Modern U.S. Treasury Market Reforms and Electronic Trading, 1970–Present

1. Treasury and Fed begin shift to book-entry

   Jan 1, 1966Labels: U S, Federal Reserve

   • NY Fed EPR
   • TreasuryDirect

2. First Treasury book-entry regulations issued

   Jan 1, 1968Labels: U S, Book-entry regulation

   • TreasuryDirect
   • TreasuryDirect

3. Uniform-price auctions introduced for long-term debt

   Jan 1, 1974Labels: Uniform-price auction, U S

   • TreasuryDirect
   • TreasuryDirect

4. Treasury STRIPS program launched for coupons

   Jan 1, 1985Labels: STRIPS program, U S

   • TreasuryDirect
   • TreasuryDirect

5. TreasuryDirect book-entry system implemented

   Jan 1, 1986Labels: TreasuryDirect, Book-entry system

   • TreasuryDirect
   • TreasuryDirect

6. Inter-Agency Working Group formed after auction scandal

   Jan 1, 1992Labels: Inter-Agency Working, SEC

   • CRS Report
   • Treasury

7. TAAPS raises automation of Treasury auctions

   Apr 27, 1993Labels: TAAPS, U S

   • GAO
   • TreasuryDirect

8. First TIPS auction held

   Jan 29, 1997Labels: TIPS, U S

   • TreasuryDirect
   • TreasuryDirect

9. Internet tools expand electronic auction participation

   Apr 1, 1998Labels: TAAPSLink, U S

   • TreasuryDirect

10. Treasury begins modern debt buyback operations

    Mar 10, 2000Labels: Debt buybacks, U S

    • TreasuryDirect
    • WaPo

11. TreasuryDirect launches web-based retail access

    Oct 15, 2002Labels: TreasuryDirect, Retail platform

    • TreasuryDirect
    • TreasuryDirect

12. Treasury Market Practices Group formed at New York Fed

    Feb 9, 2007Labels: TMPG, New York

    • NY Fed PR
    • NY Fed TMPG

13. COVID-era stress revives focus on Treasury resilience

    Mar 1, 2020Labels: COVID-19 shock, Treasury market

    • CRS Report

14. SEC adopts Treasury central clearing expansion rules

    Dec 13, 2023Labels: SEC, Central clearing

    • SEC
    • Northern Trust

15. FINRA begins public end-of-day Treasury trade data

    Mar 25, 2024Labels: FINRA, TRACE

    • FINRA Notice

16. OFR finalizes reporting rule for bilateral repo market

    May 6, 2024Labels: OFR, Bilateral repo

    • OFR
    • Treasury

17. IAWG progress report summarizes Treasury resilience actions

    Sep 20, 2024Labels: IAWG, Progress report

    • Treasury
    • CRS Report

18. Central clearing compliance deadlines approach for cash and repo

    Jun 30, 2026Labels: Central clearing, Compliance deadlines

    • SEC
    • Northern Trust