TY - BOOK ID - 84783088 TI - Fragilities in the U.S. Treasury Market : Lessons from the “Flash Rally” of October 15, 2014 AU - Bouveret, Antoine. AU - Breuer, Peter. AU - Chen, Yingyuan. AU - Jones, David. AU - Sasaki, Tsuyoshi. PY - 2015 SN - 1513559400 1513583107 1513566474 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Finance: General KW - Investments: General KW - Investments: Futures KW - Financial Markets and the Macroeconomy KW - Information and Market Efficiency KW - Event Studies KW - Capital Budgeting KW - Fixed Investment and Inventory Studies KW - Corporate Finance and Governance: Government Policy and Regulation KW - General Financial Markets: General (includes Measurement and Data) KW - Portfolio Choice KW - Investment Decisions KW - Pension Funds KW - Non-bank Financial Institutions KW - Financial Instruments KW - Institutional Investors KW - Finance KW - Investment & securities KW - Liquidity KW - High frequency trading KW - Futures markets KW - Futures KW - Treasury bills and bonds KW - Asset and liability management KW - Financial markets KW - Financial institutions KW - Economics KW - Electronic trading of securities KW - Derivative securities KW - Government securities KW - United States UR - https://www.unicat.be/uniCat?func=search&query=sysid:84783088 AB - Changes in the structure of the U.S. Treasury market over recent years may have increased risks to financial stability. Traditional market makers have changed their liquidity provision by increasingly switching from risk warehousing to risk distribution, and a new breed of market maker has emerged with the rise of electronic trading. The “flash rally” of October 15, 2014 provides a clear example of how those risks can materialize. Based on an in-depth analysis of the event—complementing the authorities’ work—we suggest i) providing incentives for liquidity provision, ii) improving market safeguards, and iii) enhancing the regulation of the Treasury market. ER -