On 27 May 2024 around 120 international experts met for a SUERF BAFFI Bocconi High-level Policy Panel: “Expanding clearing in the US Treasury market: Future-Proofing the world’s safe asset?”
US Treasuries are very widely held by investors across the globe. They serve as a vital safe asset and provide the global risk-free rate. In March 2020, this market suffered a severe dislocation which was only solved by large-scale intervention by the Federal Reserve. The wide-ranging reforms of the US Treasury market, which have been launched in the aftermath of this unprecedented stress event have recently made material progress. A core element is an expansion of central clearing for cash and repo t...