The Joint Staff Report on the Treasury flash event, the Treasury Department’s subsequent request for information, and the work that has followed identified a number of changes that have reshaped the Treasury market over the last decade. These include the increased electronification of trading, the changing nature of intermediation and liquidity, and the entry of new market participants. In light of these changes, the Joint Staff Report highlighted four important priority areas for additional work. In taking these efforts forward, we have benefited from ongoing engagement with market participants and other members of the public. The first priority is gatherings like this one, where both private and official sector participants come together to study and share views on what the market’s evolution means for its structure and liquidity. Understanding how the Treasury market is evolving can enable us to be good stewards of its trajectory. A second priority is improving the availability of data on activities in the cash market. After the historic volatility that occurred on October 15, 2014, the official sector had limited access to transaction data. This resulted in a months-long lag in the process to gather and analyze data from the event. The introduction this year of transaction data reporting by broker-dealers to the official sector is thus a critical step forward. While closing this data gap for the official sector is an important milestone, work remains to ensure that the scope of collection is sufficiently complete and dynamic to maintain coverage of relevant firms, as intermediaries and liquidity providers evolve.
We need to work together to ensure that the longstanding confidence in the Treasury market is sustained in the future. This conference provides an excellent opportunity to continue this discussion and work on these issues. Thank you for coming. I look forward to today’s dialogue and the ongoing engagement between the Joint Member Staffs and the public. 3/3  BIS central bankers' speeches