The Inter-Agency Working Group for Treasury Market Surveillance reported progress on efforts to ensure that the Treasury market "remains the deepest and most liquid market in the world and a central component of the financial system."
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The CFTC granted a registered derivatives clearing organization no-action relief from various stress testing and reporting requirements because its transactions are fully collateralized.
In a 2018 Annual Report, the Financial Stability Oversight Council recommended that financial regulatory agencies take additional steps to ensure U.S. financial stability.
CFTC Commissioner Brian Quintenz expressed concern that post-crisis reforms were not appropriately tailored to address market-specific risks, and that regulators are disincentivizing activity that is necessary for healthy, efficient markets.
CFTC Chair J. Christopher Giancarlo questioned whether current policies affecting the Treasury futures markets provide an effective balance between risk reduction and liquidity to encourage economic growth and prosperity.