Stripping STRIPs Trading Activity

Michael Fleming and Or Shachar

No 20260810, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: In March 2020, the Financial Industry Regulatory Authority (FINRA) began reporting aggregate trading volume for securities issued by the U.S. Treasury Department. The public data do not, however, include information about the trading activity of Separate Trading of Registered Interest and Principal of Securities (STRIPS). STRIPS are created from existing Treasury securities and offer risk management benefits, yield curve insights, and investment opportunities for a diverse range of market participants. In this post, we provide the first detailed analysis of STRIPS trading activity using FINRA’s Trade Reporting and Compliance Engine (TRACE) transactions data.

Keywords: Separate Trading of Registered Interest and Principal of Securities (STRIPS); Treasury securities; trading; TRACE (search for similar items in EconPapers)
JEL-codes: G12 (search for similar items in EconPapers)
Date: 2026-08-10
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DOI: 10.59576/lse.20260810

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