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.


Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: