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Treasury Market’s Least-Traded Bonds Get a Fresh Dose of Liquidity

  • Platform is latest to move into off-the-run government debt
  • Three primary dealers have signed on as liquidity providers
Pedestrians walk along Wall Street near the New York Stock Exchange (NYSE) in New York, U.S., on Monday, Oct. 31, 2016. U.S. stocks rose from a six-week low amid an increase in deal activity as traders assessed the outlook for the presidential election and interest rates in the world\'s largest economy.
Photographer: Michael Nagle/Bloomberg
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Treasuries-trading platform LiquidityEdge LLC is expanding into older securities, which account for the lion’s share of the U.S. government’s $14.3 trillion of debt.

The firm, which went live in 2015 with benchmark issues, joins a handful of companies now seeking to fill a need for liquidity in what’s known as off-the-run Treasuries. Although these more-seasoned, less frequently traded obligations represent in excess of 95 percent of the market, they constitute only about 30 percent of the roughly $500 billion in daily Treasuries turnover.