For about 300 regulators, industry executives, and academics whospend at least some of their waking hours thinking about thestability of the $13 trillion U.S. Treasury market, the New YorkFed is the place to be this week.
They're gathered to discuss the evolution of trading and, moreimportantly, how to prevent the jarring price swings that frayed nerves on Oct. 15, 2014, fromhappening again. On that day, yields fluctuated in a way that hadonly happened three other times since 1998—and unlike the earlierincidents, there was no obvious catalyst.
Even market participants, such as high-frequency traders thatnow account for a big share of buying and selling, said they areamazed at how opaque the Treasury market is. Regulators willprobably change that, but it might take a while.
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