Buy-Side Treasury Trading 2019: The Mechanism and the Market

Arguably the largest and most liquid bond market in the world — the U.S. Treasury Market (UST), has been in a state of flux for years. In fact, the US capital markets ecosystem, as a whole, is scarcely recognizable from what it was a decade ago. However, the U.S. Treasury market has been largely resistant to this kind of sweeping change. The greatest variation we have seen over the past few years for institutional investors, which is also underscored in the results of this research report, is one of workflow and technology — rather than a market structure upheaval.

In the fourth installment of TABB Group’s investigation into the U.S. Treasury market, Buy-Side Treasury Trading 2019: The Mechanism and the Market, TABB Group interviewed a cross section of buy-side market participants on key areas of change within U.S. Treasury trading. Leveraging interview results and public data, the principal goals of this report addresses: levels of U.S Treasury usage in various market segments and execution methods, the extent to which the buy side is changing its U.S. Treasury usage, and the underlying factors driving change in the U.S. Treasury market.