High-Frequency Firms Dominate Treasury Trading in Near Secret
This article is for subscribers only.
Trading in the $12.7 trillion U.S. Treasuries market, once the domain of Wall Street’s biggest banks, is increasingly dominated by firms most people have never heard of.
Determining which ones is largely guesswork, however, which is peculiar in this market, which is the deepest, most liquid in the world and sets the benchmark rates for everything from mortgages to corporate debt. The unwelcome secrecy is also a little strange considering how much more transparent the world’s largest banks have become.