Notice2022-13540
Notice Seeking Public Comment on Additional Transparency for Secondary Market Transactions of Treasury Securities
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Published
June 27, 2022
Issuing agencies
Treasury Department
Abstract
The Department of the Treasury (Treasury) is seeking public comment on additional post-trade transparency of data regarding secondary market transactions of Treasury securities, including potential benefits and risks of several examples of potential ways to build on existing public transparency.
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<title>Federal Register, Volume 87 Issue 122 (Monday, June 27, 2022)</title>
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[Federal Register Volume 87, Number 122 (Monday, June 27, 2022)]
[Notices]
[Pages 38259-38263]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-13540]
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DEPARTMENT OF THE TREASURY
[Docket No. TREAS-DO-2022-0012]
Notice Seeking Public Comment on Additional Transparency for
Secondary Market Transactions of Treasury Securities
AGENCY: Department of the Treasury.
ACTION: Notice and request for information.
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SUMMARY: The Department of the Treasury (Treasury) is seeking public
comment on additional post-trade transparency of data regarding
secondary market transactions of Treasury securities, including
potential benefits and risks of several examples of potential ways to
build on existing public transparency.
DATES: Comments are due by August 26, 2022.
ADDRESSES: You may submit comments using any of the following methods:
Federal eRulemaking Portal: <a href="http://www.regulations.gov">www.regulations.gov</a>. Follow the
instructions on the website for submitting comments.
Email: <a href="/cdn-cgi/l/email-protection#c6a1a9b0b5a3a5b4a3a186a0afb5a5a7aae8b2b4a3a7b5b3b4bfe8a1a9b0"><span class="__cf_email__" data-cfemail="6e0901181d0b0d1c0b092e08071d0d0f02401a1c0b0f1d1b1c1740090118">[email protected]</span></a>. Include docket number TREAS-
DO-2002-0012 in the subject line of the message.
All submissions should refer to docket number TREAS-DO-2022-0012.
Please submit your comments using only one method, along with your full
name and mailing address. We will post comments on <a href="http://www.regulations.gov">www.regulations.gov</a>
and <a href="http://www.treasurydirect.gov">www.treasurydirect.gov</a>. In general, comments received, including
attachments and other supporting materials, are part of the public
record and are available to the public. Do not submit any information
in your comments or supporting materials that you consider confidential
or inappropriate for public disclosure.
FOR FURTHER INFORMATION CONTACT: Fred Pietrangeli, Director, Office of
Debt Management, Office of the Assistant Secretary for Financial
Markets, at <a href="/cdn-cgi/l/email-protection#b5d1d0d7c1d8d4dbd4d2d0d8d0dbc1f5c1c7d0d4c6c0c7cc9bd2dac3"><span class="__cf_email__" data-cfemail="f2969790869f939c9395979f979c86b2868097938187808bdc959d84">[email protected]</span></a> or
<a href="/cdn-cgi/l/email-protection#2f695d4a4b5d464c44017f464a5b5d4e41484a43466f5b5d4a4e5c5a5d5601484059"><span class="__cf_email__" data-cfemail="3b7d495e5f49525850156b525e4f495a555c5e57527b4f495e5a484e4942155c544d">[email protected]</span></a>. Questions about submitting comments
should be directed to Lori Santamorena, Government Securities
Regulations Staff, at (202) 504-3632 or <a href="/cdn-cgi/l/email-protection#1f7870696c7a7c6d7a785f79766c7c7e73316b6d7a7e6c6a6d6631787069"><span class="__cf_email__" data-cfemail="95f2fae3e6f0f6e7f0f2d5f3fce6f6f4f9bbe1e7f0f4e6e0e7ecbbf2fae3">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
I. Background
Treasury, in consultation with other members of the Inter-Agency
Working Group on Treasury Market Surveillance (IAWG),\1\ is exploring
the possibility of additional post-trade transparency of data for
secondary market cash transactions of Treasury securities (which we
refer to as the ``Treasury securities market'' in this request for
information).\2\ Providing additional insight into these transactions
may enhance liquidity by fostering a greater understanding of market
activity across market segments and supporting the smooth functioning
of the Treasury securities market. Additional transparency may also
promote greater competition in the Treasury securities
[[Page 38260]]
market. However, based on the vital roles and unique structure of the
Treasury securities market, careful consideration is necessary
regarding how much and in what form information should be made
available, so that market participants are not disincentivized from
providing liquidity and one group of participants is not unduly favored
over another. Specifically, consideration is necessary given
characteristics of the Treasury market structure that differ from other
fixed-income markets, such as differences in market segmentation,
overall volumes, individual trades sizes, types of market participants,
and methods of execution. Treasury is interested in hearing from the
public on the potential benefits and risks of several examples of
potential ways to build on existing public transparency.
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\1\ The IAWG members are Treasury, the Board of Governors of the
Federal Reserve System (Federal Reserve Board), the Federal Reserve
Bank of New York (FRBNY), the Securities and Exchange Commission
(SEC), and the Commodity Futures Trading Commission (CFTC).
\2\ In addition, at the November 2021 U.S. Treasury Market
Conference, Treasury Under Secretary for Domestic Finance Nellie
Liang highlighted past improvements in data quality and transparency
and noted Treasury ``will consider ways to improve transparency
about transactions, such as providing data at a higher frequency,
building on lessons learned from the recent expanded reporting of
weekly volumes and recognizing investors' needs to be able to
transact quickly in large quantities.'' Remarks by Under Secretary
for Domestic Finance Nellie Liang at the 2021 Treasury Market
Conference'' (Nov. 17, 2021), available at <a href="https://home.treasury.gov/news/press-releases/jy0491">https://home.treasury.gov/news/press-releases/jy0491</a>.
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IAWG Workstreams
This request for information regarding additional post-trade
transparency for secondary market cash transactions of Treasury
securities is part of the ongoing work of the IAWG to strengthen the
resilience of the Treasury market across all segments, including cash,
futures, and financing. As the deepest and most liquid financial market
in the world, the Treasury market serves several key functions,
including enabling the financing of the federal government at the least
cost, providing a safe and liquid asset to support the flow of capital
and credit to households and businesses, and facilitating the
implementation of monetary policy. To support these functions and to
improve Treasury market resilience, the IAWG's work has been organized
into five workstreams: improving resilience of market intermediation;
improving data quality and availability; evaluating expanded central
clearing; enhancing trading venue transparency and oversight; and
assessing effects of fund leverage and liquidity risk management
practices.\3\ As outlined in the November 2021 Staff Progress Report
(Staff Progress Report), IAWG staffs proposed ``transparency that
fosters public confidence, fair trading, and a liquid market'' as a
principle to guide public policy decisions in the Treasury securities
market, and created a workstream on improving data quality and
availability.\4\ The Staff Progress Report described variations in data
quality and availability for various Treasury market segments,
including cash, funding, and derivatives.
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\3\ Id.
\4\ ``Recent Disruptions and Potential Reforms in the U.S.
Treasury Market: A Staff Progress Report'' (Nov. 8, 2021), available
at <a href="https://home.treasury.gov/system/files/136/IAWG-Treasury-Report.pdf">https://home.treasury.gov/system/files/136/IAWG-Treasury-Report.pdf</a>.
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In referring to the March 2020 public release of the TRACE Treasury
Aggregate Statistics, the Staff Progress Report noted that ``given the
positive feedback received on the release of this data, and the lack of
negative market feedback, it is consistent with prior principles to
explore increasing transparency further.'' \5\
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\5\ Id.
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Timeline of Treasury TRACE Data Dissemination and Improving Data
Quality
Beginning in 2017, the Financial Industry Regulatory Authority
(FINRA) required its members to report Treasury secondary market
transactions through its Trade Reporting and Compliance Engine (TRACE)
and shared this data with Treasury, the Federal Reserve Board, FRBNY,
the SEC, and the CFTC.\6\
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\6\ FINRA Regulatory Notice 16-39, available at <a href="https://www.finra.org/sites/default/files/notice_doc_file_ref/Regulatory-Notice-16-39.pdf">https://www.finra.org/sites/default/files/notice_doc_file_ref/Regulatory-Notice-16-39.pdf</a>.
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In 2018, Treasury conducted extensive market outreach and analysis
to better understand the potential benefits and risks of additional
public transparency for Treasury securities TRACE transaction data.\7\
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\7\ ``Remarks of Deputy Secretary Justin Muzinich at the 2019 US
Treasury Market Structure Conference'' (Sept. 23, 2019), available
at <a href="https://home.treasury.gov/news/press-releases/sm782">https://home.treasury.gov/news/press-releases/sm782</a>.
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Informed by that effort, FINRA, in consultation with Treasury and
with the approval of the SEC,\8\ began publicly releasing weekly
aggregate volumes, referred to as ``TRACE Treasury Aggregate
Statistics,'' in March 2020 based on security type, interdealer or
dealer-to-customer venue, remaining term to maturity, and whether the
securities were the most recently auctioned (on-the-runs) or were more
seasoned (off-the-runs).\9\ The following year, enhancements were made
to the weekly aggregates, specifically releasing historical data since
January 2019 and incorporating the 20-year sector to accommodate the
re-introduction of the 20-year nominal coupon bond.\10\ Market feedback
has indicated the current release of weekly aggregates provides helpful
information without negative implications for liquidity, and that
further transparency could be beneficial.
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\8\ ``Order Approving Proposed Rule Change To Allow FINRA To
Publish or Distribute Aggregated Transaction Information and
Statistics on U.S. Treasury Securities,'' available at <a href="https://www.finra.org/sites/default/files/2019-12/SR-FINRA-2019-028-Approval-Order.pdf">https://www.finra.org/sites/default/files/2019-12/SR-FINRA-2019-028-Approval-Order.pdf</a>.
\9\ ``Now Available--Weekly Aggregated Reports and Statistics
for U.S. Treasury Securities'' (Mar. 10, 2020), available at <a href="https://www.finra.org/filing-reporting/trace/now-available-weekly-aggregated-reports-and-statistics-us-treasury">https://www.finra.org/filing-reporting/trace/now-available-weekly-aggregated-reports-and-statistics-us-treasury</a>.
\10\ ``Enhancements to Weekly Aggregated Reports and Statistics
for U.S. Treasury Securities'' (Apr. 29, 2021), available at <a href="https://www.finra.org/filing-reporting/trace/enhancements-weekly-aggregated-reports-statistics-us-treasury-securities">https://www.finra.org/filing-reporting/trace/enhancements-weekly-aggregated-reports-statistics-us-treasury-securities</a>.
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Since receiving the TRACE data, Treasury has coordinated with other
IAWG members and FINRA to understand how to improve the quality of the
TRACE data, principally to better inform the official sector, but also
in consideration of potential additional public transparency. FINRA has
taken several actions to improve the quality and coverage of the TRACE
data, including requiring large alternative trading systems (ATS) to
identify non-FINRA member subscribers (such as principal trading firms)
on transaction reports,\11\ clarifying the exclusion of auction
transactions,\12\ and requiring FINRA members to separately report
transactions that occur within discrete trading sessions on ATSs,
thereby more clearly identifying who is trading with whom in certain
instances.\13\
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\11\ Effective April 1, 2019, large alternative trading systems
were required to identify non-FINRA member subscriber counterparties
in TRACE reports to be used for regulatory purposes and not made
public. See FINRA Regulatory Notice 18-34, available at <a href="https://www.finra.org/rules-guidance/notices/18-34">https://www.finra.org/rules-guidance/notices/18-34</a>.
\12\ FINRA TRACE Trade Reporting Notice U.S. Treasury Securities
Auction Awards, available at <a href="https://www.finra.org/sites/default/files/notice_doc_file_ref/Trade-Reporting-Notice-010919.pdf">https://www.finra.org/sites/default/files/notice_doc_file_ref/Trade-Reporting-Notice-010919.pdf</a>.
\13\ Effective April 12, 2019, a temporary exemption expired
that permitted aggregate reporting for certain ATS transactions. See
FINRA Regulatory Notice 19-03, available <a href="https://www.finra.org/rules-guidance/notices/19-03">https://www.finra.org/rules-guidance/notices/19-03</a>.
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In addition, in consultation with Treasury, FINRA solicited
comments in December 2020 on potential enhancements to the transaction
data reported to TRACE.\14\ The potential changes to TRACE reporting of
Treasury securities transactions would (1) require more granular
timestamps where applicable, (2) shorten the reporting timeframe from
end-of-day to within 60 minutes in most cases, (3) standardize price
reporting, including separating ATS fees, and (4) introduce new
modifiers to identify non-ATS venues, methods of execution, trading
units within a firm executing a trade, multi-leg trading strategies,
and methods used to clear and settle transactions.\15\
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\14\ FINRA Regulatory Notice 20-43, available at <a href="https://www.finra.org/sites/default/files/2020-12/Regulatory-Notice-20-43.pdf">https://www.finra.org/sites/default/files/2020-12/Regulatory-Notice-20-43.pdf</a>.
\15\ Id.
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Furthermore, in October 2021 the Federal Reserve Board adopted a
proposal to require certain depository institutions to report Treasury
securities transactions to TRACE beginning in September 2022.\16\
Reporting by
[[Page 38261]]
depository institutions will fill a key gap in the current TRACE data.
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\16\ 86 FR 59716 (Oct. 28, 2021).
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Recent FINRA Actions
Regarding data quality, in May 2022 FINRA filed with the SEC a
proposal to amend its rules for reporting transactions to TRACE,
requiring that (1) timestamps for most electronic transactions are
reported at the finest increment captured by the execution system, and
(2) transactions are generally reported as soon as practicable but no
later than 60 minutes.\17\
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\17\ <a href="https://www.finra.org/sites/default/files/2022-05/SR-FINRA-2022-013.pdf">https://www.finra.org/sites/default/files/2022-05/SR-FINRA-2022-013.pdf</a>.
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Regarding additional transparency, also in May 2022, the FINRA
Board of Governors approved the submission to the SEC of a proposal to
publish aggregated transaction information on Treasury securities more
frequently, in response to a request from Treasury.\18\
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\18\ ``May 2022 Board Update'' (May 20, 2022), available at
<a href="https://www.finra.org/about/governance/finra-board-governors/meetings/update-finra-board-governors-post-meeting-May-2022">https://www.finra.org/about/governance/finra-board-governors/meetings/update-finra-board-governors-post-meeting-May-2022</a>.
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II. Solicitation for Comments
Treasury is seeking public comment on additional post-trade
transparency in the Treasury securities market, including potential
benefits and risks of several options to build on existing public
transparency.
Any additional transparency should take into consideration the
differences among security types and trading venues. For example, on-
the-run fixed-rate nominal Treasury securities are actively traded,
accounting for an average of about 60% of the weekly volume for all
Treasury securities,\19\ with a significant portion occurring on
electronic interdealer platforms. In contrast, other Treasury
securities, including off-the-run fixed-rate nominal securities, are
more often traded between dealers and customers, in larger individual
trade sizes, and are more likely to use voice-based methods or
electronic request-for-quote. In addition, further differences exist
between fixed-rate nominal coupons, bills, floating rate notes (FRN),
Treasury inflation-protected securities (TIPS), and STRIPS (Separate
Trading of Registered Interest and Principal of Securities).
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\19\ Treasury staff calculations based on the publicly available
TRACE Treasury Aggregate Statistics for 2021.
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Other considerations for the design of additional transparency
include the timing of reporting of transactions to TRACE and the
potential for subsequent revisions to reports. Under current FINRA
rules, FINRA members must generally report transactions by the end of
the day. As stated above, FINRA's recent proposal would reduce this
timeframe to 60 minutes. In some instances, transactions may be
reported late or revised after the reporting timeframe. The current
weekly aggregate statistics are released with a lag of two business
days to incorporate most of these late or revised transactions.
However, after the weekly aggregate statistics are published, they are
not amended to incorporate additional late transactions or revisions.
If transaction data were released with a shorter delay, additional
consideration would need to be given to the potential effects or
treatment of late or revised transactions.
Another consideration when evaluating the benefits and risks of
additional transparency is measuring liquidity. One common definition
of liquidity in the Treasury securities market is the ability to both
transact continuously and trade in large quantities at minimal
cost.\20\ Measuring liquidity generally relies on observing a
collection of price and quantity metrics, such as the quoted spread
between bid and offer prices, the depth of resting orders in a central-
limit order book, the replenishment rate of central-limit book orders,
or the price impact in response to large net flows. Treasury is also
interested in additional perspectives on how best to measure liquidity
in the Treasury securities market and how liquidity is likely to change
with additional transparency of transactions.
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\20\ For a discussion of measuring liquidity, see ``Joint Staff
Report: The U.S. Treasury Market on October 15, 2014'' (July 13,
2015), available at <a href="https://home.treasury.gov/system/files/276/joint-staff-report-the-us-treasury-market-on-10-15-2014.pdf">https://home.treasury.gov/system/files/276/joint-staff-report-the-us-treasury-market-on-10-15-2014.pdf</a>, and
``Notice Seeking Public Comment on the Evolution of the Treasury
Market Structure,'' 81 FR 3928 (Jan. 22, 2016).
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More generally, Treasury seeks feedback on security
characteristics, market structure features, and other factors when
considering additional transparency, as well as specific
recommendations to help ensure the public release of information
appropriately balances the benefits and risks.
Responses to the following topics will help inform Treasury's
policy perspectives on additional post-trade data transparency
regarding the Treasury securities market. Historically, Treasury has
taken a gradual approach to additional public transparency based on
feedback from a range of Treasury market participants, including both
intermediaries and end-user investors. Some market participants have
expressed concerns regarding the effect of additional transparency on
the potential willingness and ability of intermediaries to engage in
large institutional risk transfer in the Treasury securities market, in
particular for off-the-run Treasury securities. This could in turn
adversely affect market liquidity including, but not limited to, bid-
ask spread and depth of market and ultimately Treasury's debt issuance
costs.
In contrast, other market participants have cited the benefits of
additional transparency, including post-trade data for use in
transaction cost analysis and for greater visibility into
intermediation patterns, which could help inform investor decisions
around capital allocation to various segments of the Treasury
securities market.
Please include in your comments: (1) any data or reasons related to
your views, including examples; (2) any alternative approaches and
options that should be considered; and (3) any specific recommendations
regarding the appropriate form for publicly released transaction
information. Where appropriate, please distinguish between the
different Treasury security types (i.e., fixed-rate nominal coupons,
bills, TIPS, FRNs, and STRIPS), characteristics (e.g., on-the-run, off-
the-run, etc.), and market segments (e.g., interdealer, dealer-to-
customer, etc.). We also welcome comments on any aspect of additional
post-trade transparency not addressed in this request for information.
1. Benefits and Risks of Additional Public Transparency in the Treasury
Securities Market
1.1 What are the main benefits of additional transparency of data
regarding transactions in the Treasury securities market? Please
elaborate on the benefits. How should the benefits be measured?
1.2 What are the main risks of additional transparency of data
regarding transactions in the Treasury securities market? Please
elaborate on the risks. How should the risks be measured?
1.3 In what ways would additional transparency further increase
public confidence in the Treasury securities market?
1.4 What types of market participants would benefit from additional
transparency? Would some market participants derive greater benefit
from additional transparency relative to others? If yes, please
elaborate on the types of market participants and the specific
benefits.
1.5 What types of market participants would be harmed more from
additional transparency? Would some market participants derive greater
[[Page 38262]]
harm from additional transparency relative to others? If yes, please
elaborate on the types of market participants and the specific harms.
1.6 In what form (e.g., granularity of data, aggregation of data,
frequency of release, time of day, data format, etc.) would public
release of Treasury securities transactions market data best balance
the potential benefits and harms? Please elaborate.
2. Considerations for Additional Public Transparency as it Relates to
Market Resilience
2.1 How would additional transparency improve Treasury securities
market resilience?
2.2 Please provide specific examples, if applicable, of how
additional transparency would have helped improve or hurt market
resilience during recent periods of market volatility such as the
October 2014 flash rally, the September 2019 repo market pressures, and
the March 2020 COVID-19 pandemic-related dislocations.\21\
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\21\ See ``Recent Disruptions and Potential Reforms in the U.S.
Treasury Market: A Staff Progress Report'' (Nov. 8, 2021), available
at <a href="https://home.treasury.gov/system/files/136/IAWG-Treasury-Report.pdf">https://home.treasury.gov/system/files/136/IAWG-Treasury-Report.pdf</a>.
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3. Considerations for Additional Public Transparency as it Relates to
Market Liquidity
3.1 How would you define liquidity in the Treasury securities
market?
3.2 What data or metrics should be used to measure liquidity in the
Treasury securities market?
3.3 How could additional transparency incentivize intermediation or
otherwise improve Treasury securities market liquidity, if at all?
Please provide specific examples of how additional transparency could
improve market liquidity.
3.4 How could additional transparency disincentivize intermediation
or otherwise impair Treasury securities market liquidity, if at all?
4. Examples of Additional Transparency
Note the examples presented in this section are designed to
illustrate a range of possible degrees of transparency to better
understand market participants views on the benefits and risks of
additional transparency. These illustrative examples are not the only
options for levels of transparency. If market participants have other
views, please elaborate.
4.1 Example A. For each individual CUSIP, daily average prices,
trade count, and traded volumes could be released. Please comment on
the benefits and risks of this example.
4.2 Example B. Adding to Example A, transaction-level details could
be released for on-the-run nominal coupons. Please comment on the
benefits and risks of this example, including whether transactions
above a certain dollar value should disclose the actual trade size or
be subject to caps or additional delays. What specific caps or delays
would be preferable, if any?
4.3 Example C. Adding to Example B, transaction-level details could
be released for every Treasury security. Please comment on the benefits
and risks of this example, including whether volume caps or delays
should be tailored to different segments based on the different
liquidity characteristics of Treasury securities in those segments.
4.4 Are there other examples that Treasury should consider, or
modifications to Examples A, B, and C? Please elaborate.
4.5 In addition to the examples above, what are your views on
providing transaction-level data with anonymized participant
identification, with a significant lag, that could either be available
to the public or only be available to academic institutions for the
purpose of research?
4.6 Please indicate which of the above examples you most prefer, or
if you prefer an outcome not represented in these examples. Please
elaborate.
4.7 What are the potential benefits and risks of gradually phasing
in additional transparency over time? What lessons can be drawn about
phasing from the implementation of additional transparency in other
markets? What would be your recommendation for a phase-in schedule?
5. Volumes and Price Considerations and Scope
5.1 Please describe how volume data could be adjusted for large
trade sizes if the data is publicly disseminated. For example, should
large trades be excluded from aggregates, or large volumes capped if
provided at a transaction level as is done for transparency of certain
other fixed-income securities? If so, please elaborate on how this
should be different for on-the-run versus off-the-run securities,
security type, or maturity segment.
5.2 Pre- and post-auction when-issued volumes through the end of
the auction day are currently excluded from the weekly data release.
What are your views on continuing to exclude this data or separately
identifying pre- or post-auction when-issued volumes?
5.3 How should additional transparency vary, if at all, based on
(a) security type (i.e., fixed-rate nominal coupons, bills, FRNs, TIPS,
and STRIPS), (b) on-the-run or off-the-run status, (c) maturity, or (d)
other security characteristics including, but not limited to, average
trading volumes or trade size?
5.4 What pricing information would be the most beneficial to
release, such as end-of-day prices, volume-weighted average prices, or
transaction-level prices? What pricing information would be most
harmful to release? Please explain your reasoning and how such
information would be of use.
5.5 If price information is aggregated for release, how should the
pricing information be calculated, such as for a weighted average? Is
there a certain time of day that prices should be captured, or is there
a certain time range to calculate averages (e.g., volume-weighted
prices by tenor from 9 a.m. to 3.30 p.m.)? Is there a preference for
yield or price or some other pricing convention? Please be specific by
security type.
5.6 What types of transactions (e.g., swap box, basis, affiliate,
and others) should be identified separately due to a different pricing
convention that could result in prices appearing to be different from
the prevailing market price if not properly identified? How should
these trades be identified and represented in the data for public
dissemination? What is your view on including indicators for
transactions using a different pricing methodology? Should the pricing
of different types of transactions be converted to comparable prices?
Please elaborate on the benefits and risks.
6. Other Trade Characteristics
6.1 What additional trade details should be released, such as
counterparty types, whether a trade occurs on an ATS, the type of
trading venue or venue name, the trade direction (buy or sell), the
trading protocol (e.g., request-for-quote, central limit order book,
etc.), or any other details that may be considered? What are the
benefits and risks of releasing such additional information?
6.2 The current release provides volume aggregates. How do your
views change on what, if any, trade details should be released if the
data is disseminated at the transaction level?
6.3 When a trade involves two or more reporting counterparties,
should the transaction reports be matched and consolidated before
dissemination so that a trade is only reported once? Should only one
side of each trade be released? What should be done for a
[[Page 38263]]
trade with multiple counterparties (a so-called ``one-to-many'' trade)?
6.4 Should trades in different market segments or on different
venues be displayed differently? For example, the interdealer market
often operates on a microsecond level, often through automated trading
on electronic centralized order books. In contrast, the dealer-to-
customer market, while utilizing electronic trading more than in the
past, still exhibits a significant amount of manual or voice-based
trades. Should these transactions be treated or displayed differently,
and if so, why and in what way?
7. Late Transactions and Revisions
7.1 How should late transactions and revisions be addressed in the
publicly disseminated data?
7.2 To what extent should the volume of late transactions and
revisions influence dissemination timing?
Brian Smith,
Deputy Assistant Secretary for Federal Finance.
[FR Doc. 2022-13540 Filed 6-24-22; 8:45 am]
BILLING CODE 4810-AK-P
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