Analysis of Liquidity Around Tick Size Change For US 5 and 10 year Treasuries

 At the end of June 2026, the minimum price increments, or “tick sizes”, for US 5 and 10 year treasuries were changed (reduced) at BrokerTec (BTEC), one of the leading electronic trading venues for US treasuries (one of the major Centralized Limit Order Books, a.k.a. “CLOBs”). Specifically, for the 5-year the tick size was changed from...

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