Market ‘not ready’ for US Treasuries clearing mandate
“Client clearing for Treasuries doesn’t really exist,” says Barclays exec, while DTCC points to gaps in market awareness
US Treasury market participants are ill-prepared for the arrival of a wide-ranging clearing mandate for cash and repo trades, say market participants, given spotty awareness of the impending changes and a lack of clarity on how clients will access central counterparties.
“Client clearing for cash Treasuries basically doesn’t really exist, so there is this whole piece of the market we have to figure out,” said Tyler Wellensiek, global head of rates market structure at Barclays.
It has been a
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