DISCLAIMER: I was a member of the NY Fed TMPG committee that authored this paper. The opinions expressed here are mine and mine alone. They are not associated with any employer of mine or organization I am associated with. In 2018 the Treasury Market Practices Group (TPMG), which is a group of industry professionals sponsored … Continue reading How US Treasuries Clear →

In the last year there have been several academic papers written about the market structure of the US Treasury market. As the most important fixed income market it is great to see so much discussion around the topic of its market structure and improvements that can be made. Most of these papers were written in … Continue reading Papers on the US Treasury Market Structure →

Price-Discovery-in-UST-MarketsDownload This is the third post in my series of reviews of academic papers written in the last year about the market structure of the US Treasury market. As the most important fixed income market it is great to see so much discussion around the topic of market structure. This post is a review and … Continue reading Review: Price Discovery in the U.S. Treasury Cash Market →

Enhancing-Liquidity-in-US-Treasury-MarketsDownload This is the second post in my series of reviews of academic papers written in the last year about the market structure of the US Treasury market. As the most important fixed income market it is great to see so much discussion around the topic of market structure. This post is a review and … Continue reading Review: Enhancing Liquidity of the U.S. Treasury Market Under Stress →

Redesigning-the-US-Treasury-Market-post-COVIDDownload This is the first post in my series of reviews of academic papers written in the last year about the market structure of the US Treasury market. As the most important fixed income market it is great to see so much discussion around the topic of market structure. This post is a review and … Continue reading Review: Still the World’s Safe Haven? →