| Subject: Kevin, millions of people trade tresory bonds, never watched CNBC !!? |
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Anonymous
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Date Posted: 07:46:22 10/13/01 Sat
In reply to:
's message, "Those are called BONDS, asshole. Got Any????" on 04:04:46 10/13/01 Sat
>>>And I have been asking everywhere I could.
>>
>>You obviously have nobody in your circle that knows
>>anything.
>>
>>Now it is even in the news. This is the first time I
>>have seen any reference to private debt trading in
>>public media:
>>
>>
>>Thursday October 11, 5:16 pm Eastern Time
>>US Treasury encouraged by failed trades progress
>>(UPDATE: adds details, paragraph 5 to end; byline)
>>
>>By Jonathan Nicholson
>>
>>WASHINGTON, Oct 11 (Reuters) - A U.S. Treasury
>>Department official said on Thursday Treasury was
>>``encouraged'' by progress made in cleaning up
>>uncompleted debt trades in the wake of the Sept. 11
>>attacks on New York City and Washington, hinting the
>>department does not plan to auction five-year notes as
>>a way to ease market pressures.
>>
>>
>>``Treasury continues to closely monitor the progress
>>in clearing up the fails associated with transactions
>>of specific Treasury securities,'' a Treasury official
>>said in response to questions from reporters.
>>
>>``The reopening last Thursday of the .. 10-year notes
>>had a contributing positive effect and we're
>>encouraged by the market's continuing work in
>>resolving this issue,'' the official, who spoke on
>>condition of anonymity, said.
>>
>>Last week, Treasury sold $6 billion in 10-year notes
>>in a snap auction announced Thursday morning and
>>completed the same afternoon. The surprise sale was
>>meant to lessen pressures in the repurchase market for
>>Treasury debt, where government securities are
>>temporarily borrowed and loaned. Treasury said then it
>>was considering a similar sale of five-year notes this
>>week.
>>
>>The official declined to discuss Treasury's auction
>>plans. That will likely dampen expectations of a
>>five-year note sale, as market participants had
>>expected any announcement of a sale to occur on
>>Thursday.
>>
>>In announcing the 10-year note auction last week,
>>Peter Fisher, Treasury under secretary for domestic
>>finance, said the number of incomplete trades, or
>>``fails,'' had risen sharply in the wake of the
>>attacks that leveled the World Trade Center and
>>shuttered full U.S. stock and bond trading for several
>>days.
>>
>>As a result of the increased fails, some major holders
>>of some Treasury securities were more reluctant to
>>lend them in the market.
>>
>>However, in recent days, the fails problem has
>>apparently eased somewhat and deciding to hold another
>>auction could have raised other issues.
>>
>>Treasury had been scheduled to sell five-year notes at
>>its series of quarterly refunding auctions in November
>>and some analysts had worried that an early sale would
>>likely mean Treasury would be forced to reduce the
>>size of that auction.
>>
>>Also, by selling additional securities to ease market
>>shortages, some analysts worried Treasury may be
>>setting a worrisome precedent should future shortages
>>occur.
>>
>>The official on Thursday said Treasury wanted to make
>>sure it was able to leave its options open.
>>
>>``Treasury is always interested in maintaining its
>>flexibility but we're pleased with the progress in the
>>market thus far,'' the official said.
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