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After the Accord from Part VII - Updating Market Infrastructures
Published online by Cambridge University Press: 14 January 2021
Describes efforts of the Federal Reserve Bank of New York to reduce operating costs and enhance liquidity in the market for Treasury securities. A forerunner to the book-entry system, the Government Securities Clearing Arrangement provided for intraday netting of receipts and deliveries of Treasury securities by the major New York clearing banks.
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