Yesterday, a panel of former top global economic policymakers warned that major trading disruptions in U.S. Treasuries are likely to increase unless reforms are made, adding to pressure on American regulators to fix structural issues that contributed to last year's market meltdown.

"Confidence in the U.S. Treasury market, and its ability to function efficiently even in times of stress, is critical to the stability of the global financial system," former Treasury Secretary Timothy Geithner, who led a blue-ribbon panel reviewing trading in U.S. government securities, said in a statement.

Geithner and colleagues including five former central bank heads released a raft of recommendations to bolster the resilience of the market for Treasuries, which seized up in March 2020 amid a desperate global rush for cash dollars. Many of the proposals reinforce similar calls made in recent months and years.