3321 | 3 |
| 2026-06-30 | 3.68 | 3.64 | 3.64 | 3418 | 4 |
| 2026-06-29 | 3.62 | 3.6 | 3.6 | 3126 | 2 |
| 2026-06-26 | 3.62 | 3.6 | 3.6 | 3171 | 2 |
| 2026-06-25 | 3.64 | 3.62 | 3.62 | 3145 | 2 |
| 2026-06-24 | 3.62 | 3.61 | 3.61 | 3116 | 1 |
| 2026-06-23 | 3.62 | 3.6 | 3.6 | 3105 | 2 |
| Week ending | Fails to deliver | Fails to receive |
|---|---|---|
| 2026-09-16 | 174218 | 172015 |
| 2026-09-09 | 128397 | 134172 |
| 2026-09-02 | 92604 | 97632 |
| 2026-08-26 | 81852 | 94721 |
| 2026-08-19 | 97529 | 107701 |
| 2026-08-12 | 118100 | 130837 |
| 2026-08-05 | 102750 | 110229 |
| 2026-07-29 | 72522 | 88159 |
| 2026-07-22 | 101155 | 102813 |
| 2026-07-15 | 110826 | 131606 |
| 2026-07-08 | 109098 | 131082 |
| 2026-07-01 | 105193 | 117923 |
| 2026-06-24 | 91889 | 105760 |
SOFR, BGCR, and TGCR are distinct, overlapping Treasury repo benchmarks. Volumes are not added together. The SOFR − TGCR spread and basis-point changes are EDGAR Terminal calculations. Rate observations use their effective dates.
Treasury fails combine nominal Treasury and TIPS series. Each weekly observation is the cumulative amount reported by primary dealers; delivery and receipt fails overlap and are kept separate. These are not DTCC’s daily FICC fails, losses, or a bank-specific exposure.
Reference-rate methodology ↗ · Primary-dealer fails guide ↗