A battle is brewing in a historically quiet corner of the US fixed-income market. Since 1986, the clearing of US Treasuries and Treasury-backed repurchase agreements has been controlled by Wall Street, via the member-owned Depository Trust & Clearing Corporation. In 2003, clearing of these transactions switched to a DTCC subsidiary, Fixed Income Clearing Corporation, which gives its members billions of dollars in rebates and fee reductions.
Some believe greater efficiencies could be unlocked,
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