Additional Transparency for Secondary Market Transactions of Treasury Securities

A Study on the Impact to the Market and Market Participants

SIFMA asked Sia Partners, a global management consulting firm, to conduct a study in response to the U.S. Department of the Treasury RFI (request for information) related to transparency for U.S. Treasury products. The Sia study supplements the August 2022 SIFMA letter to Treasury in response to the RFI.

Sia’s study was conducted through individual one-on-one interviews with a variety of investors and a select group of primary dealers. The study group included participants from the U.S., Canada, Europe, UK and APAC. The investor group included a mixture of pension funds, insurance companies, asset managers, hedge funds, bank treasuries and global government entities.  The questions posed to the participants were drawn from the RFI and cover the impact of enhanced transparency on the market for Treasury securities.