OPINION: Clearing makes rates markets safer, but not smarter
2nd April, 2026
The push towards central clearing in US treasury markets later this year is presented as a story of increased transparency, less counterparty risk and tighter controls. After the painful lessons of the 2008 financial crisis, that is certainly a welcome evolution. However, there is a growing risk that the industry is mistaking structural reform for front office improvement. Clearing makes markets safer, but it does not necessarily make them smarter.
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