Wall Street’s top regulator has advanced new rules to push more Treasury bond deals by high-speed traders and hedge funds through clearing houses, in one of its most assertive attempts to shore up the $24tn market.
Clearing houses stand between trading counterparties and require insurance, or margin payments, to prevent a default from cascading through the market. Requiring their broader use is an attempt to add safeguards to cash and repo markets, which trade billions of dollars a day to set the price of US government debt but have been tested repeatedly over the past decade.
The Securities and Exchange Commission voted unanimously on Wednesday to release the proposal for 60 days of public comment.
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