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BNY Mellon’s monopoly in Treasuries settlements a 'key' US system vulnerability: federal report

By Neil Roland ( December 5, 2017, 22:14 GMT | Insight) -- Bank of New York Mellon’s upcoming monopoly in settling US Treasury securities and related repurchase agreements for dealers creates a “key vulnerability” for the US economy, an independent research arm of the Treasury Department said. The US Office of Financial Research said BNY Mellon’s monopoly as the only clearing bank in this sector starting next month will expose the Treasuries market to possible trading disruptions. This potential harm, which could also include a “breakdown in liquidity,” might spread to other markets as well that depend on Treasuries for hedging and pricing, the report said.Bank of New York Mellon’s upcoming monopoly in settling US Treasury securities and related repurchase agreements for dealers creates a “key vulnerability” for the US economy, an independent research arm of the Treasury Department said....

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