Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/315961 
Year of Publication: 
2025
Series/Report no.: 
Staff Reports No. 1146
Publisher: 
Federal Reserve Bank of New York, New York, NY
Abstract: 
This article examines U.S. Treasury securities market functioning from the global financial crisis (GFC) through the Covid-19 pandemic given the ensuing market developments and associated policy responses. We describe the factors that have affected intermediaries, including regulatory changes, shifts in ownership patterns, and increased electronic trading. We also discuss their implications for market functioning in both normal times and times of stress. We find that alternative liquidity providers have stepped in as constraints on dealer liquidity provision have tightened, supporting liquidity during normal times, but with less clear effects at times of stress. We conclude with a brief discussion of more recent policy initiatives that are intended to promote market resilience.
Subjects: 
intermediation
liquidity
regulation
market structure
Treasury securities
JEL: 
G12
G24
G28
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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