All-to-all no panacea for Treasury liquidity

Traders fear push for equity-style market could be detrimental to off-the-run securities

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All-to-all trading of US Treasury securities – seen by many as a likely consequence of a forthcoming clearing mandate – is no panacea for liquidity and may even drive a wider discrepancy between on-the-run and off-the-run instruments, market participants have warned.

The Securities and Exchange Commission is widely expected to adopt a new rule in the coming weeks that would subject large swaths of the US Treasury market and Treasury repo trades to central clearing. Market participants see

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