September 23, 2019 / 1:44 AM / a month ago

U.S. to unveil plan on making Treasury market more transparent: Bloomberg

(Reuters) - The U.S. government will reveal a plan on Monday to make the Treasury market more transparent, Bloomberg reported on Sunday, citing an unnamed Treasury official.

The plan will be revealed to a Wall Street elite audience, central bankers and regulators during an event at the Federal Reserve Bank of New York and will be announced by U.S. Deputy Treasury Secretary Justin Muzinich, the report added.

The U.S. Department of Treasury did not immediately respond to a request for details on the report.

U.S. Treasury Secretary Steven Mnuchin had earlier this week said that the U.S. would issue 50-year bonds if there is “proper demand,” a move aimed at “derisking” the government’s $22 trillion of debt and locking in low interest rates. [nL2N26323E]

Banks at Wall Street have argued that transparency will make it harder for them to trade. However, automated market makers, which play a key role in modern trading, are of the view that greater disclosure will help them buy and sell more and reduce costs at the same time, the report added.

Reporting by Mekhla Raina in Bengaluru; Editing by Shri Navaratnam

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