Will Central Clearing Change the Market Structure of U.S. Treasury Repo to Become More Standardized and Trade on an All-to-All Basis?

2026

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AI-generated summary

1) This paper examines how central clearing could transform the U.S. Treasury repo market into a more standardized, all-to-all trading environment, enhancing market liquidity and resilience.

2) * Explores the potential for the SEC's central clearing mandate to enable all-to-all trading in U.S. Treasury repos.
* Analyzes the structural and operational changes required for a standardized term repo market.
* Discusses the benefits of an all-to-all repo market, including increased liquidity and reduced systemic risk.

3) Central Clearing, U.S. Treasury Repo, All-to-All Trading, Market Structure, Financial Market Resilience

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