US Treasury
Law firms are warning clients that the recent White House executive order is the first of many actions aiming to distance the US economy from China
The new rules result from years of mounting China-US tensions and aim to close a loophole in US export controls
Despite its strong push to mandate central clearing for US Treasury trades, the SEC is unlikely to move forward without the authorities’ green light
SEC proposals to centrally clear US Treasury securities transactions would create concentration risk
Recent economic events have affected liquidity in the US Treasury market, bringing the debate around the SEC’s proposed reform back to the fore
Upcoming rules that will tighten outbound investment controls could also apply to past transactions
Any clearing mandate should start with cash transactions only, and bring in repos at a later stage
Lack of standardised documentation, inadequate infrastructure, and concentration risk are among key issues pointed out by the industry
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