Inter-Agency Group Provides Update on Treasury Market Surveillance Initiative

The Treasury Market Surveillance Interagency Task Force, which includes staff from the Treasury Department, Federal Reserve, New York Fed, Securities and Exchange Commission and Commodity Futures Trading Commission, released today a progress report on the steps it has taken to strengthen the resilience of the US Treasury market.

Over the past year, the group has proposed policies to strengthen oversight within the Treasury market and centralize more Treasury transactions; launched a pilot collection of data on non-centrally cleared bilateral repo agreements; made improvements to data collection and reporting of secondary market transactions; solicited public input on ways to foster transparency; performed a cost-benefit analysis of overall market trading; and analyzed options to establish more uniform leverage requirements across different market segments.

Going forward, the group said its work will continue “to complement that of the [Financial Stability Oversight Commission] and to align with the broad agenda established by the Financial Stability Board regarding major bond markets and non-bank financial intermediation.