PTFs piled into US Treasuries during SVB collapse

Treasury official says non-bank interdealer market share jumped 10% in March as dealers retreated

Photo: Minh Nguyen, Wikimedia

Proprietary trading firms rode to the rescue of the US Treasuries market in the days that followed the collapse of Silicon Valley Bank as dealers pulled back, according to a senior US Treasury official.

Nellie Liang, under-secretary for domestic finance at the US Department of the Treasury, told the New York Federal Reserve’s 2023 Treasury Market Conference on November 16 that “principal trading firms (PTFs) increased their activity in the Treasury market in March, providing a greater share of

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