FinanceandEconomicsDiscussionSeriesFederalReserveBoard,Washington,D.C.ISSN1936-2854(Print)ISSN2767-3898(Online)Balance-SheetNettinginU.S.TreasuryMarketsandCentralClearingDavidBowman,YesolHuh,SebastianInfante2024-057Pleasecitethispaperas:Bowman,David,YesolHuh,andSebastianInfante(2024).“Balance-SheetNettinginU.S.TreasuryMarketsandCentralClearing,”FinanceandEconomicsDiscussionSeries2024-057.Washington:BoardofGovernorsoftheFederalReserveSystem,https://doi.org/10.17016/FEDS.2024.057.NOTE:StaffworkingpapersintheFinanceandEconomicsDiscussionSeries(FEDS)arepreliminarymaterialscirculatedtostimulatediscussionandcriticalcomment.TheanalysisandconclusionssetfortharethoseoftheauthorsanddonotindicateconcurrencebyothermembersoftheresearchstaffortheBoardofGovernors.ReferencesinpublicationstotheFinanceandEconomicsDiscussionSeries(otherthanacknowledgement)shouldbeclearedwiththeauthor(s)toprotectthetentativecharacterofthesepapers.Balance-SheetNettinginU.S.TreasuryMarketsandCentralClearing∗DavidBowmanYesolHuhSebastianInfanteFederalReserveBoardJune2024AbstractInthispaper,weprovideacomprehensiveinvestigationofthepotentialforexpandedcentralclearingtoreducethecostsofthesupplementaryleverageratio(SLR)onTreasurymarketin-termediationinbothcashandrepomarkets.CombiningadetailedanalysisoftherulesinvolvedincalculatingtheSLRwithauniqueset...
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