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

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"Current clearing and settlement structure for US Treasuries is a hurdle for electronic trading platforms and participants looking for broader access to liquidity," says Nichola Hunter, LiquidityEdge

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 hurdle for both electronic trading platforms and for participants looking for broader access to liqui

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