Start-up UST trading venues face clearing hurdles
Gaps in central clearing are stifling the emergence of all-to-all trading venues for US Treasuries
Heavy-handed regulation is often blamed for stifling innovation. In the US Treasury market, the opposite may be true: the absence of a clearing mandate for US government securities may be hindering the emergence of new electronic trading venues that would allow buy-side firms to trade with a wider range of counterparties.
"The current clearing and settlement structure for US Treasuries remains a
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@risk.net
More on Markets
Swap spread swings push US corporates to rethink locks
Volatile swap spreads have issuers weighing a shift from swap locks to costlier Treasury locks for pre-issuance hedges
Trading platforms evolve for a cross-asset market
As trading becomes increasingly cross-asset, platforms are evolving to deliver consistent workflows, connectivity, intelligence and end-to-end execution efficiency
Sell side losing fight over dirty CSAs, data shows
Risk Benchmarking exercise finds growing buy-side push for collateral flexibility
Macquarie rolls out 2022 playbook for Iran conflict
Talking Heads 2026: Volatile markets and wobbly pricing have tested commodities house
US Treasury clearing: competition, choice and readiness move to the fore
US Treasury clearing mandates and market reforms are reshaping clearing models, risk transfer and market infrastructure ahead of key implementation milestones
Regulatory clarity urged for CME’s single-stock futures
SEC short selling and market access rules may hamper clearing and broker participation
Ripple builds ‘one-stop’ payments shop
Flurry of acquisitions marks latest step in digital payments specialist’s masterplan to crack trad-fi
Calamos combines rival structures with new autocall ETF
Generic local vol model allows exotic payoff to be packaged in index without vol target
