New rules for short-term funding markets are likely coming in response to the pandemic-fueled turmoil that hit Wall Street trading desks in March, according to U.S. Securities & Exchange Commission (SEC) Chairman Jay Clayton.

Speaking in a Wednesday Bloomberg Television interview, Clayton said the regulations would be a collaboration among the SEC, the Federal Reserve, and other agencies. The changes would also reflect the differences among various financial instruments, including Treasuries, municipal bonds, and money-market mutual funds, he added.

"I expect that reforms will be coming," Clayton told Bloomberg's David Westin. "I also expect that those reforms will not only be the result of domestic consultation led by the SEC, the Fed, and the others, but also international consultation."

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