The U.S. Securities and Exchange Commission adopted changes Wednesday to cover clearing agencies for U.S. Treasury securities to improve risk management and further facilitate transactions. 

“The $26 trillion Treasury market—the deepest, most liquid market in the world—is the base upon which so much of our capital markets are built,” said Gary Gensler, the SEC chair. “Having such a significant portion of the Treasury markets uncleared—70 to 80 percent of the Treasury funding market and at least 80 percent of the cash markets—increases system-wide risk.”