US Treasury
Any clearing mandate should start with cash transactions only, and bring in repos at a later stage
Lack of standardised documentation, inadequate infrastructure, and concentration risk are among key issues pointed out by the industry
Speaking at SIFMA’s annual conference, the Treasury secretary touched upon issues in Treasury markets, digital assets and climate change
A thorough cost-benefit assessment of proposed changes for Treasury securities clearing will be needed to justify their necessity
A proposal to require that more US Treasury trades be centrally cleared could concentrate too much risk and create another ‘too big to fail’
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