U.S. Government Securities:

Expanding Access to Interdealer Brokers' Services

GGD-87-42: Published: Feb 4, 1987. Publicly Released: Feb 4, 1987.

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In compliance with the Government Securities Act of 1986, GAO held a joint public hearing with the Department of the Treasury, the Federal Reserve System, and the Securities and Exchange Commission concerning U.S. government securities.

Various market participants provided their views on: (1) trading access, which involved the reasonableness and consequences of interdealer screen brokers limiting their customer base for trading securities on their systems to primary and aspiring dealers; (2) information access, which involved the reasonableness and consequences of brokers' decisions to permit only their customers to view the activity transpiring on their screens; and (3) the utility of brokering services and quotation practices, which raised the question of dealer quotation practices and the applicability of market practices that could serve as benchmarks for evaluating practices in the government securities market.

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