U.S. Treasury Markets: Steps Toward Increased Resilience Status Update 2022
Author(s): Leadership Team of G30 Working Group on Treasury Market Liquidity
This report provides an update to the July 2021 publication by the G30 Working Group on Treasury Market Liquidity. Prepared by the leadership team of the Working Group, the follow-up paper assesses the degree to which actions by U.S. authorities since the original report have been consistent with the ten recommendations made last year. A review of developments in the Treasury market, including research and analysis conducted since, and recent discussions with market participants and officials in the relevant U.S. agencies, suggests the foundational case for the recommendations remains strong.
The Status Update report summarizes what has been accomplished and what remains undone with respect to five key issues: central bank liquidity support for Treasury market functioning; central clearing of trades of Treasury securities and Treasury repos; prudential regulation of dealers; market transparency; and market regulation. It offers some suggestions for prioritizing and sequencing reform efforts going forward and reviews each recommendation in light of the rationale and progress made.
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