Treasury Market Targets Netting To Reduce Risk

THIS WEEK'S LEAD STORIES

Every weekday around 2:30 PM, brokers and dealers in the U.S. government securities market perform an elaborate ritual that resembles musical chairs. Firms try to guess whether the deadline for electronically transferring securities and funds over the Federal Reserve's wire system will be extended.

Although dealers normally try to settle their large trades first to avoid credit risk, a firm that expects Fed Wire to remain open late will hold back several small deliveries to package together.

This

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