The Treasury market is undergoing significant and transformative structural changes. The expansion of central clearing in the Treasury market that will occur as a result of the SEC’s central clearing rule is probably the single greatest change to Treasury market structure since the advent of electronic trading of Treasuries over central limit order books in the early 2000s, which paved the way for the high-frequency trading of Treasuries that is prevalent today. This change is occurring during a critical period of growth for the Treasury market—the Congressional Budget Office forecasts Treasury supply to increase by ... (full story)