Michael J. Fleming and Collin Jones The aftermath of the financial crisis and changes in technology and regulation have spurred a spirited discussion of dealers’ evolving role in financial markets. One such role is to buy securities at auction and sell them off to investors over time. We assess this function using data on primary […]
In June of this year—as we noted in the preceding post—settlement fails in U.S. Treasury securities spiked to their highest level since the implementation of the fails charge in May 2009.
The New York Fed has long collected market information from its primary dealer trading counterparts and released these data in aggregated form to the public.