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SEC adopts groundbreaking broker-dealer rule in US Treasury Market

Image of a US War Bonds poster.
Photo: J. Walter Wilkinson and Walter G. Wilkinson/Getty Images

New rules require firms that routinely deal in US government bonds to register as broker-dealers and face stricter oversight.

The SEC has adopted two rules that represent the biggest overhaul of the Treasury market in decades, market participants say.

They require market participants who engage in certain dealer roles, in particular those who take on significant liquidity-providing roles in the markets, to register with the SEC, become members of