2 See the U.S. Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Reserve  Bank of New York, U.S. Securities and Exchange Commission, and U.S. Commodity Futures Trading Commission, Joint Staff Report: The U.S. Treasury Market on October 15, 2014 (PDF) (July 2015).
3 Off-the-run Treasuries refer to all Treasury securities, except for the newest issue, which are called on-the-run  and which typically are the most actively traded Treasury securities. 4 Limits on dealers’ intermediation capacity may be driven by their internal capital, liquidity, and risk-management  practices, their compliance with regulations and supervisory expectations, or concerns over their profit and loss statements.