Duffie: SEC plan heralds all-to-all Treasuries trading

Former Fed adviser welcomes long-advocated Treasuries clearing mandate

Securities and Exchange Commission
SEC proposal could represent a step away from the dealer intermediation mode
Photo: Andriy Blokhin/Alamy Stock Photo

A Securities and Exchange Commission (SEC) proposal mandating the central clearing of a large portion of US Treasury transactions could herald a shift to all-to-all trading within five years, according to Darrell Duffie, a Stanford professor who has advised the Chicago Federal Reserve on central clearing.

Duffie cautiously anticipates that “in three to five years, if everything goes well, either existing platforms or new platform entrants could begin to offer alternative trade services”.

“It

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