US Treasury Market Functioning from the Global Financial Crisis to the Pandemic

Tobias Adrian (), Michael Fleming and Kleopatra Nikolaou ()
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Tobias Adrian: International Monetary Fund, Washington, DC, USA
Kleopatra Nikolaou: International Monetary Fund, Washington, DC, USA

Annual Review of Financial Economics, 2025, vol. 17, issue 1, 49-76

Abstract: This article examines US Treasury securities market functioning from the global financial crisis through the COVID-19 pandemic given the ensuing market developments and associated policy responses. We describe the factors that have affected intermediaries, including regulatory changes, shifts in ownership patterns, and increased electronic trading. We also discuss their implications for market functioning in both normal times and times of stress. We find that alternative liquidity providers have stepped in as constraints on dealer liquidity provision have tightened, supporting liquidity during normal times, but with less clear effects at times of stress. We conclude with a brief discussion of more recent policy initiatives that are intended to promote market resilience.

Keywords: liquidity; intermediation; Treasury securities; market structure; regulation (search for similar items in EconPapers)
JEL-codes: G12 G24 G28 (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1146/annurev-financial-090524-120722

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