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Do You Know How Your Treasury Trades Are Cleared and Settled?

Author

Listed:
  • Adam Copeland
  • Michael J. Fleming
  • Frank M. Keane
  • Radhika Mithal

Abstract

The Treasury Market Practices Group (TMPG) recently released a consultative white paper on clearing and settlement processes for secondary market trades of U.S. Treasury securities. The paper describes in detail the many ways Treasury trades are cleared and settled? information that may not be readily available to all market participants?and identifies potential risk and resiliency issues. The work is designed to facilitate discussion as to whether current practices have room for improvement. In this post, we summarize the current state of clearing and settlement for secondary market Treasury trades and highlight some of the risks described in the white paper.

Suggested Citation

  • Adam Copeland & Michael J. Fleming & Frank M. Keane & Radhika Mithal, 2018. "Do You Know How Your Treasury Trades Are Cleared and Settled?," Liberty Street Economics 20180912, Federal Reserve Bank of New York.
  • Handle: RePEc:fip:fednls:87275
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    File URL: https://libertystreeteconomics.newyorkfed.org/2018/09/do-you-know-how-your-treasury-trades-are-cleared-and-settled.html
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    More about this item

    Keywords

    settlement; clearing; Treasuries;
    All these keywords.

    JEL classification:

    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy

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