Central clearing of Treasuries could cut disruption – NY Fed paper

New York Fed
Jazz Guy

Moving the US Treasury market to a central clearing model could have avoided much of the disruption that occurred during the Covid-19 crisis, research published by the Federal Reserve Bank of New York finds.

In a staff report, Michael Fleming and Frank Keane examine the first four months of 2020 using confidential data on transactions in the Treasury market. The period spans the “dash for cash”, when investors rushed to sell Treasuries due to the Covid crisis, overwhelming many dealers.

The

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