The Securities and Exchange Commission’s planned expansion of #CentralClearing in the #Treasury market will help financial stability and may also increase competition in many cases, Darrell Duffie, professor of finance at Stanford University’s Graduate School of Business, tells Aerial View. For example, central clearing may incite more trading on all-to-all platforms where any market participant can trade opposite any other firm, he says. But an impediment to competition that the SEC has not addressed is the way dealers prefer to clear only trades that are executed with them, he notes.