More #CentralClearing for Treasurys and #Treasury repos can help to keep the market safe and liquid, Nathaniel Wuerffel, Head of Market Structure at @BNY Mellon, tells Aerial View, and that should make a difference in times of stress. For instance, the Federal Reserve had to intervene in the Treasury market in 2020 when market participants started pulling back from counterparties, but an expanded mandate for central clearing in combination with a fallback facility to convert Treasurys to cash in a crisis can help stave off emergency central-bank intervention by adding new risk management layers to the system.