November 8, 2023 (NO COMMENTS)

All-to-all trading of US Treasury securities – seen by many as a likely consequence of a forthcoming clearing mandate – is no panacea for liquidity and may even drive a wider discrepancy between on-the-run and off-the-run instruments, market participants have warned. The Securities and Exchange Commission is widely expected to adopt a new rule in the coming weeks that would subject large swaths of the US Treasury market and Treasury repo trades to central clearing. Market participants see