PTFs clash with banks over ‘done-away’ US Treasury clearing
Trading firms losing patience with banks’ reluctance to unbundle trading and execution
The debate over ‘done-away’ clearing is driving a wedge between principal trading firms (PTFs) and the banks that clear their US Treasury repo trades.
Risk.net reported last month that repo desks were “undecided” about whether to back a done-away model proposed by CME Group, which has filed an application with the Securities and Exchange Commission (SEC) to clear US Treasury cash and repo
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