US Treasury market preps for reporting showdown

Sifma expected to attack transparency plans; prop traders brand objections “crazy”

Banks, buy-side firms and prop traders are preparing to re-enact an old battle about transparency in a brand-new arena – the US Treasury market.

Proponents of expanded public reporting argue it would improve liquidity by removing information barriers and fostering competition; critics fear it would do the opposite, by making it harder for liquidity providers and investors to manage their risks. These may be well-worn arguments, but the stakes – when applied to one of the pillars of the