One strike and they’re out: traders threaten liquidity stoppage
PTFs vow to withdraw from Treasuries market in protest at SEC registration plans
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 US
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
More on Markets
Pimco’s cuts to FX forwards positions hit dealers in Q4
Counterparty Radar: State Street takes top spot among dealers as BNP Paribas slides to fourth
Robinhood buys Marex FCM as futures entry takes shape
Retail broking giant follows WeBull into futures market
Deutsche Börse building equities dark pool
Move comes hot on heels of Euronext launching its own dark pool
European funds face upsurge in settlement risk after T+1
Trade body Efama finds up to 40% of daily FX flows may have to settle outside protection of CLS
Energy credit optimisers vie to become headline act
Competing initiatives may dilute ‘network effect’ as race to fill void left by TP Icap intensifies
Traders eye negative CDS-bond basis
Changed market dynamic can be profitable for those firms able to capture it
Reluctantly, CME moves to clear US Treasuries
CME Group will seek regulatory approval to clear US Treasuries, chief executive Terry Duffy said today
JP Morgan leads US banks’ FX trading revenues
Only two dealers saw revenue growth through 2023 as Goldman Sachs reports 75% drop
Most read
- Quants are using language models to map what causes what
- Reluctantly, CME moves to clear US Treasuries
- The bank quant who wants to stop gen AI hallucinating