Lessons from credit: Could all-to-all help Treasury markets?

Regulators are looking to all-to-all trading as a possible solution for worrying volatility and deteriorating liquidity in US Treasury markets.

All-to-all trading is not quite a new concept in fixed income, at least in corporate bonds. But the second half of 2022 saw a bit of buzz-around in policy circles about bringing the model to a worrying sector of the market: US Treasury securities.

In September, Pimco published a research note whose writers recommended that US policymakers use their powers to advance all-to-all in the entire Treasury market. That same month, a former regulator told Waters’ sibling publication Risk.net that a

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