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Trading in the $12.7 trillion U.S. Treasuries market, once the domain of Wall Street’s biggest banks, is increasingly dominated by firms most people have never heard of.

Determining which ones is largely guesswork, however, which is peculiar in this market—the deepest, most liquid market in the world, which sets the benchmark rates for everything from mortgages to corporate debt. The unwelcome secrecy is also a little strange considering how much more transparent the world’s largest banks have become.

Treasury & Risk

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