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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Federal Reserve Board of New York President and CEO William C. Dudley described policy changes in the Treasury markets caused by "increased electronification of trading, the changing nature of intermediation and liquidity, and the entry of new market participants."
Five regulatory agencies outlined developments in the U.S. Treasuries market since the release of their Joint Staff Report on July 13, 2015.