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Principal Trading Firm Activity in Treasury Cash Markets

Author

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  • James Collin Harkrader
  • Michael Puglia

Abstract

This FEDS Note aims to share insights on Treasury cash transactions reported in the Financial Industry Regulatory Authority (FINRA)'s Trade Reporting and Compliance Engine (TRACE). Following earlier joint FEDS Notes and Liberty Street Economics blog posts that examined aggregate trading volume in the Treasury cash market across venues and security types, this post sheds light on the trading activity of Principal Trade Firms (PTFs) and other market participants that are not registered broker-dealer members of FINRA.

Suggested Citation

  • James Collin Harkrader & Michael Puglia, 2020. "Principal Trading Firm Activity in Treasury Cash Markets," FEDS Notes 2020-08-04, Board of Governors of the Federal Reserve System (U.S.).
    • Handle: RePEc:fip:fedgfn:2020-08-04
    DOI: 10.17016/2380-7172.2620
    Note: This FEDS Note is the first in a three-part series on Treasury and Agency MBS market structure. The time period under study in this series ends in 2019 and therefore does not consider the significant events that have occurred in Treasury and Agency MBS markets in 2020. These events will no doubt be a subject of study for many years to come and we intend for this series to inform ongoing and future work on this topic.
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    File URL: https://www.federalreserve.gov//econres/notes/feds-notes/principal-trading-firm-activity-in-treasury-cash-markets-20200804.htm
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    File URL: https://libkey.io/10.17016/2380-7172.2620?utm_source=ideas
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    Cited by:

    1. Michael J. Fleming & Frank M. Keane, 2021. "The Netting Efficiencies of Marketwide Central Clearing," Staff Reports 964, Federal Reserve Bank of New York.
    2. Michael J. Fleming & Haoyang Liu & Rich Podjasek & Jake Schurmeier, 2022. "The Federal Reserve’s Market Functioning Purchases," Economic Policy Review, Federal Reserve Bank of New York, vol. 28(1), pages 210-241, July.
    3. Nihad Aliyev & Matteo Aquilina & Khaladdin Rzayev & Sonya Zhu, "undated". "Through stormy seas: how fragile is liquidity across asset classes and time?," BIS Working Papers 1229, Bank for International Settlements.
    4. James Collin Harkrader & Michael Puglia, 2020. "Price Discovery in the U.S. Treasury Cash Market: On Principal Trading Firms and Dealers," Finance and Economics Discussion Series 2020-096, Board of Governors of the Federal Reserve System (U.S.).

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