US Treasuries
Treasury buyback risks a (collateral) chain reaction
Rebalancing of bond tenors could stretch collateral links to breaking point, argues economist
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
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
Hopes rise for cross-product netting under SA-CCR
Banks want rule change in Basel III endgame to lower capital costs of clearing UST repos
US Treasuries clearing: a new era
What will the SEC’s clearing mandate mean for your firm? Explore the latest updates and analysis around clearing models, collateral requirements, risk tools and market structure
US banks trim long-dated bonds to 10-year low
Medium-term securities reach record as 5+ year share hits decade low
US banks lose appetite for Treasuries as G-Sibs turn to trading book
Two-year surge in non-trading USTs plateaus as HFT bonds tick up