Regulators Have Yet to Weigh in on Treasuries Probe

As regulatory disclosures confirmed earlier this month, United States (US) regulators are looking into possible misconduct in the $12.8 trillion Treasuries market.  In addition to more than two dozen civil suits, the Department of Justice (DOJ), Commodity Futures Trading Commission (CFTC) and New York Department of Financial Services (NYDFS) are all leading investigations into whether traders from the 22 primary Treasury dealers engaged in collusive or manipulative behavior.

Recent reports suggest that investigations are honing in on the trading of “when-issued” securities and how these securities are managed.  Despite bank filings and media reports, however, the regulators involved in the probes have remained relatively silent on the developing issue.

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