PTFs call for reform before Treasuries clearing mandate
Non-banks warn all-to-all trading relies on requiring dealers to accept ‘done away’ trades
Principal trading firms (PTFs) warn they will be forced to exit US Treasury markets if a Securities and Exchange Commission (SEC) clearing mandate is imposed before market structure barriers to non-bank clearing are resolved.
“You can’t have a functional clearing mandate that includes indirect members in any way, shape, or form, if those indirect members don’t have access to clearing for all
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