Why is there so much focus on the U.S. Treasury cash-futures basis trade? Kate Finlayson, global head of FICC Market Structure and Liquidity Strategy, breaks it down with Brian Fitzsimmons, head of North America Rates Securities Trading, and John Schwartz, global head of Sovereign Financing Trading. They discuss the intricacies of the basis trade, regulatory concerns amid recent market volatility and various measures to account for leverage in the system. 

This episode was recorded on May 27, 2025.

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