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U.S. Treasury Market's Evolution Likely to Bring More Price Transparency

  • The debt market is evolving, new report says
  • Treasury officals pushing for changes to increase transparency
A pedestrian walks near the U.S. Treasury building in Washington, D.C.

A pedestrian walks near the U.S. Treasury building in Washington, D.C.

Photographer: Andrew Harrer/Bloomberg

The U.S. Treasury market’s walls may be coming down.

While U.S. debt has long traded in one of two ways -- banks buying and selling among themselves, or sales to customers -- that distinction is eroding, with the inclusion of proprietary trading firms in the bank-only segment and increased adoption of streaming prices, according to new research by Greenwich Associates analyst Kevin McPartland. The likely impact: a clearer picture of where prices stand at any given moment.