Dealers' Treasury Market Intermediation and the Supplementary Leverage Ratio
Abstract: Treasury market intermediation by dealers, including Treasury securities market making and financing, requires regulatory capital. In particular, the six largest U.S. Treasury securities dealers are subsidiaries of large U.S. bank holding companies (BHCs), which are required to maintain a supplementary leverage ratio (SLR) of at least 5 percent at the BHC level.
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Part of Series: FEDS Notes
Publication Date: 2023-08-03