One strike and they’re out: traders threaten liquidity stoppage

PTFs vow to withdraw from Treasuries market in protest at SEC registration plans

Credit: montage

It’s said that the right to strike is among the foundations of a free society, though it is a right more commonly exercised by ordinary workers than by masters of the financial universe.

Yet the strikes that hedge funds and proprietary trading firms (PTFs) are threatening to impose on the US Treasuries market would involve a withdrawal not of labour, but liquidity.

The firms’ grievance is with the Securities and Exchange Commission, which in March 2022 proposed that PTFs in the interdealer

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