Inside The Us Treasury Market

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Inside The Us Treasury Market

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Author : Peter Wann
language : en
Publisher: Praeger
Release Date : 1989-07-31

Inside The Us Treasury Market written by Peter Wann and has been published by Praeger this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989-07-31 with Antiques & Collectibles categories.

A comprehensive and practical guide to the United States Treasury bond market, this timely book offers a detailed introduction to the workings of the largest government debt market in the world and the investment opportunities it provides. Wann begins by outlining the history and development of the market, explaining how it operates and examining the parts played by dealers, investors, and the U.S. government authorities. The U.S. Treasury market is compared with the UK gilts market and its economic and political background is analyzed. He goes on to provide an introduction to investment theory and analytical methods, including yield and return calculations, and looks at futures and options contracts on treasury bonds. The book concludes with a consideration of more advanced investment theory and investment strategies. The appendices include bond-equivalent yield calculations, formal mathematical proofs, statistical data on U.S. government finances since 1789, and a comprehensive glossary. Written by the Senior Economist in the London office of a major U.S. investment house, Inside the U.S. Treasury Market is an authoritative and important book. It will be particularly useful for fund managers, investment analysts, brokers, bankers, and corporate treasurers.

Birth Of A Market

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Author : Kenneth D. Garbade
language : en
Publisher: MIT Press
Release Date : 2012

Birth Of A Market written by Kenneth D. Garbade and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Business & Economics categories.

The evolution of "a marvel of modern finance," the market for U.S. Treasury securities, from 1917 to 1939. The market for U.S. Treasury securities is a marvel of modern finance. In 2009 the Treasury auctioned $8.2 trillion of new securities, ranging from 4-day bills to 30-year bonds, in 283 offerings on 171 different days. By contrast, in the decade before World War I, there was only about $1 billion of interest-bearing Treasury debt outstanding, spread out over just six issues. New offerings were rare, and the debt was narrowly held, most of it owned by national banks. In Birth of a Market, Kenneth Garbade traces the development of the Treasury market from a financial backwater in the years before World War I to a multibillion dollar market on the eve of World War II. Garbade focuses on Treasury debt management policies, describing the origins of several pillars of modern Treasury practice, including "regular and predictable" auction offerings and the integration of debt and cash management. He recounts the actions of Secretaries of the Treasury, from William McAdoo in the Wilson administration to Henry Morgenthau in the Roosevelt administration, and their responses to economic conditions. Garbade's account covers the Treasury market in the two decades before World War I, how the Treasury financed the Great War, how it managed the postwar refinancing and paydowns, and how it financed the chronic deficits of the Great Depression. He concludes with an examination of aspects of modern Treasury debt management that grew out of developments from 1917 to 1939.

Fragilities In The U S Treasury Market

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Author : Antoine Bouveret
language : en
Publisher: International Monetary Fund
Release Date : 2015-10-13

Fragilities In The U S Treasury Market written by Antoine Bouveret and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-10-13 with Business & Economics categories.

Changes in the structure of the U.S. Treasury market over recent years may have increased risks to financial stability. Traditional market makers have changed their liquidity provision by increasingly switching from risk warehousing to risk distribution, and a new breed of market maker has emerged with the rise of electronic trading. The “flash rally” of October 15, 2014 provides a clear example of how those risks can materialize. Based on an in-depth analysis of the event—complementing the authorities’ work—we suggest i) providing incentives for liquidity provision, ii) improving market safeguards, and iii) enhancing the regulation of the Treasury market.

An Overview Of The Secondary Market For U S Treasury Securities In London And Tokyo

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Author : Brian Madigan
language : en
Publisher:
Release Date : 1994

An Overview Of The Secondary Market For U S Treasury Securities In London And Tokyo written by Brian Madigan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with categories.

Price Formation And Liquidity In The U S Treasury Market

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Author : Michael J. Fleming
language : en
Publisher:
Release Date : 1997

Price Formation And Liquidity In The U S Treasury Market written by Michael J. Fleming and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Treasury bills categories.

"We identify striking adjustment patterns for price volatility, trading volume, and bid-ask spreads in the U.S. Treasury market when public information arrives. Using newly available high-frequency data, we find a notable lack of trading volume upon a major announcement when prices are most volatile. The bid-ask spread widens dramatically with price volatility and narrows just as dramatically with trading volume. Trading volume surges only after an appreciable lag following the announcement. High levels of price volatility and trading volume then persist, with volume persisting somewhat longer"--Abstract.

Tick Size Change And Market Quality In The U S Treasury Market

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Author : Michael J. Fleming
language : en
Publisher:
Release Date : 2019

Tick Size Change And Market Quality In The U S Treasury Market written by Michael J. Fleming and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.

This paper studies a recent tick size reduction in the U.S. Treasury securities market and identifies its effects on the market's liquidity and price efficiency. Employing difference-indifference regressions, we find that the bid-ask spread narrows significantly after the change, even for large trades, and that trading volume increases. Market depth declines markedly at the inside tier and across the book, but cumulative depth close to the top of the book changes little or even increases slightly. Furthermore, the smaller tick size enables prices to adjust more easily to information and better reflect true value, resulting in greater price efficiency. Price informativeness remains largely similar before and after, suggesting that the reduction in trading costs does not result in increased information acquisition. However, there is clear evidence of an information shift from the futures market toward the smaller-tick-size cash market. Overall, we conclude that the tick size reduction improves market quality.

Flow And Stock Effects Of Large Scale Treasury Purchases

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Author : Stefania D'Amico
language : en
Publisher: DIANE Publishing
Release Date : 2011-02

Flow And Stock Effects Of Large Scale Treasury Purchases written by Stefania D'Amico and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-02 with Business & Economics categories.

This is a print on demand edition of a hard to find publication. Using a panel of daily CUSIP-level data, the authors study the effects of the Federal Reserve¿s program to purchase $300 billion of U.S. Treasury coupon securities announced and implemented during 2009. The authors find that each purchase operation, on average, caused a decline in yields in the sector purchased of 3.5 basis points on the days when these purchases occurred (the ¿flow effect¿ of the program). In addition, the program as a whole resulted in a persistent downward shift in the yield curve of as much as 50 basis points (the ¿stock effect¿), with the largest impact in the 10- to 15-year sector. The coefficient patterns generally support a view of segmentation or imperfect substitution within the Treasury market. Charts and tables.

U S Treasury Markets

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Author :
language : en
Publisher:
Release Date : 2021

U S Treasury Markets written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with Banks and banking categories.

"This report analyzes the weaknesses in the U.S. Treasury market during the market stress of March 2020 and sets out recommendations designed to improve functioning of this globally crucial market in future stress episodes. The report provides insights into the reasons behind the extreme stress and failures. As market participants sought to liquidate treasuries in a “dash for cash,” U.S. Treasuries did not serve their traditional safe-haven role. Dysfunction in the Treasury market further exacerbated the crisis and highlighted a need to improve stability."--Abstract.

All To All Trading In The U S Treasury Market

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Author : Alain Chaboud
language : en
Publisher:
Release Date : 2022

All To All Trading In The U S Treasury Market written by Alain Chaboud and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.

Private Information Flow And Price Discovery In The U S Treasury Market

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Author : George J. Jiang
language : en
Publisher:
Release Date : 2011

Private Information Flow And Price Discovery In The U S Treasury Market written by George J. Jiang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Government securities categories.