Wheeling and dealing in the $26tn US Treasuries market seems dull. But it is crucial to the pipework of the financial system. Increasingly, the plumbers who engage with it are sophisticated hedge funds and high-frequency traders.
Big banks, the traditional market makers, have curtailed their presence since the financial crisis, thanks to heightened capital requirements.
That opened a space for hedge fund Masters of the Universe, who had a freer hand. Until now. Last week, a divided Securities and Exchange Commission voted to bring these non-banks under their regulatory regime. The move will force these firms to hold more capital and be more transparent about their activities.
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