Unfinished business: US Treasuries reform stalls

Efforts to improve clearing and settlement of US government debt – and oversight of who trades it – still incomplete

Four years ago, regulators overseeing the US Treasuries market were dealt a major reality check when a bout of unprecedented volatility opened up the world’s largest government bond market to increased scrutiny. 

Market participants at the time claimed authorities had been asleep at the wheel; today those charges still stand, they say.  

The flash rally of October 15, 2014 saw the 10-year Treasury note experience a 37 basis-point trading range. The ensuing investigation highlighted serious

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