Interagency Group Provides Update on Treasury Market Surveillance Initiative

The Interagency Working Group on Treasury Market Surveillance—which includes staff from the Treasury Department, Federal Reserve, New York Fed, the Securities and Exchange Commission and the Commodity Futures Trading Commission—today issued a progress report on steps it has taken to enhance the resilience of the U.S. Treasury market.

In the past year, the group has proposed policies to enhance oversight within the Treasury market and centrally clear more Treasury transactions; initiated a pilot collection of data on non-centrally cleared bilateral repo agreements; made enhancements to data collection and reporting on secondary market transactions; sought public feedback on ways to foster transparency; conducted a cost-benefit analysis of all-to-all trading in the market; and analyzed options for establishing more uniform leverage requirements across different market segments.

Moving forward, the group said its work will continue “to complement that of the [Financial Stability Oversight Commission] and to align with the broad agenda laid out by the Financial Stability Board regarding core bond markets and nonbank financial intermediation.”