Primary Dealer System and U.S. Government Securities Trading, 1960–Present

1. Primary dealer system established for Fed trading

   Jan 1, 1960Labels: Federal Reserve, Primary dealers

   • NY Fed Staff
   • FRASER Staff Report

2. Treasury introduces book-entry form for securities

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

   • Treasury OIG

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

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

   • TreasuryDirect Timeline

4. Ban removed on pre-auction trading

   Jan 1, 1975Labels: U S, Pre-auction trading

   • TreasuryDirect Timeline

5. Treasury stops issuing bearer securities

   Jan 1, 1982Labels: U S, Bearer securities

   • Treasury OIG

6. GAO warns on dealer oversight gaps

   Jul 9, 1985Labels: U S, Dealer oversight

   • GAO Testimony

7. Treasury issues marketable debt only in book-entry form

   Jan 1, 1986Labels: U S, Book-entry issuance

   • Treasury OIG

8. Government Securities Act creates federal regulatory framework

   Oct 27, 1986Labels: Government Securities, Congress

   • TreasuryDirect GSA
   • OJP Summary

9. Treasury begins uniform-price auction “experiment”

   Jan 1, 1992Labels: U S, Uniform-price auction

   • Treasury Study
   • ScienceDirect

10. New York Fed announces primary dealer criteria reforms

    Jan 22, 1992Labels: New York, Primary dealers

    • NY Fed Policy
    • NY Fed Operating

11. TAAPS launches electronic Treasury auction processing

    Apr 29, 1993Labels: TAAPS, U S

    • TreasuryDirect Timeline

12. GSA Amendments strengthen Treasury rulemaking and reporting

    Dec 17, 1993Labels: GSA Amendments, U S

    • TreasuryDirect GSA
    • TreasuryDirect Timeline

13. Fed creates Primary Dealer Credit Facility during crisis

    Mar 16, 2008Labels: Primary Dealer, Federal Reserve

    • Fed Annual Report
    • Fed PD Lending

14. Fed closes PDCF and TSLF emergency dealer facilities

    Feb 1, 2010Labels: PDCF, TSLF

    • Fed PD Lending

15. Treasury market liquidity deteriorates amid COVID-19 shock

    Mar 15, 2020Labels: U S, COVID-19 shock

    • Fed MPR 2020
    • Fed FEDS Note

16. Fed establishes Standing Repo Facility as liquidity backstop

    Jul 28, 2021Labels: Standing Repo, Federal Reserve

    • Central Banking

17. SEC adopts central clearing rule for Treasury trading

    Dec 13, 2023Labels: SEC, Central clearing

    • ICI Statement
    • Sidley Update

18. SEC finalizes expanded dealer registration for Treasury market

    Feb 6, 2024Labels: SEC, Dealer registration

    • FT Report
    • FT Report

19. SEC advances implementation work for Treasury clearing mandate

    Dec 23, 2025Labels: SEC, Clearing mandate

    • SEC Statement

20. Mandatory Treasury cash clearing deadline approaches

    Dec 31, 2026Labels: Central clearing, U S

    • ICMA Brief
    • SEC Statement