Good afternoon, and thank you to the Federal Reserve Bank of New York for hosting this conference.[1] Today, I will provide an update on the implementation of rules requiring the clearing of certain secondary market transactions in U.S. Treasury securities (the “Treasury Clearing Rules”).[2] The SEC adopted these rules in December 2023.[3] Since assuming leadership of the Commission, Chairman Paul Atkins has asked me to oversee our efforts to ensure that they are working as intended.[4] Our objective is to effectively implement the Treasury Clearing Rules in a manner that removes regulatory ambiguities, addresses ... (full story)