IDEAS home Printed from https://ideas.repec.org/p/fip/fedgfn/2020-08-04.html
   My bibliography  Save this paper

Principal Trading Firm Activity in Treasury Cash Markets

Author

Listed:
  • James Collin Harkrader
  • Michael Puglia

Abstract

This FEDS Note aims to share insights on Treasury cash transactions reported in the Financial Industry Regulatory Authority (FINRA)'s Trade Reporting and Compliance Engine (TRACE). Following earlier joint FEDS Notes and Liberty Street Economics blog posts that examined aggregate trading volume in the Treasury cash market across venues and security types, this post sheds light on the trading activity of Principal Trade Firms (PTFs) and other market participants that are not registered broker-dealer members of FINRA.

Suggested Citation

  • James Collin Harkrader & Michael Puglia, 2020. "Principal Trading Firm Activity in Treasury Cash Markets," FEDS Notes 2020-08-04, Board of Governors of the Federal Reserve System (U.S.).
    • Handle: RePEc:fip:fedgfn:2020-08-04
    DOI: 10.17016/2380-7172.2620
    Note: This FEDS Note is the first in a three-part series on Treasury and Agency MBS market structure. The time period under study in this series ends in 2019 and therefore does not consider the significant events that have occurred in Treasury and Agency MBS markets in 2020. These events will no doubt be a subject of study for many years to come and we intend for this series to inform ongoing and future work on this topic.
    as

    Download full text from publisher

    File URL: https://www.federalreserve.gov//econres/notes/feds-notes/principal-trading-firm-activity-in-treasury-cash-markets-20200804.htm
    Download Restriction: no
    File URL: https://libkey.io/10.17016/2380-7172.2620?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Michael J. Fleming & Frank M. Keane, 2021. "The Netting Efficiencies of Marketwide Central Clearing," Staff Reports 964, Federal Reserve Bank of New York.
    2. Michael J. Fleming & Haoyang Liu & Rich Podjasek & Jake Schurmeier, 2022. "The Federal Reserve’s Market Functioning Purchases," Economic Policy Review, Federal Reserve Bank of New York, vol. 28(1), pages 210-241, July.
    3. James Collin Harkrader & Michael Puglia, 2020. "Price Discovery in the U.S. Treasury Cash Market: On Principal Trading Firms and Dealers," Finance and Economics Discussion Series 2020-096, Board of Governors of the Federal Reserve System (U.S.).

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fip:fedgfn:2020-08-04. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Ryan Wolfslayer ; Keisha Fournillier (email available below). General contact details of provider: https://edirc.repec.org/data/frbgvus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.