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Foreign Banks Subpoenaed Over Alleged Treasury Market Manipulation

• zerohedge.com by Tyler Durden

U.S. authorities have been examining the U.S. Treasuries market for roughly two years. As Bloomberg reports, in November 2015, Goldman Sachs disclosed that U.S. authorities had sought information related to its trading of when-issued securities, which are among the least transparent instruments in the world's largest debt market.

And now, the Justice Department issued subpoenas last month to banks including UBS, BNP Paribas, and the Royal Bank of Scotland seeking information on the $14 trillion market, said two people, who asked not to be named because the investigation is confidential. Read more here...

As a reminder, 'When-issued' securities have been a government-debt market fixture since the U.S. Treasury Department effectively authorized their use in 1975.


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