Rewiring of biggest bond market

FILE PHOTO: The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. REUTERS/Andrew Kelly/File Photo

WASHINGTON: After years of regulatory tinkering, Washington is now forcing through the most rigorous overhaul of the world’s biggest bond market in decades.

Securities and Exchange Commission (SEC) chairman Gary Gensler, who once oversaw federal debt management at the US Treasury, has championed a move to require the vast majority of treasuries trading to migrate to a central counter-party clearing house.