Wall Street banks believe they are getting a green light from supervisors to hold more Treasury debt and less cash after last month’s volatility in overnight lending markets, three industry…Read More
US repo markets this week have shown what happens when they reach capacity, and the Federal Reserve has shown phase 1 of what it will try to do to maintain…Read More
Trust is the fuel that makes the global financial system work — yet thanks to sophisticated operations by foreign government hackers who are increasingly willing to target that system, the…Read More
In January 2016 the US Treasury issued an RFI, “Notice Seeking Public Comment on the Evolution of the Treasury Market Structure.” The questions were pretty broad, covering “changes in technology,…Read More
Fed Governor Jerome H. Powell spoke on the factors behind disappearing US Treasury liquidity. Its not just regulation.
Fed Governor Jerome H. Powell gave a speech on August 3rd at the Brookings Institution. The speech, called “Structure and Liquidity in Treasury Markets”, focused on what has been happening…Read More
Spreads on US treasuries in securities lending are so thin that even the most stalwart securities lending participant has to wince. We see client evidence that in some months collateral…Read More