Ramanathan, Karthik

Yale University

Yale University EliScholar – A Digital Platform for Scholarly Publishing at Yale YPFS Documents (Series 1) Browse by Media Type 10-8-2008 Acting Assistant Secretary for Financial Markets Karthik Ramanathan Statement on Treasury market conditions and debt management actions Karthik Ramanathan Follow this and additional works at: https://elischolar.library.yale.edu/ypfs-documents Recommended Citation Ramanathan, Karthik, "Acting Assistant Secretary for Financial Markets Karthik Ramanathan Statement on Treasury market conditions and debt management actions" (2008). YPFS Documents (Series 1). 7357. https://elischolar.library.yale.edu/ypfs-documents/7357 This Document is brought to you for free and open access by the Browse by Media Type at EliScholar – A Digital Platform for Scholarly Publishing at Yale. It has been accepted for inclusion in YPFS Documents (Series 1) by an authorized administrator of EliScholar – A Digital Platform for Scholarly Publishing at Yale. For more information, please contact elischolar@yale.edu. 6/4/2020 Acting Assistant Secretary for Financial Markets Karthik Ramanathan Statement on Treasury market conditions and debt management act…https://www.treasury.gov/press-center/press-releases/Pages/hp1186.aspx 1/2 U.S. DEPARTMENT OF THE TREASURYPress Center Acting Assistant Secretary for Financial Markets Karthik Ramanathan Statement onTreasury market conditions and debt management actions10/8/2008HP-1186 Washington –Treasury closely monitors conditions in the Treasury securities market as well as financing markets. Treasury realizes thatthe depth and liquidity of the Treasury market benefits investors both domestically and globally.To address upcoming borrowing needs and further enhance liquidity in the Treasury market, Treasury will reopen multiple securities whichhave created severe dislocations in the market causing acute, protracted shortages.In addition, Treasury along with the Interagency Market Surveillance Work Group will be monitoring situations in which aged settlementfails are not cleared and will encourage actions by market participants, including the use of netting and bilateral processes, cashsettlement, negative rate repo trading, margining of aged settlement fails, and identifying pair-offs.Treasury along with the other members of the Interagency Market Surveillance Work Group, including the Securities and ExchangeCommission, the Commodities and Futures Exchange Commission, the Board of Governors of the Federal Reserve, and the FederalReserve Bank of New York will initiate meetings with the private sector – notably with members of the Securities Industry and FinancialMarkets Association (SIFMA) and the Treasury Market Practices Group (TMPG) - to clearly and definitively identify remedies to prevent areoccurrence of these situations in the future.In addition, private sector participants should take additional steps from a monitoring and supervisory perspective to ensure thatsettlement fails do not reach levels that impact financing markets.-30- 6/4/2020 Acting Assistant Secretary for Financial Markets Karthik Ramanathan Statement on Treasury market conditions and debt management act…https://www.treasury.gov/press-center/press-releases/Pages/hp1186.aspx 2/2

Acting Assistant Secretary for Financial Markets Karthik Ramanathan Testimony

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Acting Assistant Secretary for Financial Markets Karthik Ramanathan Testimony

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