US Treasuries
Japan’s Great Repatriation? Don’t count on quick returns
Switch from Treasuries to JGBs by GPIF likely to be gradual, which may spell more bad news for hedge funds
Citi, Goldman and Wells Fargo drive $74bn AFS securities surge
AFS share at US G-Sibs rise for 12th straight quarter as Treasury holdings climb to record high
CME offers basis traders a leg up
New Treasury Link service ‘levels playing field’ in strategy dominated by high-speed players
CME aims to offer client UST cross-margining internally in 2027
CCP has filed initial proposal with SEC; wants to offer more products than joint FICC programme
Repo tokens won’t be cleared. Or will they?
Uncertainty lingers over clearing status of tokenised Treasuries, with decision likely devolved to DTCC
Rapid-fire repo raises hopes of cheaper, faster trading
Tokenised Treasuries piloted by DTCC could squash settlement cycles and enable 24/7 repo
A rookie’s guide to tokenised Treasuries
What are DTCC’s digital US government debt securities? How do tokenised repo and other transactions work? These questions, and others, answered
US Basel III will provide reprieve for clearing, but no release
Worst excesses of original endgame proposal avoided, but increased capacity still seen as unlikely
MBS convexity hedging: back with a vengeance, or ghost story?
More bonds now sit with active hedgers but market is split on whether flows can move US rates again
US banks show little risk shift after eSLR relief
Lowest-risk exposures hit record, but BNY drives largest reallocation
US regulators cut FRTB’s IMA capital hit by 59%, Isda finds
Trade body pushes for further changes to cross-product netting, default risk charge
Treasury basis trade loses its allure as returns shrink
Tight spreads and rising funding costs are pushing the cash-futures basis trade out of favour
Clearers face heavy lift on CME-FICC cross-margin service
Dual registration and regulation plus uncertainty over close-outs all weigh on client offering
Goldman breaks with peers in $50 billion long-term securities push
Wall Street behemoth doubles holdings of 5+ year debt as other G-Sibs continue to shorten duration
US G-Sibs’ trading assets hit record $3.6 trillion
JPM, Goldman, Citi and Morgan Stanley drive $520 billion quarterly increase amid turbulent markets
US Treasury clearing: how to prepare for the transformation
US Treasury market participants discuss competing clearing models, margin and capital implications, and the operational work required to adapt to a new market structure
Banks fear US cross-product capital relief will fall short
Proposal to treat repo as futures for SA-CCR may not do enough to support UST clearing mandate
Tokenisation could boost repo capacity by up to 60%
Isda AGM: Digital Asset’s Rooz says intraday repo will deliver huge balance sheet efficiencies
How the Iran war wreaked havoc on consensus US rates trades
Hedge fund steepeners, swap spreads and vol-selling strategies were hit as conflict forced stop-outs during March
For collateral, can TINA become TIA?
US Treasuries’ dominance as collateral in repo and derivatives is no longer set in stone, argues economist
CME-FICC cross-netting terms fuel clashes
Hedge funds worried by CCP powers to suspend arrangement; clearing members say it’s standard practice