The $21.6 trillion question: How many regulators does it take to change a lightbulb?
The US$21.6 trillion US Treasury market is confounded by a lack of transparency and very short-term liquidity provision, according to a new joint staff report published ...
How traders weathered the Treasury sell-off
The US Treasury’s auction of seven-year notes last Thursday saw the lowest investor appetite ever, according to some sources, leaving primary dealers holding the ...
Brookings Institution: Loose ends in the US Treasury market
Nellie Liang, Miriam K. Carliner Senior Fellow in Economic Studies, Brookings Institution.
Editorial: Oversight of US bond markets is broken
Oversight of the US bond markets is broken. The world’s sixth largest bank by assets, JP Morgan, was able to manipulate the US Treasury market, the global benchmark for ...
Greenwich: Treasuries volatility ‘crazy’ low compared to 2019
Analysis by research firm Greenwich Associates has found the US Treasury market saw volatility 50% lower in August 2020 than in August 2019, which report author Kevin ...
Fed names new sellers to SMCCF including Jane Street, Tradeweb
The Federal Reserve Bank of New York has released the the first wave of additional counterparties that it has selected to support the Secondary Market Corporate Credit ...
Now the buy side can sell bonds to the Fed – via MarketAxess
Rick McVey, CEO, MarketAxess
TMPG: US Treasuries supply may strain market makers; Fed guidance a concern
Newly released minutes from the Federal Reserve’s Treasury Market Practices Group, an industry-led advisory body on market structure and trading, has indicated concern ...
Office of Financial Research: Treasury basis trades could pose systemic risk
A new paper from the Office of Financial Research (OFR) has cast doubt on the idea that basis trades increased the lack of liquidity in US Treasuries in March 2020, but ...
Morgan Stanley: Fed buying programme has benefits beyond direct purchases
Analysis of the Federal Reserve’s Secondary Market Corporate Credit Facility (SMCCF) by Morgan Stanley analysts has found that its purchases of exchange traded funds ...
How Fed bond buying is impacting markets
John Lonski, chief economist, Moody’s Capital Markets Research
Fed begins buying corporate bonds
The Federal Reserve Board has announced the Secondary Market Corporate Credit Facility (SMCCF), will begin buying a corporate bonds to support market liquidity and the ...
JP Morgan and RBC added as eligible sellers to the Fed
The Federal Reserve Bank of New York funded Secondary Market Corporate Credit Facility (SMCCF) added JP Morgan and RBC as eligible sellers of securities as of 22 May. ...
Fed’s Treasury Market Practices Group sheds light on March liquidity crisis
Minutes of the 31 March meeting of the Federal Reserve’s Treasury Market Practices Group (TMPG), including an update on a 19 March call between members, has highlighted ...
Fed: No bond ETF fees for BlackRock; JP Morgan still AWOL
Under the new Federal Reserve asset purchasing programme, BlackRock, the asset manager which is acting as the trading function for the programme, will charge no asset ...
