Report
All-to-All Trading in the U.S. Treasury Market
Keane, Frank M.; Huh, Yesol; Golay, Ellen Correia; Lee, Kyle; Windover, Carolyn; Schwarz, Krista B.; Vega, Clara; Chaboud, Alain P.; Fleming, Michael J.; Cox, Caren (2022-10-01)
Although the U.S. Treasury market remains the deepest and most liquid securities market in the world, several episodes of market dysfunction over recent years have brought the market’s resilience into focus. The adoption of all-to-all trading in the Treasury market could be one avenue to strengthening market resilience. Conceptually, all-to-all trading would allow any market participant to trade directly with any other market participant. This could be helpful in times of stress when the capacity of traditional intermediaries may be tested. In this article, we discuss what all-to-all ...
Staff Reports , Paper 1036

Journal Article
The Primary and Secondary Corporate Credit Facilities
Boyarchenko, Nina; Cox, Caren; Crump, Richard K.; Danzig, Andrew; Kovner, Anna; Shachar, Or; Steiner, Patrick (2022-07-01)
The Federal Reserve introduced the Primary Market Corporate Credit Facility (PMCCF) and the Secondary Market Corporate Credit Facility (SMCCF) in response to the severe disruptions in corporate bond markets triggered by the COVID-19 pandemic and subsequent economic shutdowns. The Corporate Credit Facilities (CCFs) were designed to work together to restore functioning of credit markets, with an overarching goal of facilitating credit provision to the nonfinancial corporate sector of the U.S. economy. This article provides an overview of the CCFs, detailing the facilities’ design, documenting ...
Economic Policy Review , Volume 28 , Issue 1

Report
COVID Response: The Primary and Secondary Corporate Credit Facilities
Boyarchenko, Nina; Cox, Caren; Crump, Richard K.; Danzig, Andrew; Kovner, Anna; Shachar, Or; Steiner, Patrick (2021-09-01)
The Federal Reserve introduced the Primary Market Corporate Credit Facility (PMCCF) and the Secondary Market Corporate Credit Facility (SMCCF) in response to the severe disruptions in corporate bond markets triggered by the COVID-19 pandemic and subsequent economic shutdowns. The Corporate Credit Facilities (CCFs) were designed to work together to restore functioning of credit markets, with an overarching goal of facilitating credit provision to the non-financial corporate sector of the U.S. economy. This paper provides an overview of the CCFs, including detailing the facilities’ design, ...
Staff Reports , Paper 986

Journal Article
All-to-All Trading in the U.S. Treasury Market
Chaboud, Alain P.; Golay, Ellen Correia; Cox, Caren; Fleming, Michael J.; Huh, Yesol; Keane, Frank M.; Lee, Kyle; Schwarz, Krista B.; Vega, Clara; Windover, Carolyn (2025-02-01)
Although the U.S. Treasury market remains the deepest and most liquid securities market in the world, several episodes of market dysfunction over recent years have brought the market’s resilience into focus. The adoption of all-to-all trading in the Treasury market could be one avenue to strengthening market resilience. Conceptually, all-to-all trading would allow any market participant to trade directly with any other market participant. This could be helpful in times of stress when the capacity of traditional intermediaries may be tested. In this article, we discuss what all-to-all ...
Economic Policy Review , Volume 31 , Issue 2 , Pages 1-27