The Securities and Exchange Commission wants to know.
In a letter to the Financial Industry Regulatory Authority, the SEC's markets division draws attention to a handful of trading rules that either don't apply to Treasuries, or aren't clear about whether they do. The group requested that Finra review its rulebook, and then either justify or remove any exemptions for US government debt.
See, if you're a logical person who doesn't know much about Treasuries, you'd assume the exemptions and unclear rules would be about minor stuff. But what's truly bewildering is how serious the rules on that list are.Continue reading: Are traders allowed to front-run customer orders in the Treasury market?