id	sid	tid	token	lemma	pos
cblr-9111	1	1	strengthening	strengthen	VERB
cblr-9111	1	2	the	the	DET
cblr-9111	1	3	treasury	treasury	NOUN
cblr-9111	1	4	market	market	NOUN
cblr-9111	1	5	heath	heath	PROPN
cblr-9111	1	6	p.	p.	PROPN
cblr-9111	1	7	tarbert	tarbert	PROPN
cblr-9111	1	8	*	*	PUNCT
cblr-9111	1	9	for	for	ADP
cblr-9111	1	10	more	more	ADJ
cblr-9111	1	11	than	than	ADP
cblr-9111	1	12	200	200	NUM
cblr-9111	1	13	years	year	NOUN
cblr-9111	1	14	,	,	PUNCT
cblr-9111	1	15	the	the	DET
cblr-9111	1	16	market	market	NOUN
cblr-9111	1	17	for	for	ADP
cblr-9111	1	18	u.s	u.s	PROPN
cblr-9111	1	19	.	.	PROPN
cblr-9111	1	20	treasury	treasury	PROPN
cblr-9111	1	21	securities	security	NOUN
cblr-9111	1	22	has	have	AUX
cblr-9111	1	23	propelled	propel	VERB
cblr-9111	1	24	u.s	u.s	PROPN
cblr-9111	1	25	.	.	PROPN
cblr-9111	1	26	economic	economic	ADJ
cblr-9111	1	27	success	success	NOUN
cblr-9111	1	28	.	.	PUNCT
cblr-9111	2	1	more	more	ADV
cblr-9111	2	2	recently	recently	ADV
cblr-9111	2	3	,	,	PUNCT
cblr-9111	2	4	it	it	PRON
cblr-9111	2	5	has	have	AUX
cblr-9111	2	6	been	be	AUX
cblr-9111	2	7	described	describe	VERB
cblr-9111	2	8	as	as	ADP
cblr-9111	2	9	the	the	DET
cblr-9111	2	10	world	world	NOUN
cblr-9111	2	11	’s	’s	PART
cblr-9111	2	12	most	most	ADV
cblr-9111	2	13	important	important	ADJ
cblr-9111	2	14	financial	financial	ADJ
cblr-9111	2	15	market	market	NOUN
cblr-9111	2	16	because	because	SCONJ
cblr-9111	2	17	treasury	treasury	PROPN
cblr-9111	2	18	securities	security	NOUN
cblr-9111	2	19	promote	promote	VERB
cblr-9111	2	20	liquidity	liquidity	NOUN
cblr-9111	2	21	,	,	PUNCT
cblr-9111	2	22	price	price	NOUN
cblr-9111	2	23	discovery	discovery	NOUN
cblr-9111	2	24	,	,	PUNCT
cblr-9111	2	25	and	and	CCONJ
cblr-9111	2	26	economic	economic	ADJ
cblr-9111	2	27	stability	stability	NOUN
cblr-9111	2	28	across	across	ADP
cblr-9111	2	29	the	the	DET
cblr-9111	2	30	globe	globe	NOUN
cblr-9111	2	31	.	.	PUNCT
cblr-9111	3	1	despite	despite	SCONJ
cblr-9111	3	2	its	its	PRON
cblr-9111	3	3	vital	vital	ADJ
cblr-9111	3	4	role	role	NOUN
cblr-9111	3	5	at	at	ADP
cblr-9111	3	6	home	home	NOUN
cblr-9111	3	7	and	and	CCONJ
cblr-9111	3	8	abroad	abroad	ADV
cblr-9111	3	9	,	,	PUNCT
cblr-9111	3	10	the	the	DET
cblr-9111	3	11	treasury	treasury	NOUN
cblr-9111	3	12	market	market	NOUN
cblr-9111	3	13	lacks	lack	VERB
cblr-9111	3	14	certain	certain	ADJ
cblr-9111	3	15	structural	structural	ADJ
cblr-9111	3	16	protections	protection	NOUN
cblr-9111	3	17	that	that	PRON
cblr-9111	3	18	are	be	AUX
cblr-9111	3	19	common	common	ADJ
cblr-9111	3	20	in	in	ADP
cblr-9111	3	21	other	other	ADJ
cblr-9111	3	22	advanced	advanced	ADJ
cblr-9111	3	23	financial	financial	ADJ
cblr-9111	3	24	markets	market	NOUN
cblr-9111	3	25	.	.	PUNCT
cblr-9111	4	1	bringing	bring	VERB
cblr-9111	4	2	the	the	DET
cblr-9111	4	3	treasury	treasury	NOUN
cblr-9111	4	4	market	market	NOUN
cblr-9111	4	5	into	into	ADP
cblr-9111	4	6	the	the	DET
cblr-9111	4	7	modern	modern	ADJ
cblr-9111	4	8	age	age	NOUN
cblr-9111	4	9	is	be	AUX
cblr-9111	4	10	necessary	necessary	ADJ
cblr-9111	4	11	because	because	SCONJ
cblr-9111	4	12	it	it	PRON
cblr-9111	4	13	is	be	AUX
cblr-9111	4	14	not	not	PART
cblr-9111	4	15	immune	immune	ADJ
cblr-9111	4	16	to	to	ADP
cblr-9111	4	17	the	the	DET
cblr-9111	4	18	risks	risk	NOUN
cblr-9111	4	19	that	that	PRON
cblr-9111	4	20	confront	confront	VERB
cblr-9111	4	21	other	other	ADJ
cblr-9111	4	22	financial	financial	ADJ
cblr-9111	4	23	markets	market	NOUN
cblr-9111	4	24	.	.	PUNCT
cblr-9111	5	1	this	this	PRON
cblr-9111	5	2	was	be	AUX
cblr-9111	5	3	underscored	underscore	VERB
cblr-9111	5	4	in	in	ADP
cblr-9111	5	5	early	early	ADJ
cblr-9111	5	6	2020	2020	NUM
cblr-9111	5	7	,	,	PUNCT
cblr-9111	5	8	when	when	SCONJ
cblr-9111	5	9	the	the	DET
cblr-9111	5	10	coronavirus	coronavirus	NOUN
cblr-9111	5	11	(	(	PUNCT
cblr-9111	5	12	covid-19	covid-19	PROPN
cblr-9111	5	13	)	)	PUNCT
cblr-9111	5	14	pandemic	pandemic	NOUN
cblr-9111	5	15	roiled	roil	VERB
cblr-9111	5	16	the	the	DET
cblr-9111	5	17	treasury	treasury	NOUN
cblr-9111	5	18	market	market	NOUN
cblr-9111	5	19	,	,	PUNCT
cblr-9111	5	20	producing	produce	VERB
cblr-9111	5	21	significant	significant	ADJ
cblr-9111	5	22	trading	trading	NOUN
cblr-9111	5	23	disruptions	disruption	NOUN
cblr-9111	5	24	and	and	CCONJ
cblr-9111	5	25	liquidity	liquidity	NOUN
cblr-9111	5	26	constraints	constraint	NOUN
cblr-9111	5	27	.	.	PUNCT
cblr-9111	6	1	to	to	PART
cblr-9111	6	2	help	help	VERB
cblr-9111	6	3	reduce	reduce	VERB
cblr-9111	6	4	the	the	DET
cblr-9111	6	5	risk	risk	NOUN
cblr-9111	6	6	of	of	ADP
cblr-9111	6	7	future	future	ADJ
cblr-9111	6	8	treasury	treasury	NOUN
cblr-9111	6	9	market	market	NOUN
cblr-9111	6	10	instability	instability	NOUN
cblr-9111	6	11	,	,	PUNCT
cblr-9111	6	12	this	this	DET
cblr-9111	6	13	article	article	NOUN
cblr-9111	6	14	recommends	recommend	VERB
cblr-9111	6	15	modest	modest	ADJ
cblr-9111	6	16	enhancements	enhancement	NOUN
cblr-9111	6	17	that	that	PRON
cblr-9111	6	18	have	have	AUX
cblr-9111	6	19	proven	prove	VERB
cblr-9111	6	20	successful	successful	ADJ
cblr-9111	6	21	in	in	ADP
cblr-9111	6	22	similar	similar	ADJ
cblr-9111	6	23	markets	market	NOUN
cblr-9111	6	24	.	.	PUNCT
cblr-9111	7	1	robust	robust	ADJ
cblr-9111	7	2	public	public	ADJ
cblr-9111	7	3	reporting	reporting	NOUN
cblr-9111	7	4	of	of	ADP
cblr-9111	7	5	treasury	treasury	PROPN
cblr-9111	7	6	securities	security	NOUN
cblr-9111	7	7	trades	trade	NOUN
cblr-9111	7	8	,	,	PUNCT
cblr-9111	7	9	improved	improve	VERB
cblr-9111	7	10	oversight	oversight	NOUN
cblr-9111	7	11	of	of	ADP
cblr-9111	7	12	trading	trading	NOUN
cblr-9111	7	13	venues	venue	NOUN
cblr-9111	7	14	,	,	PUNCT
cblr-9111	7	15	safeguards	safeguard	NOUN
cblr-9111	7	16	that	that	PRON
cblr-9111	7	17	promote	promote	VERB
cblr-9111	7	18	operational	operational	ADJ
cblr-9111	7	19	resiliency	resiliency	NOUN
cblr-9111	7	20	,	,	PUNCT
cblr-9111	7	21	and	and	CCONJ
cblr-9111	7	22	expanded	expand	VERB
cblr-9111	7	23	central	central	ADJ
cblr-9111	7	24	clearing	clearing	NOUN
cblr-9111	7	25	will	will	AUX
cblr-9111	7	26	promote	promote	VERB
cblr-9111	7	27	treasury	treasury	NOUN
cblr-9111	7	28	market	market	NOUN
cblr-9111	7	29	strength	strength	NOUN
cblr-9111	7	30	and	and	CCONJ
cblr-9111	7	31	resiliency	resiliency	NOUN
cblr-9111	7	32	well	well	ADV
cblr-9111	7	33	into	into	ADP
cblr-9111	7	34	the	the	DET
cblr-9111	7	35	future	future	NOUN
cblr-9111	7	36	.	.	PUNCT
cblr-9111	8	1	i.	i.	PROPN
cblr-9111	8	2	introduction	introduction	NOUN
cblr-9111	8	3	......................................................................	......................................................................	PUNCT
cblr-9111	9	1	1369	1369	NUM
cblr-9111	9	2	ii	ii	NOUN
cblr-9111	9	3	.	.	PUNCT
cblr-9111	10	1	the	the	DET
cblr-9111	10	2	u.s	u.s	PROPN
cblr-9111	10	3	.	.	PROPN
cblr-9111	10	4	treasury	treasury	PROPN
cblr-9111	10	5	market	market	NOUN
cblr-9111	10	6	,	,	PUNCT
cblr-9111	10	7	past	past	NOUN
cblr-9111	10	8	and	and	CCONJ
cblr-9111	10	9	present	present	ADJ
cblr-9111	10	10	.............	.............	PUNCT
cblr-9111	10	11	1371	1371	NUM
cblr-9111	10	12	a.	a.	PROPN
cblr-9111	10	13	america	america	PROPN
cblr-9111	10	14	’s	’s	PART
cblr-9111	10	15	first	first	ADJ
cblr-9111	10	16	securities	security	NOUN
cblr-9111	10	17	market	market	NOUN
cblr-9111	10	18	......................	......................	PUNCT
cblr-9111	10	19	1371	1371	NUM
cblr-9111	10	20	b.	b.	PROPN
cblr-9111	11	1	today	today	NOUN
cblr-9111	11	2	’s	’s	PART
cblr-9111	11	3	treasury	treasury	NOUN
cblr-9111	11	4	market	market	NOUN
cblr-9111	11	5	.....................................	.....................................	PUNCT
cblr-9111	11	6	1372	1372	NUM
cblr-9111	11	7	iii	iii	NOUN
cblr-9111	11	8	.	.	PUNCT
cblr-9111	11	9	market	market	NOUN
cblr-9111	11	10	structure	structure	NOUN
cblr-9111	11	11	challenges	challenge	NOUN
cblr-9111	11	12	......................................	......................................	PUNCT
cblr-9111	11	13	1378	1378	NUM
cblr-9111	11	14	iv	iv	NOUN
cblr-9111	11	15	.	.	PUNCT
cblr-9111	11	16	structural	structural	ADJ
cblr-9111	11	17	recommendations	recommendation	NOUN
cblr-9111	11	18	.......................................	.......................................	PUNCT
cblr-9111	11	19	1381	1381	NUM
cblr-9111	11	20	a.	a.	NOUN
cblr-9111	11	21	robust	robust	ADJ
cblr-9111	11	22	public	public	ADJ
cblr-9111	11	23	reporting	reporting	NOUN
cblr-9111	11	24	......................................	......................................	PUNCT
cblr-9111	11	25	1382	1382	NUM
cblr-9111	11	26	b.	b.	PROPN
cblr-9111	11	27	trading	trading	NOUN
cblr-9111	11	28	-	-	PUNCT
cblr-9111	11	29	venue	venue	NOUN
cblr-9111	11	30	oversight	oversight	NOUN
cblr-9111	11	31	....................................	....................................	PUNCT
cblr-9111	11	32	1384	1384	NUM
cblr-9111	11	33	c.	c.	NOUN
cblr-9111	11	34	safeguards	safeguard	NOUN
cblr-9111	11	35	for	for	ADP
cblr-9111	11	36	operational	operational	ADJ
cblr-9111	11	37	resiliency	resiliency	NOUN
cblr-9111	11	38	...............	...............	PUNCT
cblr-9111	11	39	1388	1388	NUM
cblr-9111	11	40	d.	d.	PROPN
cblr-9111	11	41	expanded	expand	VERB
cblr-9111	11	42	central	central	ADJ
cblr-9111	11	43	clearing	clearing	NOUN
cblr-9111	11	44	.................................	.................................	PUNCT
cblr-9111	12	1	1390	1390	NUM
cblr-9111	12	2	v.	v.	ADP
cblr-9111	12	3	conclusion	conclusion	NOUN
cblr-9111	12	4	.......................................................................	.......................................................................	PUNCT
cblr-9111	12	5	1394	1394	NUM
cblr-9111	12	6	no	no	NOUN
cblr-9111	12	7	.	.	PUNCT
cblr-9111	13	1	3:1368	3:1368	NUM
cblr-9111	13	2	]	]	X
cblr-9111	13	3	strenghtening	strenghtene	VERB
cblr-9111	13	4	the	the	DET
cblr-9111	13	5	treasury	treasury	NOUN
cblr-9111	13	6	market	market	NOUN
cblr-9111	13	7	1369	1369	NUM
cblr-9111	13	8	i.	i.	NOUN
cblr-9111	13	9	introduction	introduction	NOUN
cblr-9111	13	10	a	a	DET
cblr-9111	13	11	great	great	ADJ
cblr-9111	13	12	aberration	aberration	NOUN
cblr-9111	13	13	in	in	ADP
cblr-9111	13	14	finance	finance	NOUN
cblr-9111	13	15	today	today	NOUN
cblr-9111	13	16	is	be	AUX
cblr-9111	13	17	that	that	SCONJ
cblr-9111	13	18	“	"	PUNCT
cblr-9111	13	19	the	the	DET
cblr-9111	13	20	single	single	ADJ
cblr-9111	13	21	most	most	ADV
cblr-9111	13	22	important	important	ADJ
cblr-9111	13	23	financial	financial	ADJ
cblr-9111	13	24	market	market	NOUN
cblr-9111	13	25	in	in	ADP
cblr-9111	13	26	the	the	DET
cblr-9111	13	27	world”1	world”1	NOUN
cblr-9111	13	28	is	be	AUX
cblr-9111	13	29	far	far	ADV
cblr-9111	13	30	less	less	ADV
cblr-9111	13	31	developed	developed	ADJ
cblr-9111	13	32	than	than	ADP
cblr-9111	13	33	other	other	ADJ
cblr-9111	13	34	advanced	advanced	ADJ
cblr-9111	13	35	securities	security	NOUN
cblr-9111	13	36	markets	market	NOUN
cblr-9111	13	37	.	.	PUNCT
cblr-9111	14	1	for	for	ADP
cblr-9111	14	2	more	more	ADJ
cblr-9111	14	3	than	than	ADP
cblr-9111	14	4	200	200	NUM
cblr-9111	14	5	years	year	NOUN
cblr-9111	14	6	,	,	PUNCT
cblr-9111	14	7	the	the	DET
cblr-9111	14	8	u.s	u.s	PROPN
cblr-9111	14	9	.	.	PROPN
cblr-9111	14	10	treasury	treasury	PROPN
cblr-9111	14	11	securities	security	NOUN
cblr-9111	14	12	market	market	NOUN
cblr-9111	14	13	has	have	AUX
cblr-9111	14	14	fueled	fuel	VERB
cblr-9111	14	15	america	america	PROPN
cblr-9111	14	16	’s	’s	PART
cblr-9111	14	17	emergence	emergence	NOUN
cblr-9111	14	18	as	as	ADP
cblr-9111	14	19	an	an	DET
cblr-9111	14	20	economic	economic	ADJ
cblr-9111	14	21	superpower	superpower	NOUN
cblr-9111	14	22	.	.	PUNCT
cblr-9111	15	1	in	in	ADP
cblr-9111	15	2	the	the	DET
cblr-9111	15	3	past	past	ADJ
cblr-9111	15	4	several	several	ADJ
cblr-9111	15	5	decades	decade	NOUN
cblr-9111	15	6	,	,	PUNCT
cblr-9111	15	7	moreover	moreover	ADV
cblr-9111	15	8	,	,	PUNCT
cblr-9111	15	9	the	the	DET
cblr-9111	15	10	treasury	treasury	NOUN
cblr-9111	15	11	market	market	NOUN
cblr-9111	15	12	has	have	AUX
cblr-9111	15	13	been	be	AUX
cblr-9111	15	14	a	a	DET
cblr-9111	15	15	leading	lead	VERB
cblr-9111	15	16	source	source	NOUN
cblr-9111	15	17	of	of	ADP
cblr-9111	15	18	liquidity	liquidity	NOUN
cblr-9111	15	19	,	,	PUNCT
cblr-9111	15	20	price	price	NOUN
cblr-9111	15	21	discovery	discovery	NOUN
cblr-9111	15	22	,	,	PUNCT
cblr-9111	15	23	and	and	CCONJ
cblr-9111	15	24	economic	economic	ADJ
cblr-9111	15	25	stability	stability	NOUN
cblr-9111	15	26	for	for	ADP
cblr-9111	15	27	sovereigns	sovereign	NOUN
cblr-9111	15	28	and	and	CCONJ
cblr-9111	15	29	investors	investor	NOUN
cblr-9111	15	30	around	around	ADP
cblr-9111	15	31	the	the	DET
cblr-9111	15	32	world.2	world.2	NOUN
cblr-9111	15	33	yet	yet	ADV
cblr-9111	15	34	some	some	PRON
cblr-9111	15	35	contend	contend	VERB
cblr-9111	15	36	that	that	SCONJ
cblr-9111	15	37	the	the	DET
cblr-9111	15	38	very	very	ADJ
cblr-9111	15	39	market	market	NOUN
cblr-9111	15	40	that	that	PRON
cblr-9111	15	41	is	be	AUX
cblr-9111	15	42	so	so	ADV
cblr-9111	15	43	vital	vital	ADJ
cblr-9111	15	44	to	to	ADP
cblr-9111	15	45	the	the	DET
cblr-9111	15	46	*	*	PROPN
cblr-9111	15	47	heath	heath	PROPN
cblr-9111	15	48	p.	p.	PROPN
cblr-9111	15	49	tarbert	tarbert	PROPN
cblr-9111	15	50	is	be	AUX
cblr-9111	15	51	the	the	DET
cblr-9111	15	52	chief	chief	ADJ
cblr-9111	15	53	legal	legal	ADJ
cblr-9111	15	54	officer	officer	NOUN
cblr-9111	15	55	of	of	ADP
cblr-9111	15	56	citadel	citadel	PROPN
cblr-9111	15	57	securities	securities	PROPN
cblr-9111	15	58	group	group	PROPN
cblr-9111	15	59	l.p	l.p	PROPN
cblr-9111	15	60	.	.	PROPN
cblr-9111	15	61	,	,	PUNCT
cblr-9111	15	62	headquartered	headquarter	VERB
cblr-9111	15	63	in	in	ADP
cblr-9111	15	64	chicago	chicago	PROPN
cblr-9111	15	65	,	,	PUNCT
cblr-9111	15	66	illinois	illinois	PROPN
cblr-9111	15	67	.	.	PUNCT
cblr-9111	16	1	he	he	PRON
cblr-9111	16	2	previously	previously	ADV
cblr-9111	16	3	served	serve	VERB
cblr-9111	16	4	as	as	ADP
cblr-9111	16	5	the	the	DET
cblr-9111	16	6	14th	14th	ADJ
cblr-9111	16	7	chair	chair	NOUN
cblr-9111	16	8	and	and	CCONJ
cblr-9111	16	9	chief	chief	ADJ
cblr-9111	16	10	executive	executive	NOUN
cblr-9111	16	11	of	of	ADP
cblr-9111	16	12	the	the	DET
cblr-9111	16	13	commodity	commodity	NOUN
cblr-9111	16	14	futures	futures	PROPN
cblr-9111	16	15	trading	trading	PROPN
cblr-9111	16	16	commission	commission	PROPN
cblr-9111	16	17	(	(	PUNCT
cblr-9111	16	18	cftc	cftc	PROPN
cblr-9111	16	19	)	)	PUNCT
cblr-9111	16	20	and	and	CCONJ
cblr-9111	16	21	as	as	ADP
cblr-9111	16	22	an	an	DET
cblr-9111	16	23	assistant	assistant	ADJ
cblr-9111	16	24	secretary	secretary	NOUN
cblr-9111	16	25	of	of	ADP
cblr-9111	16	26	the	the	DET
cblr-9111	16	27	treasury	treasury	NOUN
cblr-9111	16	28	.	.	PUNCT
cblr-9111	17	1	this	this	DET
cblr-9111	17	2	article	article	NOUN
cblr-9111	17	3	reflects	reflect	VERB
cblr-9111	17	4	the	the	DET
cblr-9111	17	5	keynote	keynote	ADJ
cblr-9111	17	6	address	address	NOUN
cblr-9111	17	7	the	the	DET
cblr-9111	17	8	author	author	NOUN
cblr-9111	17	9	delivered	deliver	VERB
cblr-9111	17	10	at	at	ADP
cblr-9111	17	11	the	the	DET
cblr-9111	17	12	columbia	columbia	PROPN
cblr-9111	17	13	business	business	PROPN
cblr-9111	17	14	law	law	PROPN
cblr-9111	17	15	review	review	VERB
cblr-9111	17	16	symposium	symposium	NOUN
cblr-9111	17	17	on	on	ADP
cblr-9111	17	18	the	the	DET
cblr-9111	17	19	future	future	NOUN
cblr-9111	17	20	of	of	ADP
cblr-9111	17	21	securities	security	NOUN
cblr-9111	17	22	regulation	regulation	NOUN
cblr-9111	17	23	,	,	PUNCT
cblr-9111	17	24	held	hold	VERB
cblr-9111	17	25	in	in	ADP
cblr-9111	17	26	new	new	PROPN
cblr-9111	17	27	york	york	PROPN
cblr-9111	17	28	,	,	PUNCT
cblr-9111	17	29	new	new	PROPN
cblr-9111	17	30	york	york	PROPN
cblr-9111	17	31	on	on	ADP
cblr-9111	17	32	december	december	PROPN
cblr-9111	17	33	3	3	NUM
cblr-9111	17	34	-	-	SYM
cblr-9111	17	35	4	4	NUM
cblr-9111	17	36	,	,	PUNCT
cblr-9111	17	37	2021	2021	NUM
cblr-9111	17	38	.	.	PUNCT
cblr-9111	18	1	the	the	DET
cblr-9111	18	2	author	author	NOUN
cblr-9111	18	3	would	would	AUX
cblr-9111	18	4	like	like	VERB
cblr-9111	18	5	to	to	PART
cblr-9111	18	6	thank	thank	VERB
cblr-9111	18	7	his	his	PRON
cblr-9111	18	8	colleagues	colleague	NOUN
cblr-9111	18	9	daniel	daniel	PROPN
cblr-9111	18	10	j.	j.	PROPN
cblr-9111	18	11	grimm	grimm	PROPN
cblr-9111	18	12	,	,	PUNCT
cblr-9111	18	13	stephen	stephen	PROPN
cblr-9111	18	14	berger	berger	PROPN
cblr-9111	18	15	,	,	PUNCT
cblr-9111	18	16	and	and	CCONJ
cblr-9111	18	17	jonah	jonah	PROPN
cblr-9111	18	18	platt	platt	PROPN
cblr-9111	18	19	for	for	ADP
cblr-9111	18	20	their	their	PRON
cblr-9111	18	21	assistance	assistance	NOUN
cblr-9111	18	22	with	with	ADP
cblr-9111	18	23	this	this	DET
cblr-9111	18	24	article	article	NOUN
cblr-9111	18	25	,	,	PUNCT
cblr-9111	18	26	as	as	ADV
cblr-9111	18	27	well	well	ADV
cblr-9111	18	28	as	as	ADP
cblr-9111	18	29	the	the	DET
cblr-9111	18	30	staff	staff	NOUN
cblr-9111	18	31	of	of	ADP
cblr-9111	18	32	the	the	DET
cblr-9111	18	33	columbia	columbia	PROPN
cblr-9111	18	34	business	business	PROPN
cblr-9111	18	35	law	law	PROPN
cblr-9111	18	36	review	review	NOUN
cblr-9111	18	37	.	.	PUNCT
cblr-9111	19	1	a	a	DET
cblr-9111	19	2	summary	summary	NOUN
cblr-9111	19	3	version	version	NOUN
cblr-9111	19	4	of	of	ADP
cblr-9111	19	5	this	this	DET
cblr-9111	19	6	article	article	NOUN
cblr-9111	19	7	appeared	appear	VERB
cblr-9111	19	8	as	as	ADP
cblr-9111	19	9	an	an	DET
cblr-9111	19	10	op	op	NOUN
cblr-9111	19	11	-	-	PUNCT
cblr-9111	19	12	ed	ed	NOUN
cblr-9111	19	13	in	in	ADP
cblr-9111	19	14	the	the	DET
cblr-9111	19	15	financial	financial	ADJ
cblr-9111	19	16	times	time	NOUN
cblr-9111	19	17	on	on	ADP
cblr-9111	19	18	december	december	PROPN
cblr-9111	19	19	22	22	NUM
cblr-9111	19	20	,	,	PUNCT
cblr-9111	19	21	2021	2021	NUM
cblr-9111	19	22	.	.	PUNCT
cblr-9111	20	1	see	see	VERB
cblr-9111	20	2	heath	heath	PROPN
cblr-9111	20	3	tarbert	tarbert	PROPN
cblr-9111	20	4	,	,	PUNCT
cblr-9111	20	5	us	us	PROPN
cblr-9111	20	6	treasury	treasury	NOUN
cblr-9111	20	7	market	market	NOUN
cblr-9111	20	8	needs	need	VERB
cblr-9111	20	9	to	to	PART
cblr-9111	20	10	enter	enter	VERB
cblr-9111	20	11	modern	modern	ADJ
cblr-9111	20	12	age	age	NOUN
cblr-9111	20	13	,	,	PUNCT
cblr-9111	20	14	fin	fin	NOUN
cblr-9111	20	15	.	.	PUNCT
cblr-9111	21	1	times	times	PROPN
cblr-9111	21	2	(	(	PUNCT
cblr-9111	21	3	dec	dec	PROPN
cblr-9111	21	4	.	.	PROPN
cblr-9111	21	5	22	22	NUM
cblr-9111	21	6	,	,	PUNCT
cblr-9111	21	7	2021	2021	NUM
cblr-9111	21	8	)	)	PUNCT
cblr-9111	21	9	,	,	PUNCT
cblr-9111	21	10	https://www.ft.com/content/6d253278-5ea6-4744-abc5-dd26b49b377e	https://www.ft.com/content/6d253278-5ea6-4744-abc5-dd26b49b377e	PROPN
cblr-9111	22	1	[	[	X
cblr-9111	22	2	https://perma.cc/36ks-tshz	https://perma.cc/36ks-tshz	X
cblr-9111	22	3	]	]	X
cblr-9111	22	4	.	.	PUNCT
cblr-9111	23	1	the	the	DET
cblr-9111	23	2	views	view	NOUN
cblr-9111	23	3	and	and	CCONJ
cblr-9111	23	4	opinions	opinion	NOUN
cblr-9111	23	5	expressed	express	VERB
cblr-9111	23	6	herein	herein	NOUN
cblr-9111	23	7	are	be	AUX
cblr-9111	23	8	those	those	PRON
cblr-9111	23	9	of	of	ADP
cblr-9111	23	10	the	the	DET
cblr-9111	23	11	author	author	NOUN
cblr-9111	23	12	,	,	PUNCT
cblr-9111	23	13	which	which	PRON
cblr-9111	23	14	may	may	AUX
cblr-9111	23	15	not	not	PART
cblr-9111	23	16	reflect	reflect	VERB
cblr-9111	23	17	the	the	DET
cblr-9111	23	18	views	view	NOUN
cblr-9111	23	19	of	of	ADP
cblr-9111	23	20	any	any	DET
cblr-9111	23	21	other	other	ADJ
cblr-9111	23	22	person	person	NOUN
cblr-9111	23	23	or	or	CCONJ
cblr-9111	23	24	entity	entity	NOUN
cblr-9111	23	25	.	.	PUNCT
cblr-9111	24	1	1	1	NUM
cblr-9111	24	2	group	group	NOUN
cblr-9111	24	3	of	of	ADP
cblr-9111	24	4	thirty	thirty	NUM
cblr-9111	24	5	working	work	VERB
cblr-9111	24	6	group	group	NOUN
cblr-9111	24	7	on	on	ADP
cblr-9111	24	8	treasury	treasury	PROPN
cblr-9111	24	9	market	market	NOUN
cblr-9111	24	10	liquidity	liquidity	NOUN
cblr-9111	24	11	,	,	PUNCT
cblr-9111	24	12	u.s	u.s	PROPN
cblr-9111	24	13	.	.	PROPN
cblr-9111	24	14	treasury	treasury	PROPN
cblr-9111	24	15	market	market	NOUN
cblr-9111	24	16	:	:	PUNCT
cblr-9111	24	17	steps	step	NOUN
cblr-9111	24	18	toward	toward	ADP
cblr-9111	24	19	increased	increase	VERB
cblr-9111	24	20	resilience	resilience	NOUN
cblr-9111	24	21	1	1	NUM
cblr-9111	24	22	(	(	PUNCT
cblr-9111	24	23	2021	2021	NUM
cblr-9111	24	24	)	)	PUNCT
cblr-9111	24	25	,	,	PUNCT
cblr-9111	24	26	https://group30.org/images/uploads/publications/g30_u.s_._treasury_mar	https://group30.org/images/uploads/publications/g30_u.s_._treasury_mar	X
cblr-9111	24	27	kets-_steps_toward_increased_resilience__1.pdf	kets-_steps_toward_increased_resilience__1.pdf	NOUN
cblr-9111	25	1	[	[	X
cblr-9111	25	2	https://perma.cc/f75l56nh	https://perma.cc/f75l56nh	NOUN
cblr-9111	25	3	]	]	PUNCT
cblr-9111	25	4	.	.	PUNCT
cblr-9111	26	1	2	2	NUM
cblr-9111	26	2	see	see	VERB
cblr-9111	26	3	i	i	PROPN
cblr-9111	26	4	d.	d.	PROPN
cblr-9111	26	5	(	(	PUNCT
cblr-9111	26	6	“	"	PUNCT
cblr-9111	26	7	[	[	X
cblr-9111	26	8	c]onfidence	c]onfidence	NOUN
cblr-9111	26	9	in	in	ADP
cblr-9111	26	10	the	the	DET
cblr-9111	26	11	u.s	u.s	PROPN
cblr-9111	26	12	.	.	PROPN
cblr-9111	26	13	treasury	treasury	PROPN
cblr-9111	26	14	market	market	NOUN
cblr-9111	26	15	,	,	PUNCT
cblr-9111	26	16	and	and	CCONJ
cblr-9111	26	17	in	in	ADP
cblr-9111	26	18	its	its	PRON
cblr-9111	26	19	ability	ability	NOUN
cblr-9111	26	20	to	to	PART
cblr-9111	26	21	function	function	VERB
cblr-9111	26	22	efficiently	efficiently	ADV
cblr-9111	26	23	even	even	ADV
cblr-9111	26	24	in	in	ADP
cblr-9111	26	25	times	time	NOUN
cblr-9111	26	26	of	of	ADP
cblr-9111	26	27	stress	stress	NOUN
cblr-9111	26	28	,	,	PUNCT
cblr-9111	26	29	is	be	AUX
cblr-9111	26	30	critical	critical	ADJ
cblr-9111	26	31	to	to	ADP
cblr-9111	26	32	the	the	DET
cblr-9111	26	33	stability	stability	NOUN
cblr-9111	26	34	of	of	ADP
cblr-9111	26	35	the	the	DET
cblr-9111	26	36	global	global	ADJ
cblr-9111	26	37	financial	financial	ADJ
cblr-9111	26	38	system	system	NOUN
cblr-9111	26	39	.	.	PUNCT
cblr-9111	26	40	”	"	PUNCT
cblr-9111	26	41	)	)	PUNCT
cblr-9111	26	42	;	;	PUNCT
cblr-9111	26	43	see	see	VERB
cblr-9111	26	44	also	also	ADV
cblr-9111	26	45	u.s	u.s	PROPN
cblr-9111	26	46	.	.	PROPN
cblr-9111	26	47	dep’t	dep’t	NOUN
cblr-9111	26	48	of	of	ADP
cblr-9111	26	49	the	the	DET
cblr-9111	26	50	treasury	treasury	PROPN
cblr-9111	26	51	et	et	PROPN
cblr-9111	26	52	al	al	PROPN
cblr-9111	26	53	.	.	PROPN
cblr-9111	26	54	,	,	PUNCT
cblr-9111	26	55	recent	recent	ADJ
cblr-9111	26	56	disruptions	disruption	NOUN
cblr-9111	26	57	and	and	CCONJ
cblr-9111	26	58	potential	potential	ADJ
cblr-9111	26	59	reforms	reform	NOUN
cblr-9111	26	60	in	in	ADP
cblr-9111	26	61	the	the	DET
cblr-9111	26	62	u.s	u.s	PROPN
cblr-9111	26	63	.	.	PROPN
cblr-9111	26	64	treasury	treasury	PROPN
cblr-9111	26	65	market	market	NOUN
cblr-9111	26	66	:	:	PUNCT
cblr-9111	26	67	a	a	DET
cblr-9111	26	68	staff	staff	NOUN
cblr-9111	26	69	progress	progress	NOUN
cblr-9111	26	70	report	report	NOUN
cblr-9111	26	71	1	1	NUM
cblr-9111	26	72	(	(	PUNCT
cblr-9111	26	73	2021	2021	NUM
cblr-9111	26	74	)	)	PUNCT
cblr-9111	26	75	,	,	PUNCT
cblr-9111	26	76	https://home.treasury.gov/system/files/136/iawg-treasury-report.pdf	https://home.treasury.gov/system/files/136/iawg-treasury-report.pdf	PROPN
cblr-9111	27	1	[	[	X
cblr-9111	27	2	https://perma.cc/wz7f-sqde	https://perma.cc/wz7f-sqde	X
cblr-9111	27	3	]	]	X
cblr-9111	27	4	(	(	PUNCT
cblr-9111	27	5	“	"	PUNCT
cblr-9111	27	6	the	the	DET
cblr-9111	27	7	treasury	treasury	NOUN
cblr-9111	27	8	market	market	NOUN
cblr-9111	27	9	is	be	AUX
cblr-9111	27	10	the	the	DET
cblr-9111	27	11	deepest	deep	ADJ
cblr-9111	27	12	and	and	CCONJ
cblr-9111	27	13	most	most	ADV
cblr-9111	27	14	liquid	liquid	ADJ
cblr-9111	27	15	market	market	NOUN
cblr-9111	27	16	in	in	ADP
cblr-9111	27	17	the	the	DET
cblr-9111	27	18	world	world	NOUN
cblr-9111	27	19	and	and	CCONJ
cblr-9111	27	20	a	a	DET
cblr-9111	27	21	central	central	ADJ
cblr-9111	27	22	component	component	NOUN
cblr-9111	27	23	of	of	ADP
cblr-9111	27	24	the	the	DET
cblr-9111	27	25	u.s	u.s	PROPN
cblr-9111	27	26	.	.	PROPN
cblr-9111	27	27	and	and	CCONJ
cblr-9111	27	28	global	global	ADJ
cblr-9111	27	29	financial	financial	ADJ
cblr-9111	27	30	systems	system	NOUN
cblr-9111	27	31	.	.	PUNCT
cblr-9111	27	32	”	"	PUNCT
cblr-9111	27	33	)	)	PUNCT
cblr-9111	27	34	.	.	PUNCT
cblr-9111	28	1	1370	1370	NUM
cblr-9111	28	2	columbia	columbia	PROPN
cblr-9111	28	3	business	business	NOUN
cblr-9111	28	4	law	law	PROPN
cblr-9111	28	5	review	review	NOUN
cblr-9111	28	6	[	[	X
cblr-9111	28	7	vol	vol	NOUN
cblr-9111	28	8	.	.	NOUN
cblr-9111	28	9	2021	2021	NUM
cblr-9111	28	10	functioning	functioning	NOUN
cblr-9111	28	11	of	of	ADP
cblr-9111	28	12	the	the	DET
cblr-9111	28	13	global	global	ADJ
cblr-9111	28	14	economy3	economy3	NOUN
cblr-9111	28	15	remains	remain	VERB
cblr-9111	28	16	“	"	PUNCT
cblr-9111	28	17	pervasively	pervasively	ADV
cblr-9111	28	18	exposed	expose	VERB
cblr-9111	28	19	to	to	ADP
cblr-9111	28	20	failure”4	failure”4	NOUN
cblr-9111	28	21	and	and	CCONJ
cblr-9111	28	22	subject	subject	ADJ
cblr-9111	28	23	to	to	ADP
cblr-9111	28	24	“	"	PUNCT
cblr-9111	28	25	considerable	considerable	ADJ
cblr-9111	28	26	concentration	concentration	NOUN
cblr-9111	28	27	of	of	ADP
cblr-9111	28	28	activity”5	activity”5	NOUN
cblr-9111	28	29	because	because	SCONJ
cblr-9111	28	30	it	it	PRON
cblr-9111	28	31	has	have	AUX
cblr-9111	28	32	not	not	PART
cblr-9111	28	33	continued	continue	VERB
cblr-9111	28	34	to	to	PART
cblr-9111	28	35	evolve	evolve	VERB
cblr-9111	28	36	with	with	ADP
cblr-9111	28	37	a	a	DET
cblr-9111	28	38	changing	change	VERB
cblr-9111	28	39	world.6	world.6	NOUN
cblr-9111	28	40	there	there	PRON
cblr-9111	28	41	is	be	VERB
cblr-9111	28	42	no	no	DET
cblr-9111	28	43	question	question	NOUN
cblr-9111	28	44	that	that	SCONJ
cblr-9111	28	45	the	the	DET
cblr-9111	28	46	treasury	treasury	PROPN
cblr-9111	28	47	department	department	PROPN
cblr-9111	28	48	,	,	PUNCT
cblr-9111	28	49	the	the	DET
cblr-9111	28	50	federal	federal	PROPN
cblr-9111	28	51	reserve	reserve	PROPN
cblr-9111	28	52	bank	bank	PROPN
cblr-9111	28	53	of	of	ADP
cblr-9111	28	54	new	new	PROPN
cblr-9111	28	55	york	york	PROPN
cblr-9111	28	56	,	,	PUNCT
cblr-9111	28	57	and	and	CCONJ
cblr-9111	28	58	other	other	ADJ
cblr-9111	28	59	stakeholders	stakeholder	NOUN
cblr-9111	28	60	have	have	AUX
cblr-9111	28	61	done	do	VERB
cblr-9111	28	62	an	an	DET
cblr-9111	28	63	admirable	admirable	ADJ
cblr-9111	28	64	job	job	NOUN
cblr-9111	28	65	of	of	ADP
cblr-9111	28	66	establishing	establish	VERB
cblr-9111	28	67	a	a	DET
cblr-9111	28	68	solid	solid	ADJ
cblr-9111	28	69	foundation	foundation	NOUN
cblr-9111	28	70	for	for	ADP
cblr-9111	28	71	the	the	DET
cblr-9111	28	72	world	world	NOUN
cblr-9111	28	73	’s	’s	PART
cblr-9111	28	74	most	most	ADV
cblr-9111	28	75	important	important	ADJ
cblr-9111	28	76	financial	financial	ADJ
cblr-9111	28	77	market	market	NOUN
cblr-9111	28	78	.	.	PUNCT
cblr-9111	29	1	but	but	CCONJ
cblr-9111	29	2	we	we	PRON
cblr-9111	29	3	can	can	AUX
cblr-9111	29	4	and	and	CCONJ
cblr-9111	29	5	must	must	AUX
cblr-9111	29	6	build	build	VERB
cblr-9111	29	7	on	on	ADP
cblr-9111	29	8	their	their	PRON
cblr-9111	29	9	success	success	NOUN
cblr-9111	29	10	in	in	ADP
cblr-9111	29	11	order	order	NOUN
cblr-9111	29	12	to	to	PART
cblr-9111	29	13	strengthen	strengthen	VERB
cblr-9111	29	14	the	the	DET
cblr-9111	29	15	treasury	treasury	NOUN
cblr-9111	29	16	market	market	NOUN
cblr-9111	29	17	and	and	CCONJ
cblr-9111	29	18	help	help	VERB
cblr-9111	29	19	it	it	PRON
cblr-9111	29	20	meet	meet	VERB
cblr-9111	29	21	the	the	DET
cblr-9111	29	22	challenges	challenge	NOUN
cblr-9111	29	23	of	of	ADP
cblr-9111	29	24	the	the	DET
cblr-9111	29	25	future	future	NOUN
cblr-9111	29	26	.	.	PUNCT
cblr-9111	30	1	in	in	ADP
cblr-9111	30	2	part	part	PROPN
cblr-9111	30	3	ii	ii	PROPN
cblr-9111	30	4	,	,	PUNCT
cblr-9111	30	5	i	i	PRON
cblr-9111	30	6	offer	offer	VERB
cblr-9111	30	7	a	a	DET
cblr-9111	30	8	brief	brief	ADJ
cblr-9111	30	9	history	history	NOUN
cblr-9111	30	10	of	of	ADP
cblr-9111	30	11	the	the	DET
cblr-9111	30	12	u.s	u.s	PROPN
cblr-9111	30	13	.	.	PROPN
cblr-9111	30	14	treasury	treasury	PROPN
cblr-9111	30	15	market	market	NOUN
cblr-9111	30	16	and	and	CCONJ
cblr-9111	30	17	explain	explain	VERB
cblr-9111	30	18	how	how	SCONJ
cblr-9111	30	19	it	it	PRON
cblr-9111	30	20	has	have	AUX
cblr-9111	30	21	become	become	VERB
cblr-9111	30	22	a	a	DET
cblr-9111	30	23	cornerstone	cornerstone	NOUN
cblr-9111	30	24	of	of	ADP
cblr-9111	30	25	the	the	DET
cblr-9111	30	26	american	american	ADJ
cblr-9111	30	27	economy	economy	NOUN
cblr-9111	30	28	.	.	PUNCT
cblr-9111	31	1	in	in	ADP
cblr-9111	31	2	part	part	PROPN
cblr-9111	31	3	iii	iii	NOUN
cblr-9111	31	4	,	,	PUNCT
cblr-9111	31	5	i	i	PRON
cblr-9111	31	6	outline	outline	VERB
cblr-9111	31	7	some	some	PRON
cblr-9111	31	8	of	of	ADP
cblr-9111	31	9	the	the	DET
cblr-9111	31	10	challenges	challenge	NOUN
cblr-9111	31	11	that	that	PRON
cblr-9111	31	12	the	the	DET
cblr-9111	31	13	market	market	NOUN
cblr-9111	31	14	faces	face	VERB
cblr-9111	31	15	,	,	PUNCT
cblr-9111	31	16	particularly	particularly	ADV
cblr-9111	31	17	in	in	ADP
cblr-9111	31	18	light	light	NOUN
cblr-9111	31	19	of	of	ADP
cblr-9111	31	20	evolving	evolve	VERB
cblr-9111	31	21	technologies	technology	NOUN
cblr-9111	31	22	.	.	PUNCT
cblr-9111	32	1	finally	finally	ADV
cblr-9111	32	2	,	,	PUNCT
cblr-9111	32	3	in	in	ADP
cblr-9111	32	4	part	part	NOUN
cblr-9111	32	5	iv	iv	NUM
cblr-9111	32	6	,	,	PUNCT
cblr-9111	32	7	i	i	PRON
cblr-9111	32	8	offer	offer	VERB
cblr-9111	32	9	four	four	NUM
cblr-9111	32	10	proposals	proposal	NOUN
cblr-9111	32	11	—	—	PUNCT
cblr-9111	32	12	robust	robust	ADJ
cblr-9111	32	13	public	public	ADJ
cblr-9111	32	14	reporting	reporting	NOUN
cblr-9111	32	15	,	,	PUNCT
cblr-9111	32	16	consistent	consistent	ADJ
cblr-9111	32	17	trading	trading	NOUN
cblr-9111	32	18	-	-	PUNCT
cblr-9111	32	19	venue	venue	NOUN
cblr-9111	32	20	oversight	oversight	NOUN
cblr-9111	32	21	,	,	PUNCT
cblr-9111	32	22	safeguards	safeguard	NOUN
cblr-9111	32	23	for	for	ADP
cblr-9111	32	24	operational	operational	ADJ
cblr-9111	32	25	resiliency	resiliency	NOUN
cblr-9111	32	26	,	,	PUNCT
cblr-9111	32	27	and	and	CCONJ
cblr-9111	32	28	expanded	expand	VERB
cblr-9111	32	29	central	central	ADJ
cblr-9111	32	30	clearing	clearing	NOUN
cblr-9111	32	31	—	—	PUNCT
cblr-9111	32	32	that	that	PRON
cblr-9111	32	33	would	would	AUX
cblr-9111	32	34	effectuate	effectuate	VERB
cblr-9111	32	35	the	the	DET
cblr-9111	32	36	significant	significant	ADJ
cblr-9111	32	37	and	and	CCONJ
cblr-9111	32	38	critical	critical	ADJ
cblr-9111	32	39	modernization	modernization	NOUN
cblr-9111	32	40	of	of	ADP
cblr-9111	32	41	the	the	DET
cblr-9111	32	42	treasury	treasury	NOUN
cblr-9111	32	43	market	market	NOUN
cblr-9111	32	44	.	.	PUNCT
cblr-9111	33	1	3	3	NUM
cblr-9111	33	2	the	the	DET
cblr-9111	33	3	current	current	ADJ
cblr-9111	33	4	sec	sec	PROPN
cblr-9111	33	5	chair	chair	NOUN
cblr-9111	33	6	has	have	AUX
cblr-9111	33	7	observed	observe	VERB
cblr-9111	33	8	that	that	SCONJ
cblr-9111	33	9	the	the	DET
cblr-9111	33	10	u.s	u.s	PROPN
cblr-9111	33	11	.	.	PROPN
cblr-9111	33	12	treasury	treasury	PROPN
cblr-9111	33	13	market	market	NOUN
cblr-9111	33	14	“	"	PUNCT
cblr-9111	33	15	is	be	AUX
cblr-9111	33	16	integral	integral	ADJ
cblr-9111	33	17	to	to	ADP
cblr-9111	33	18	our	our	PRON
cblr-9111	33	19	overall	overall	ADJ
cblr-9111	33	20	capital	capital	NOUN
cblr-9111	33	21	markets	market	NOUN
cblr-9111	33	22	as	as	ADV
cblr-9111	33	23	well	well	ADV
cblr-9111	33	24	as	as	ADP
cblr-9111	33	25	to	to	ADP
cblr-9111	33	26	global	global	ADJ
cblr-9111	33	27	markets	market	NOUN
cblr-9111	33	28	.	.	PUNCT
cblr-9111	34	1	it	it	PRON
cblr-9111	34	2	is	be	AUX
cblr-9111	34	3	the	the	DET
cblr-9111	34	4	base	base	NOUN
cblr-9111	34	5	upon	upon	SCONJ
cblr-9111	34	6	which	which	PRON
cblr-9111	34	7	so	so	ADV
cblr-9111	34	8	much	much	ADJ
cblr-9111	34	9	of	of	ADP
cblr-9111	34	10	our	our	PRON
cblr-9111	34	11	capital	capital	NOUN
cblr-9111	34	12	markets	market	NOUN
cblr-9111	34	13	are	be	AUX
cblr-9111	34	14	built	build	VERB
cblr-9111	34	15	.	.	PUNCT
cblr-9111	34	16	”	"	PUNCT
cblr-9111	35	1	gary	gary	PROPN
cblr-9111	35	2	gensler	gensler	NOUN
cblr-9111	35	3	,	,	PUNCT
cblr-9111	35	4	chair	chair	NOUN
cblr-9111	35	5	,	,	PUNCT
cblr-9111	35	6	sec	sec	PROPN
cblr-9111	35	7	&	&	CCONJ
cblr-9111	35	8	exch	exch	PROPN
cblr-9111	35	9	.	.	PUNCT
cblr-9111	36	1	comm’n	comm’n	PROPN
cblr-9111	36	2	,	,	PUNCT
cblr-9111	36	3	testimony	testimony	NOUN
cblr-9111	36	4	before	before	ADP
cblr-9111	36	5	the	the	DET
cblr-9111	36	6	united	united	PROPN
cblr-9111	36	7	states	states	PROPN
cblr-9111	36	8	senate	senate	PROPN
cblr-9111	36	9	committee	committee	PROPN
cblr-9111	36	10	on	on	ADP
cblr-9111	36	11	banking	banking	NOUN
cblr-9111	36	12	,	,	PUNCT
cblr-9111	36	13	housing	housing	NOUN
cblr-9111	36	14	,	,	PUNCT
cblr-9111	36	15	and	and	CCONJ
cblr-9111	36	16	urban	urban	ADJ
cblr-9111	36	17	affairs	affair	NOUN
cblr-9111	36	18	,	,	PUNCT
cblr-9111	36	19	at	at	ADP
cblr-9111	36	20	2	2	NUM
cblr-9111	36	21	(	(	PUNCT
cblr-9111	36	22	sept	sept	PROPN
cblr-9111	36	23	.	.	PROPN
cblr-9111	36	24	14	14	NUM
cblr-9111	36	25	,	,	PUNCT
cblr-9111	36	26	2021	2021	NUM
cblr-9111	36	27	)	)	PUNCT
cblr-9111	37	1	,	,	PUNCT
cblr-9111	37	2	https://www.banking.senate.gov/imo/media/doc/gensler%20testimony%20	https://www.banking.senate.gov/imo/media/doc/gensler%20testimony%20	X
cblr-9111	37	3	9-14-21.pdf	9-14-21.pdf	NUM
cblr-9111	38	1	[	[	X
cblr-9111	38	2	https://perma.cc/ubj5-rcfa	https://perma.cc/ubj5-rcfa	X
cblr-9111	38	3	]	]	PUNCT
cblr-9111	38	4	.	.	PUNCT
cblr-9111	38	5	4	4	NUM
cblr-9111	38	6	yesha	yesha	PROPN
cblr-9111	38	7	yadav	yadav	PROPN
cblr-9111	38	8	,	,	PUNCT
cblr-9111	38	9	the	the	DET
cblr-9111	38	10	failed	fail	VERB
cblr-9111	38	11	regulation	regulation	NOUN
cblr-9111	38	12	of	of	ADP
cblr-9111	38	13	u.s	u.s	PROPN
cblr-9111	38	14	.	.	PROPN
cblr-9111	38	15	treasury	treasury	PROPN
cblr-9111	38	16	markets	market	NOUN
cblr-9111	38	17	,	,	PUNCT
cblr-9111	38	18	121	121	NUM
cblr-9111	38	19	colum	colum	NOUN
cblr-9111	38	20	.	.	PUNCT
cblr-9111	39	1	l.	l.	PROPN
cblr-9111	39	2	rev	rev	PROPN
cblr-9111	39	3	.	.	PROPN
cblr-9111	39	4	1173	1173	NUM
cblr-9111	39	5	,	,	PUNCT
cblr-9111	39	6	1177	1177	NUM
cblr-9111	39	7	(	(	PUNCT
cblr-9111	39	8	2021	2021	NUM
cblr-9111	39	9	)	)	PUNCT
cblr-9111	39	10	.	.	PUNCT
cblr-9111	40	1	5	5	NUM
cblr-9111	40	2	nellie	nellie	PROPN
cblr-9111	40	3	liang	liang	PROPN
cblr-9111	40	4	&	&	CCONJ
cblr-9111	40	5	pat	pat	PROPN
cblr-9111	40	6	parkinson	parkinson	PROPN
cblr-9111	40	7	,	,	PUNCT
cblr-9111	40	8	enhancing	enhance	VERB
cblr-9111	40	9	the	the	DET
cblr-9111	40	10	liquidity	liquidity	NOUN
cblr-9111	40	11	of	of	ADP
cblr-9111	40	12	the	the	DET
cblr-9111	40	13	u.s	u.s	PROPN
cblr-9111	40	14	.	.	PROPN
cblr-9111	40	15	treasury	treasury	PROPN
cblr-9111	40	16	market	market	NOUN
cblr-9111	40	17	under	under	ADP
cblr-9111	40	18	stress	stress	NOUN
cblr-9111	40	19	,	,	PUNCT
cblr-9111	40	20	brookings	brookings	PROPN
cblr-9111	40	21	(	(	PUNCT
cblr-9111	40	22	dec	dec	PROPN
cblr-9111	40	23	.	.	PROPN
cblr-9111	40	24	16	16	NUM
cblr-9111	40	25	,	,	PUNCT
cblr-9111	40	26	2020	2020	NUM
cblr-9111	40	27	)	)	PUNCT
cblr-9111	40	28	,	,	PUNCT
cblr-9111	40	29	https://www.brookings.edu/research/enhancing-the-liquidity-of-u-streasury-markets-under-stress/	https://www.brookings.edu/research/enhancing-the-liquidity-of-u-streasury-markets-under-stress/	NOUN
cblr-9111	40	30	[	[	X
cblr-9111	40	31	https://perma.cc/zqk7-z86l	https://perma.cc/zqk7-z86l	X
cblr-9111	40	32	]	]	PUNCT
cblr-9111	40	33	.	.	PUNCT
cblr-9111	41	1	6	6	NUM
cblr-9111	41	2	see	see	VERB
cblr-9111	41	3	,	,	PUNCT
cblr-9111	41	4	e.g.	e.g.	ADV
cblr-9111	41	5	,	,	PUNCT
cblr-9111	41	6	john	john	PROPN
cblr-9111	41	7	dizard	dizard	PROPN
cblr-9111	41	8	,	,	PUNCT
cblr-9111	41	9	pressure	pressure	NOUN
cblr-9111	41	10	builds	build	VERB
cblr-9111	41	11	for	for	ADP
cblr-9111	41	12	a	a	DET
cblr-9111	41	13	revamp	revamp	NOUN
cblr-9111	41	14	of	of	ADP
cblr-9111	41	15	the	the	DET
cblr-9111	41	16	us	us	PROPN
cblr-9111	41	17	treasuries	treasury	NOUN
cblr-9111	41	18	market	market	NOUN
cblr-9111	41	19	,	,	PUNCT
cblr-9111	41	20	fin	fin	NOUN
cblr-9111	41	21	.	.	PUNCT
cblr-9111	42	1	times	times	PROPN
cblr-9111	42	2	(	(	PUNCT
cblr-9111	42	3	nov	nov	PROPN
cblr-9111	42	4	.	.	PROPN
cblr-9111	42	5	6	6	NUM
cblr-9111	42	6	,	,	PUNCT
cblr-9111	42	7	2021	2021	NUM
cblr-9111	42	8	)	)	PUNCT
cblr-9111	42	9	,	,	PUNCT
cblr-9111	42	10	https://www.ft.com/content/27e7d7ca-f5d0-4b09-abfe-2f7c39dc7939	https://www.ft.com/content/27e7d7ca-f5d0-4b09-abfe-2f7c39dc7939	PROPN
cblr-9111	42	11	(	(	PUNCT
cblr-9111	42	12	on	on	ADP
cblr-9111	42	13	file	file	NOUN
cblr-9111	42	14	with	with	ADP
cblr-9111	42	15	the	the	DET
cblr-9111	42	16	columbia	columbia	PROPN
cblr-9111	42	17	business	business	PROPN
cblr-9111	42	18	law	law	PROPN
cblr-9111	42	19	review	review	PROPN
cblr-9111	42	20	)	)	PUNCT
cblr-9111	42	21	(	(	PUNCT
cblr-9111	42	22	“	"	PUNCT
cblr-9111	42	23	the	the	DET
cblr-9111	42	24	$	$	SYM
cblr-9111	42	25	22tn	22tn	NOUN
cblr-9111	42	26	us	us	PROPN
cblr-9111	42	27	treasury	treasury	NOUN
cblr-9111	42	28	market	market	NOUN
cblr-9111	42	29	is	be	AUX
cblr-9111	42	30	ill	ill	ADV
cblr-9111	42	31	-	-	PUNCT
cblr-9111	42	32	equipped	equip	VERB
cblr-9111	42	33	to	to	PART
cblr-9111	42	34	finance	finance	VERB
cblr-9111	42	35	whatever	whatever	PRON
cblr-9111	42	36	us	we	PRON
cblr-9111	42	37	spending	spending	NOUN
cblr-9111	42	38	packages	package	NOUN
cblr-9111	42	39	are	be	AUX
cblr-9111	42	40	finally	finally	ADV
cblr-9111	42	41	delivered	deliver	VERB
cblr-9111	42	42	by	by	ADP
cblr-9111	42	43	congress	congress	PROPN
cblr-9111	42	44	.	.	PUNCT
cblr-9111	42	45	”	"	PUNCT
cblr-9111	42	46	)	)	PUNCT
cblr-9111	42	47	.	.	PUNCT
cblr-9111	43	1	no	no	INTJ
cblr-9111	43	2	.	.	PUNCT
cblr-9111	44	1	3:1368	3:1368	NUM
cblr-9111	44	2	]	]	X
cblr-9111	44	3	strenghtening	strenghtene	VERB
cblr-9111	44	4	the	the	DET
cblr-9111	44	5	treasury	treasury	NOUN
cblr-9111	44	6	market	market	NOUN
cblr-9111	44	7	1371	1371	NUM
cblr-9111	44	8	ii	ii	PROPN
cblr-9111	44	9	.	.	PUNCT
cblr-9111	45	1	the	the	DET
cblr-9111	45	2	u.s	u.s	PROPN
cblr-9111	45	3	.	.	PROPN
cblr-9111	45	4	treasury	treasury	PROPN
cblr-9111	45	5	market	market	NOUN
cblr-9111	45	6	,	,	PUNCT
cblr-9111	45	7	past	past	NOUN
cblr-9111	45	8	and	and	CCONJ
cblr-9111	45	9	present	present	ADJ
cblr-9111	45	10	a.	a.	PROPN
cblr-9111	45	11	america	america	PROPN
cblr-9111	45	12	’s	’s	PART
cblr-9111	45	13	first	first	ADJ
cblr-9111	45	14	securities	security	NOUN
cblr-9111	45	15	market	market	NOUN
cblr-9111	45	16	the	the	DET
cblr-9111	45	17	u.s	u.s	PROPN
cblr-9111	45	18	.	.	PROPN
cblr-9111	45	19	treasury	treasury	PROPN
cblr-9111	45	20	market	market	NOUN
cblr-9111	45	21	’s	’s	PART
cblr-9111	45	22	long	long	ADJ
cblr-9111	45	23	history	history	NOUN
cblr-9111	45	24	is	be	AUX
cblr-9111	45	25	intertwined	intertwine	VERB
cblr-9111	45	26	with	with	ADP
cblr-9111	45	27	the	the	DET
cblr-9111	45	28	history	history	NOUN
cblr-9111	45	29	of	of	ADP
cblr-9111	45	30	the	the	DET
cblr-9111	45	31	nation	nation	NOUN
cblr-9111	45	32	itself	itself	PRON
cblr-9111	45	33	.	.	PUNCT
cblr-9111	46	1	the	the	DET
cblr-9111	46	2	treasury	treasury	PROPN
cblr-9111	46	3	market	market	NOUN
cblr-9111	46	4	rose	rise	VERB
cblr-9111	46	5	from	from	ADP
cblr-9111	46	6	the	the	DET
cblr-9111	46	7	fiscal	fiscal	ADJ
cblr-9111	46	8	ashes	ashe	NOUN
cblr-9111	46	9	of	of	ADP
cblr-9111	46	10	the	the	DET
cblr-9111	46	11	american	american	ADJ
cblr-9111	46	12	revolutionary	revolutionary	PROPN
cblr-9111	46	13	war	war	NOUN
cblr-9111	46	14	.	.	PUNCT
cblr-9111	47	1	in	in	ADP
cblr-9111	47	2	1789	1789	NUM
cblr-9111	47	3	,	,	PUNCT
cblr-9111	47	4	alexander	alexander	PROPN
cblr-9111	47	5	hamilton,7	hamilton,7	PROPN
cblr-9111	47	6	who	who	PRON
cblr-9111	47	7	had	have	AUX
cblr-9111	47	8	been	be	AUX
cblr-9111	47	9	appointed	appoint	VERB
cblr-9111	47	10	by	by	ADP
cblr-9111	47	11	president	president	PROPN
cblr-9111	47	12	george	george	PROPN
cblr-9111	47	13	washington	washington	PROPN
cblr-9111	47	14	as	as	ADP
cblr-9111	47	15	the	the	DET
cblr-9111	47	16	first	first	ADJ
cblr-9111	47	17	secretary	secretary	NOUN
cblr-9111	47	18	of	of	ADP
cblr-9111	47	19	the	the	DET
cblr-9111	47	20	treasury	treasury	NOUN
cblr-9111	47	21	,	,	PUNCT
cblr-9111	47	22	began	begin	VERB
cblr-9111	47	23	to	to	PART
cblr-9111	47	24	execute	execute	VERB
cblr-9111	47	25	a	a	DET
cblr-9111	47	26	vision	vision	NOUN
cblr-9111	47	27	that	that	PRON
cblr-9111	47	28	would	would	AUX
cblr-9111	47	29	raise	raise	VERB
cblr-9111	47	30	an	an	DET
cblr-9111	47	31	“	"	PUNCT
cblr-9111	47	32	economic	economic	ADJ
cblr-9111	47	33	colossus	colossus	NOUN
cblr-9111	47	34	”	"	PUNCT
cblr-9111	47	35	from	from	ADP
cblr-9111	47	36	thirteen	thirteen	NUM
cblr-9111	47	37	former	former	ADJ
cblr-9111	47	38	colonies	colony	NOUN
cblr-9111	47	39	then	then	ADV
cblr-9111	47	40	laden	laden	ADJ
cblr-9111	47	41	with	with	ADP
cblr-9111	47	42	debt.8	debt.8	ADJ
cblr-9111	47	43	wars	war	NOUN
cblr-9111	47	44	cost	cost	VERB
cblr-9111	47	45	money	money	NOUN
cblr-9111	47	46	—	—	PUNCT
cblr-9111	47	47	and	and	CCONJ
cblr-9111	47	48	the	the	DET
cblr-9111	47	49	early	early	ADJ
cblr-9111	47	50	united	united	PROPN
cblr-9111	47	51	states	states	PROPN
cblr-9111	47	52	had	have	AUX
cblr-9111	47	53	borrowed	borrow	VERB
cblr-9111	47	54	a	a	DET
cblr-9111	47	55	lot	lot	NOUN
cblr-9111	47	56	of	of	ADP
cblr-9111	47	57	it	it	PRON
cblr-9111	47	58	to	to	PART
cblr-9111	47	59	fight	fight	VERB
cblr-9111	47	60	for	for	SCONJ
cblr-9111	47	61	independence.9	independence.9	NOUN
cblr-9111	47	62	to	to	PART
cblr-9111	47	63	refinance	refinance	VERB
cblr-9111	47	64	war	war	NOUN
cblr-9111	47	65	debts	debt	NOUN
cblr-9111	47	66	and	and	CCONJ
cblr-9111	47	67	raise	raise	VERB
cblr-9111	47	68	capital	capital	NOUN
cblr-9111	47	69	for	for	ADP
cblr-9111	47	70	the	the	DET
cblr-9111	47	71	new	new	ADJ
cblr-9111	47	72	national	national	ADJ
cblr-9111	47	73	government	government	NOUN
cblr-9111	47	74	,	,	PUNCT
cblr-9111	47	75	hamilton	hamilton	PROPN
cblr-9111	47	76	hatched	hatch	VERB
cblr-9111	47	77	a	a	DET
cblr-9111	47	78	plan	plan	NOUN
cblr-9111	47	79	to	to	PART
cblr-9111	47	80	issue	issue	VERB
cblr-9111	47	81	the	the	DET
cblr-9111	47	82	first	first	ADJ
cblr-9111	47	83	treasury	treasury	PROPN
cblr-9111	47	84	securities	security	NOUN
cblr-9111	47	85	:	:	PUNCT
cblr-9111	47	86	a	a	DET
cblr-9111	47	87	four	four	NUM
cblr-9111	47	88	-	-	PUNCT
cblr-9111	47	89	percent	percent	NOUN
cblr-9111	47	90	bond	bond	NOUN
cblr-9111	47	91	,	,	PUNCT
cblr-9111	47	92	a	a	DET
cblr-9111	47	93	three	three	NUM
cblr-9111	47	94	-	-	PUNCT
cblr-9111	47	95	percent	percent	NOUN
cblr-9111	47	96	bond	bond	NOUN
cblr-9111	47	97	,	,	PUNCT
cblr-9111	47	98	and	and	CCONJ
cblr-9111	47	99	a	a	DET
cblr-9111	47	100	six	six	NUM
cblr-9111	47	101	-	-	PUNCT
cblr-9111	47	102	percent	percent	NOUN
cblr-9111	47	103	bond	bond	NOUN
cblr-9111	47	104	with	with	ADP
cblr-9111	47	105	ten	ten	NUM
cblr-9111	47	106	-	-	PUNCT
cblr-9111	47	107	year	year	NOUN
cblr-9111	47	108	deferred	defer	VERB
cblr-9111	47	109	interest.10	interest.10	NOUN
cblr-9111	47	110	hamilton	hamilton	PROPN
cblr-9111	47	111	believed	believe	VERB
cblr-9111	47	112	that	that	SCONJ
cblr-9111	47	113	“	"	PUNCT
cblr-9111	47	114	[	[	X
cblr-9111	47	115	a	a	X
cblr-9111	47	116	]	]	X
cblr-9111	47	117	national	national	ADJ
cblr-9111	47	118	debt	debt	NOUN
cblr-9111	47	119	,	,	PUNCT
cblr-9111	47	120	if	if	SCONJ
cblr-9111	47	121	not	not	PART
cblr-9111	47	122	7	7	NUM
cblr-9111	47	123	i	i	PRON
cblr-9111	47	124	should	should	AUX
cblr-9111	47	125	note	note	VERB
cblr-9111	47	126	that	that	SCONJ
cblr-9111	47	127	mr	mr	PROPN
cblr-9111	47	128	.	.	PROPN
cblr-9111	47	129	hamilton	hamilton	PROPN
cblr-9111	47	130	himself	himself	PRON
cblr-9111	47	131	was	be	AUX
cblr-9111	47	132	a	a	DET
cblr-9111	47	133	proud	proud	ADJ
cblr-9111	47	134	graduate	graduate	NOUN
cblr-9111	47	135	of	of	ADP
cblr-9111	47	136	columbia	columbia	PROPN
cblr-9111	47	137	university	university	PROPN
cblr-9111	47	138	(	(	PUNCT
cblr-9111	47	139	kings	king	NOUN
cblr-9111	47	140	college	college	NOUN
cblr-9111	47	141	)	)	PUNCT
cblr-9111	47	142	,	,	PUNCT
cblr-9111	47	143	making	make	VERB
cblr-9111	47	144	his	his	PRON
cblr-9111	47	145	story	story	NOUN
cblr-9111	47	146	particularly	particularly	ADV
cblr-9111	47	147	apt	apt	ADJ
cblr-9111	47	148	for	for	ADP
cblr-9111	47	149	this	this	DET
cblr-9111	47	150	symposium	symposium	NOUN
cblr-9111	47	151	.	.	PUNCT
cblr-9111	48	1	alexander	alexander	PROPN
cblr-9111	48	2	hamilton	hamilton	PROPN
cblr-9111	48	3	cc	cc	PROPN
cblr-9111	48	4	1778	1778	NUM
cblr-9111	48	5	,	,	PUNCT
cblr-9111	48	6	columbia	columbia	PROPN
cblr-9111	48	7	coll	coll	PROPN
cblr-9111	48	8	.	.	PUNCT
cblr-9111	49	1	alumni	alumni	PROPN
cblr-9111	49	2	assoc	assoc	PROPN
cblr-9111	49	3	.	.	PUNCT
cblr-9111	50	1	(	(	PUNCT
cblr-9111	50	2	last	last	ADV
cblr-9111	50	3	visited	visit	VERB
cblr-9111	50	4	dec	dec	PROPN
cblr-9111	50	5	.	.	PROPN
cblr-9111	50	6	1	1	NUM
cblr-9111	50	7	,	,	PUNCT
cblr-9111	50	8	2021	2021	NUM
cblr-9111	50	9	)	)	PUNCT
cblr-9111	50	10	,	,	PUNCT
cblr-9111	50	11	https://www.college.columbia.edu/alumni/content/alexander-hamilton-cc1778	https://www.college.columbia.edu/alumni/content/alexander-hamilton-cc1778	PROPN
cblr-9111	51	1	[	[	X
cblr-9111	51	2	https://perma.cc/6bl2-agsw	https://perma.cc/6bl2-agsw	X
cblr-9111	51	3	]	]	X
cblr-9111	51	4	.	.	PROPN
cblr-9111	51	5	8	8	NUM
cblr-9111	51	6	richard	richard	PROPN
cblr-9111	51	7	sylla	sylla	PROPN
cblr-9111	51	8	,	,	PUNCT
cblr-9111	51	9	financial	financial	ADJ
cblr-9111	51	10	foundations	foundation	NOUN
cblr-9111	51	11	:	:	PUNCT
cblr-9111	51	12	public	public	ADJ
cblr-9111	51	13	credit	credit	NOUN
cblr-9111	51	14	,	,	PUNCT
cblr-9111	51	15	the	the	DET
cblr-9111	51	16	national	national	PROPN
cblr-9111	51	17	bank	bank	NOUN
cblr-9111	51	18	,	,	PUNCT
cblr-9111	51	19	and	and	CCONJ
cblr-9111	51	20	securities	security	NOUN
cblr-9111	51	21	markets	market	NOUN
cblr-9111	51	22	,	,	PUNCT
cblr-9111	51	23	in	in	ADP
cblr-9111	51	24	founding	found	VERB
cblr-9111	51	25	choices	choice	NOUN
cblr-9111	51	26	:	:	PUNCT
cblr-9111	51	27	american	american	ADJ
cblr-9111	51	28	economic	economic	ADJ
cblr-9111	51	29	policy	policy	NOUN
cblr-9111	51	30	in	in	ADP
cblr-9111	51	31	the	the	DET
cblr-9111	51	32	1790s	1790	NOUN
cblr-9111	51	33	,	,	PUNCT
cblr-9111	51	34	at	at	ADP
cblr-9111	51	35	66–67	66–67	NUM
cblr-9111	51	36	,	,	PUNCT
cblr-9111	51	37	86	86	NUM
cblr-9111	51	38	(	(	PUNCT
cblr-9111	51	39	douglas	douglas	PROPN
cblr-9111	51	40	a.	a.	PROPN
cblr-9111	51	41	irwin	irwin	PROPN
cblr-9111	51	42	and	and	CCONJ
cblr-9111	51	43	richard	richard	PROPN
cblr-9111	51	44	sylla	sylla	PROPN
cblr-9111	51	45	,	,	PUNCT
cblr-9111	51	46	eds	ed	NOUN
cblr-9111	51	47	.	.	NOUN
cblr-9111	51	48	2011	2011	NUM
cblr-9111	51	49	)	)	PUNCT
cblr-9111	51	50	.	.	PUNCT
cblr-9111	51	51	9	9	NUM
cblr-9111	51	52	michael	michael	PROPN
cblr-9111	51	53	d.	d.	PROPN
cblr-9111	51	54	bordo	bordo	PROPN
cblr-9111	51	55	,	,	PUNCT
cblr-9111	51	56	christopher	christopher	PROPN
cblr-9111	51	57	meissner	meissner	PROPN
cblr-9111	51	58	&	&	CCONJ
cblr-9111	51	59	angela	angela	PROPN
cblr-9111	51	60	redish	redish	PROPN
cblr-9111	51	61	,	,	PUNCT
cblr-9111	51	62	how	how	SCONJ
cblr-9111	51	63	“	"	PUNCT
cblr-9111	51	64	original	original	ADJ
cblr-9111	51	65	sin	sin	NOUN
cblr-9111	51	66	”	"	PUNCT
cblr-9111	51	67	was	be	AUX
cblr-9111	51	68	overcome	overcome	VERB
cblr-9111	51	69	:	:	PUNCT
cblr-9111	51	70	the	the	DET
cblr-9111	51	71	evolution	evolution	NOUN
cblr-9111	51	72	of	of	ADP
cblr-9111	51	73	external	external	ADJ
cblr-9111	51	74	debt	debt	NOUN
cblr-9111	51	75	denominated	denominate	VERB
cblr-9111	51	76	in	in	ADP
cblr-9111	51	77	domestic	domestic	ADJ
cblr-9111	51	78	currencies	currency	NOUN
cblr-9111	51	79	in	in	ADP
cblr-9111	51	80	the	the	DET
cblr-9111	51	81	united	united	PROPN
cblr-9111	51	82	states	states	PROPN
cblr-9111	51	83	and	and	CCONJ
cblr-9111	51	84	the	the	DET
cblr-9111	51	85	british	british	ADJ
cblr-9111	51	86	dominions	dominion	NOUN
cblr-9111	51	87	1800	1800	NUM
cblr-9111	51	88	-	-	SYM
cblr-9111	51	89	2000	2000	NUM
cblr-9111	51	90	,	,	PUNCT
cblr-9111	51	91	at	at	ADP
cblr-9111	51	92	7	7	NUM
cblr-9111	51	93	(	(	PUNCT
cblr-9111	51	94	nat’l	nat’l	NUM
cblr-9111	51	95	bureau	bureau	PROPN
cblr-9111	51	96	of	of	ADP
cblr-9111	51	97	econ	econ	PROPN
cblr-9111	51	98	.	.	PUNCT
cblr-9111	52	1	rsch	rsch	PROPN
cblr-9111	52	2	.	.	PUNCT
cblr-9111	52	3	,	,	PUNCT
cblr-9111	52	4	working	work	VERB
cblr-9111	52	5	paper	paper	NOUN
cblr-9111	52	6	no	no	INTJ
cblr-9111	52	7	.	.	PROPN
cblr-9111	52	8	984	984	NUM
cblr-9111	52	9	,	,	PUNCT
cblr-9111	52	10	july	july	PROPN
cblr-9111	52	11	2003	2003	NUM
cblr-9111	52	12	)	)	PUNCT
cblr-9111	52	13	,	,	PUNCT
cblr-9111	52	14	https://www.nber.org/system/files/working_papers/w9841/w9841.pdf	https://www.nber.org/system/files/working_papers/w9841/w9841.pdf	NOUN
cblr-9111	52	15	[	[	X
cblr-9111	52	16	https://perma.cc/zxq8-anqs	https://perma.cc/zxq8-anqs	X
cblr-9111	52	17	]	]	PUNCT
cblr-9111	52	18	(	(	PUNCT
cblr-9111	52	19	“	"	PUNCT
cblr-9111	52	20	by	by	ADP
cblr-9111	52	21	the	the	DET
cblr-9111	52	22	end	end	NOUN
cblr-9111	52	23	of	of	ADP
cblr-9111	52	24	the	the	DET
cblr-9111	52	25	revolutionary	revolutionary	ADJ
cblr-9111	52	26	war	war	NOUN
cblr-9111	52	27	,	,	PUNCT
cblr-9111	52	28	the	the	DET
cblr-9111	52	29	u.s	u.s	PROPN
cblr-9111	52	30	.	.	PROPN
cblr-9111	52	31	position	position	NOUN
cblr-9111	52	32	in	in	ADP
cblr-9111	52	33	terms	term	NOUN
cblr-9111	52	34	of	of	ADP
cblr-9111	52	35	debt	debt	NOUN
cblr-9111	52	36	to	to	ADP
cblr-9111	52	37	revenues	revenue	NOUN
cblr-9111	52	38	ranked	rank	VERB
cblr-9111	52	39	among	among	ADP
cblr-9111	52	40	the	the	DET
cblr-9111	52	41	worst	bad	ADJ
cblr-9111	52	42	of	of	ADP
cblr-9111	52	43	sovereign	sovereign	ADJ
cblr-9111	52	44	europe	europe	PROPN
cblr-9111	52	45	.	.	PUNCT
cblr-9111	52	46	”	"	PUNCT
cblr-9111	52	47	)	)	PUNCT
cblr-9111	52	48	.	.	PUNCT
cblr-9111	53	1	10	10	NUM
cblr-9111	53	2	sylla	sylla	PROPN
cblr-9111	53	3	,	,	PUNCT
cblr-9111	53	4	supra	supra	PROPN
cblr-9111	53	5	note	note	PROPN
cblr-9111	53	6	8	8	NUM
cblr-9111	53	7	,	,	PUNCT
cblr-9111	53	8	at	at	ADP
cblr-9111	53	9	68	68	NUM
cblr-9111	53	10	.	.	PUNCT
cblr-9111	54	1	creditors	creditor	NOUN
cblr-9111	54	2	holding	hold	VERB
cblr-9111	54	3	u.s	u.s	PROPN
cblr-9111	54	4	.	.	PROPN
cblr-9111	54	5	debt	debt	NOUN
cblr-9111	54	6	subject	subject	ADJ
cblr-9111	54	7	to	to	ADP
cblr-9111	54	8	refinance	refinance	NOUN
cblr-9111	54	9	received	receive	VERB
cblr-9111	54	10	a	a	DET
cblr-9111	54	11	basket	basket	NOUN
cblr-9111	54	12	of	of	ADP
cblr-9111	54	13	these	these	DET
cblr-9111	54	14	three	three	NUM
cblr-9111	54	15	securities	security	NOUN
cblr-9111	54	16	that	that	PRON
cblr-9111	54	17	together	together	ADV
cblr-9111	54	18	yielded	yield	VERB
cblr-9111	54	19	interest	interest	NOUN
cblr-9111	54	20	of	of	ADP
cblr-9111	54	21	four	four	NUM
cblr-9111	54	22	percent	percent	NOUN
cblr-9111	54	23	annually	annually	ADV
cblr-9111	54	24	.	.	PUNCT
cblr-9111	55	1	i	i	PRON
cblr-9111	55	2	d.	d.	PROPN
cblr-9111	55	3	1372	1372	NUM
cblr-9111	55	4	columbia	columbia	PROPN
cblr-9111	55	5	business	business	PROPN
cblr-9111	55	6	law	law	PROPN
cblr-9111	55	7	review	review	NOUN
cblr-9111	55	8	[	[	X
cblr-9111	55	9	vol	vol	NOUN
cblr-9111	55	10	.	.	PUNCT
cblr-9111	55	11	2021	2021	NUM
cblr-9111	55	12	excessive	excessive	ADJ
cblr-9111	55	13	,	,	PUNCT
cblr-9111	55	14	.	.	PUNCT
cblr-9111	55	15	.	.	PUNCT
cblr-9111	55	16	.	.	PUNCT
cblr-9111	56	1	.	.	PUNCT
cblr-9111	57	1	will	will	AUX
cblr-9111	57	2	be	be	AUX
cblr-9111	57	3	a	a	DET
cblr-9111	57	4	powerful	powerful	ADJ
cblr-9111	57	5	cement	cement	NOUN
cblr-9111	57	6	of	of	ADP
cblr-9111	57	7	our	our	PRON
cblr-9111	57	8	union	union	NOUN
cblr-9111	57	9	.	.	PUNCT
cblr-9111	58	1	”11	”11	PROPN
cblr-9111	59	1	his	his	PRON
cblr-9111	59	2	view	view	NOUN
cblr-9111	59	3	was	be	AUX
cblr-9111	59	4	quickly	quickly	ADV
cblr-9111	59	5	validated	validate	VERB
cblr-9111	59	6	,	,	PUNCT
cblr-9111	59	7	as	as	SCONJ
cblr-9111	59	8	the	the	DET
cblr-9111	59	9	early	early	ADJ
cblr-9111	59	10	treasury	treasury	NOUN
cblr-9111	59	11	market	market	NOUN
cblr-9111	59	12	(	(	PUNCT
cblr-9111	59	13	aided	aid	VERB
cblr-9111	59	14	by	by	ADP
cblr-9111	59	15	the	the	DET
cblr-9111	59	16	establishment	establishment	NOUN
cblr-9111	59	17	of	of	ADP
cblr-9111	59	18	a	a	DET
cblr-9111	59	19	national	national	ADJ
cblr-9111	59	20	bank	bank	NOUN
cblr-9111	59	21	)	)	PUNCT
cblr-9111	59	22	sparked	spark	VERB
cblr-9111	59	23	a	a	DET
cblr-9111	59	24	flurry	flurry	NOUN
cblr-9111	59	25	of	of	ADP
cblr-9111	59	26	economic	economic	ADJ
cblr-9111	59	27	development	development	NOUN
cblr-9111	59	28	that	that	PRON
cblr-9111	59	29	set	set	VERB
cblr-9111	59	30	the	the	DET
cblr-9111	59	31	stage	stage	NOUN
cblr-9111	59	32	for	for	ADP
cblr-9111	59	33	american	american	ADJ
cblr-9111	59	34	leadership	leadership	NOUN
cblr-9111	59	35	in	in	ADP
cblr-9111	59	36	the	the	DET
cblr-9111	59	37	financial	financial	ADJ
cblr-9111	59	38	markets.12	markets.12	NOUN
cblr-9111	59	39	the	the	DET
cblr-9111	59	40	new	new	ADJ
cblr-9111	59	41	treasury	treasury	NOUN
cblr-9111	59	42	securities	security	NOUN
cblr-9111	59	43	naturally	naturally	ADV
cblr-9111	59	44	created	create	VERB
cblr-9111	59	45	demand	demand	NOUN
cblr-9111	59	46	for	for	ADP
cblr-9111	59	47	places	place	NOUN
cblr-9111	59	48	to	to	PART
cblr-9111	59	49	trade	trade	VERB
cblr-9111	59	50	them	they	PRON
cblr-9111	59	51	,	,	PUNCT
cblr-9111	59	52	and	and	CCONJ
cblr-9111	59	53	“	"	PUNCT
cblr-9111	59	54	active	active	ADJ
cblr-9111	59	55	and	and	CCONJ
cblr-9111	59	56	regularized	regularize	VERB
cblr-9111	59	57	trading	trading	NOUN
cblr-9111	59	58	markets	market	NOUN
cblr-9111	59	59	.	.	PUNCT
cblr-9111	59	60	.	.	PUNCT
cblr-9111	60	1	.	.	PUNCT
cblr-9111	61	1	emerged	emerge	VERB
cblr-9111	61	2	in	in	ADP
cblr-9111	61	3	major	major	ADJ
cblr-9111	61	4	cities	city	NOUN
cblr-9111	61	5	,	,	PUNCT
cblr-9111	61	6	particularly	particularly	ADV
cblr-9111	61	7	new	new	PROPN
cblr-9111	61	8	york	york	PROPN
cblr-9111	61	9	,	,	PUNCT
cblr-9111	61	10	philadelphia	philadelphia	PROPN
cblr-9111	61	11	,	,	PUNCT
cblr-9111	61	12	and	and	CCONJ
cblr-9111	61	13	boston	boston	PROPN
cblr-9111	61	14	.	.	PUNCT
cblr-9111	62	1	”13	”13	PROPN
cblr-9111	62	2	markets	market	NOUN
cblr-9111	62	3	for	for	ADP
cblr-9111	62	4	treasury	treasury	PROPN
cblr-9111	62	5	securities	security	NOUN
cblr-9111	62	6	“	"	PUNCT
cblr-9111	62	7	were	be	AUX
cblr-9111	62	8	joined	join	VERB
cblr-9111	62	9	by	by	ADP
cblr-9111	62	10	a	a	DET
cblr-9111	62	11	growing	grow	VERB
cblr-9111	62	12	list	list	NOUN
cblr-9111	62	13	of	of	ADP
cblr-9111	62	14	local	local	ADJ
cblr-9111	62	15	securities	security	NOUN
cblr-9111	62	16	—	—	PUNCT
cblr-9111	62	17	those	those	PRON
cblr-9111	62	18	of	of	ADP
cblr-9111	62	19	banking	banking	NOUN
cblr-9111	62	20	,	,	PUNCT
cblr-9111	62	21	insurance	insurance	NOUN
cblr-9111	62	22	,	,	PUNCT
cblr-9111	62	23	transportation	transportation	NOUN
cblr-9111	62	24	,	,	PUNCT
cblr-9111	62	25	and	and	CCONJ
cblr-9111	62	26	other	other	ADJ
cblr-9111	62	27	corporations	corporation	NOUN
cblr-9111	62	28	”	"	PUNCT
cblr-9111	62	29	chartered	charter	VERB
cblr-9111	62	30	by	by	ADP
cblr-9111	62	31	state	state	NOUN
cblr-9111	62	32	governments.14	governments.14	PROPN
cblr-9111	62	33	this	this	PRON
cblr-9111	62	34	,	,	PUNCT
cblr-9111	62	35	in	in	ADP
cblr-9111	62	36	turn	turn	NOUN
cblr-9111	62	37	,	,	PUNCT
cblr-9111	62	38	stoked	stoke	VERB
cblr-9111	62	39	the	the	DET
cblr-9111	62	40	growth	growth	NOUN
cblr-9111	62	41	of	of	ADP
cblr-9111	62	42	private	private	ADJ
cblr-9111	62	43	industry	industry	NOUN
cblr-9111	62	44	,	,	PUNCT
cblr-9111	62	45	as	as	SCONJ
cblr-9111	62	46	emerging	emerge	VERB
cblr-9111	62	47	securities	security	NOUN
cblr-9111	62	48	markets	market	NOUN
cblr-9111	62	49	gave	give	VERB
cblr-9111	62	50	businesses	business	NOUN
cblr-9111	62	51	“	"	PUNCT
cblr-9111	62	52	a	a	DET
cblr-9111	62	53	means	means	NOUN
cblr-9111	62	54	of	of	ADP
cblr-9111	62	55	raising	raise	VERB
cblr-9111	62	56	equity	equity	NOUN
cblr-9111	62	57	and	and	CCONJ
cblr-9111	62	58	debt	debt	NOUN
cblr-9111	62	59	capital	capital	NOUN
cblr-9111	62	60	.	.	PUNCT
cblr-9111	63	1	”15	”15	ADJ
cblr-9111	63	2	lending	lending	NOUN
cblr-9111	63	3	markets	market	NOUN
cblr-9111	63	4	soon	soon	ADV
cblr-9111	63	5	followed	follow	VERB
cblr-9111	63	6	,	,	PUNCT
cblr-9111	63	7	as	as	SCONJ
cblr-9111	63	8	newly	newly	ADV
cblr-9111	63	9	issued	issue	VERB
cblr-9111	63	10	securities	security	NOUN
cblr-9111	63	11	supplied	supply	VERB
cblr-9111	63	12	collateral	collateral	NOUN
cblr-9111	63	13	for	for	ADP
cblr-9111	63	14	bank	bank	PROPN
cblr-9111	63	15	loans.16	loans.16	PROPN
cblr-9111	63	16	america	america	PROPN
cblr-9111	63	17	’s	’s	PART
cblr-9111	63	18	booming	booming	ADJ
cblr-9111	63	19	financial	financial	ADJ
cblr-9111	63	20	markets	market	NOUN
cblr-9111	63	21	also	also	ADV
cblr-9111	63	22	opened	open	VERB
cblr-9111	63	23	the	the	DET
cblr-9111	63	24	spigot	spigot	NOUN
cblr-9111	63	25	of	of	ADP
cblr-9111	63	26	foreign	foreign	ADJ
cblr-9111	63	27	capital	capital	NOUN
cblr-9111	63	28	,	,	PUNCT
cblr-9111	63	29	causing	cause	VERB
cblr-9111	63	30	overseas	overseas	ADJ
cblr-9111	63	31	investments	investment	NOUN
cblr-9111	63	32	to	to	PART
cblr-9111	63	33	flow	flow	VERB
cblr-9111	63	34	into	into	ADP
cblr-9111	63	35	our	our	PRON
cblr-9111	63	36	newly	newly	ADV
cblr-9111	63	37	independent	independent	ADJ
cblr-9111	63	38	nation.17	nation.17	NOUN
cblr-9111	63	39	given	give	VERB
cblr-9111	63	40	all	all	PRON
cblr-9111	63	41	of	of	ADP
cblr-9111	63	42	those	those	DET
cblr-9111	63	43	rapid	rapid	ADJ
cblr-9111	63	44	developments	development	NOUN
cblr-9111	63	45	,	,	PUNCT
cblr-9111	63	46	by	by	ADP
cblr-9111	63	47	1800	1800	NUM
cblr-9111	63	48	,	,	PUNCT
cblr-9111	63	49	no	no	DET
cblr-9111	63	50	other	other	ADJ
cblr-9111	63	51	nation	nation	NOUN
cblr-9111	63	52	had	have	AUX
cblr-9111	63	53	“	"	PUNCT
cblr-9111	63	54	modernize[d	modernize[d	PROPN
cblr-9111	63	55	]	]	PUNCT
cblr-9111	63	56	its	its	PRON
cblr-9111	63	57	finances	finance	NOUN
cblr-9111	63	58	.	.	PUNCT
cblr-9111	63	59	.	.	PUNCT
cblr-9111	63	60	.	.	PUNCT
cblr-9111	64	1	.	.	PUNCT
cblr-9111	65	1	as	as	ADV
cblr-9111	65	2	completely	completely	ADV
cblr-9111	65	3	as	as	SCONJ
cblr-9111	65	4	the	the	DET
cblr-9111	65	5	united	united	PROPN
cblr-9111	65	6	states	states	PROPN
cblr-9111	65	7	did	do	VERB
cblr-9111	65	8	.	.	PUNCT
cblr-9111	65	9	”18	”18	PROPN
cblr-9111	65	10	b.	b.	PROPN
cblr-9111	65	11	today	today	NOUN
cblr-9111	65	12	’s	’s	PART
cblr-9111	65	13	treasury	treasury	NOUN
cblr-9111	65	14	market	market	NOUN
cblr-9111	65	15	more	more	ADJ
cblr-9111	65	16	than	than	ADP
cblr-9111	65	17	two	two	NUM
cblr-9111	65	18	centuries	century	NOUN
cblr-9111	65	19	later	later	ADV
cblr-9111	65	20	,	,	PUNCT
cblr-9111	65	21	the	the	DET
cblr-9111	65	22	treasury	treasury	PROPN
cblr-9111	65	23	securities	security	NOUN
cblr-9111	65	24	market	market	NOUN
cblr-9111	65	25	that	that	PRON
cblr-9111	65	26	hamilton	hamilton	PROPN
cblr-9111	65	27	envisioned	envision	VERB
cblr-9111	65	28	has	have	AUX
cblr-9111	65	29	grown	grow	VERB
cblr-9111	65	30	in	in	ADP
cblr-9111	65	31	size	size	NOUN
cblr-9111	65	32	and	and	CCONJ
cblr-9111	65	33	importance	importance	NOUN
cblr-9111	65	34	—	—	PUNCT
cblr-9111	65	35	both	both	CCONJ
cblr-9111	65	36	to	to	ADP
cblr-9111	65	37	the	the	DET
cblr-9111	65	38	nation	nation	NOUN
cblr-9111	65	39	and	and	CCONJ
cblr-9111	65	40	to	to	ADP
cblr-9111	65	41	the	the	DET
cblr-9111	65	42	world	world	NOUN
cblr-9111	65	43	.	.	PUNCT
cblr-9111	66	1	america	america	PROPN
cblr-9111	66	2	’s	’s	PART
cblr-9111	66	3	treasury	treasury	PROPN
cblr-9111	66	4	market	market	NOUN
cblr-9111	66	5	today	today	NOUN
cblr-9111	66	6	is	be	AUX
cblr-9111	66	7	central	central	ADJ
cblr-9111	66	8	to	to	ADP
cblr-9111	66	9	the	the	DET
cblr-9111	66	10	global	global	ADJ
cblr-9111	66	11	financial	financial	ADJ
cblr-9111	66	12	system	system	NOUN
cblr-9111	66	13	,	,	PUNCT
cblr-9111	66	14	“	"	PUNCT
cblr-9111	66	15	as	as	SCONJ
cblr-9111	66	16	treasury	treasury	NOUN
cblr-9111	66	17	rates	rate	NOUN
cblr-9111	66	18	are	be	AUX
cblr-9111	66	19	a	a	DET
cblr-9111	66	20	fundamental	fundamental	ADJ
cblr-9111	66	21	benchmark	benchmark	NOUN
cblr-9111	66	22	for	for	ADP
cblr-9111	66	23	11	11	NUM
cblr-9111	66	24	letter	letter	NOUN
cblr-9111	66	25	from	from	ADP
cblr-9111	66	26	alexander	alexander	PROPN
cblr-9111	66	27	hamilton	hamilton	PROPN
cblr-9111	66	28	to	to	ADP
cblr-9111	66	29	robert	robert	PROPN
cblr-9111	66	30	morris	morris	PROPN
cblr-9111	66	31	(	(	PUNCT
cblr-9111	66	32	apr	apr	PROPN
cblr-9111	66	33	.	.	PROPN
cblr-9111	66	34	30	30	NUM
cblr-9111	66	35	,	,	PUNCT
cblr-9111	66	36	1781	1781	NUM
cblr-9111	66	37	)	)	PUNCT
cblr-9111	66	38	,	,	PUNCT
cblr-9111	66	39	in	in	ADP
cblr-9111	66	40	3	3	NUM
cblr-9111	66	41	the	the	DET
cblr-9111	66	42	works	work	NOUN
cblr-9111	66	43	of	of	ADP
cblr-9111	66	44	alexander	alexander	PROPN
cblr-9111	66	45	hamilton	hamilton	PROPN
cblr-9111	66	46	in	in	ADP
cblr-9111	66	47	twelve	twelve	NUM
cblr-9111	66	48	volumes	volume	NOUN
cblr-9111	66	49	342	342	NUM
cblr-9111	66	50	,	,	PUNCT
cblr-9111	66	51	387	387	NUM
cblr-9111	66	52	(	(	PUNCT
cblr-9111	66	53	henry	henry	PROPN
cblr-9111	66	54	cabot	cabot	PROPN
cblr-9111	66	55	lodge	lodge	PROPN
cblr-9111	66	56	ed	ed	PROPN
cblr-9111	66	57	.	.	PROPN
cblr-9111	66	58	,	,	PUNCT
cblr-9111	66	59	1904	1904	NUM
cblr-9111	66	60	)	)	PUNCT
cblr-9111	66	61	.	.	PUNCT
cblr-9111	67	1	12	12	NUM
cblr-9111	67	2	sylla	sylla	PROPN
cblr-9111	67	3	,	,	PUNCT
cblr-9111	67	4	supra	supra	PROPN
cblr-9111	67	5	note	note	PROPN
cblr-9111	67	6	8	8	NUM
cblr-9111	67	7	,	,	PUNCT
cblr-9111	67	8	at	at	ADP
cblr-9111	67	9	81	81	NUM
cblr-9111	67	10	,	,	PUNCT
cblr-9111	67	11	85–86	85–86	NUM
cblr-9111	67	12	.	.	PUNCT
cblr-9111	67	13	13	13	NUM
cblr-9111	67	14	richard	richard	PROPN
cblr-9111	67	15	sylla	sylla	PROPN
cblr-9111	67	16	,	,	PUNCT
cblr-9111	67	17	u.s	u.s	PROPN
cblr-9111	67	18	.	.	PROPN
cblr-9111	67	19	securities	security	NOUN
cblr-9111	67	20	markets	market	NOUN
cblr-9111	67	21	and	and	CCONJ
cblr-9111	67	22	the	the	DET
cblr-9111	67	23	banking	banking	NOUN
cblr-9111	67	24	system	system	NOUN
cblr-9111	67	25	,	,	PUNCT
cblr-9111	67	26	1790	1790	NUM
cblr-9111	67	27	-	-	SYM
cblr-9111	67	28	1840	1840	NUM
cblr-9111	67	29	,	,	PUNCT
cblr-9111	67	30	fed	fed	PROPN
cblr-9111	67	31	.	.	PUNCT
cblr-9111	67	32	rsrv	rsrv	PROPN
cblr-9111	67	33	.	.	PUNCT
cblr-9111	68	1	bank	bank	PROPN
cblr-9111	68	2	of	of	ADP
cblr-9111	68	3	st	st	PROPN
cblr-9111	68	4	.	.	PROPN
cblr-9111	68	5	louis	louis	PROPN
cblr-9111	68	6	rev	rev	PROPN
cblr-9111	68	7	.	.	PROPN
cblr-9111	68	8	,	,	PUNCT
cblr-9111	68	9	may	may	PROPN
cblr-9111	68	10	–	–	PUNCT
cblr-9111	68	11	june	june	PROPN
cblr-9111	68	12	1998	1998	NUM
cblr-9111	68	13	,	,	PUNCT
cblr-9111	68	14	at	at	ADP
cblr-9111	68	15	83	83	NUM
cblr-9111	68	16	,	,	PUNCT
cblr-9111	68	17	87	87	NUM
cblr-9111	68	18	.	.	PUNCT
cblr-9111	68	19	14	14	NUM
cblr-9111	68	20	sylla	sylla	PROPN
cblr-9111	68	21	,	,	PUNCT
cblr-9111	68	22	supra	supra	PROPN
cblr-9111	68	23	note	note	PROPN
cblr-9111	68	24	8	8	NUM
cblr-9111	68	25	,	,	PUNCT
cblr-9111	68	26	at	at	ADP
cblr-9111	68	27	85	85	NUM
cblr-9111	68	28	.	.	NOUN
cblr-9111	68	29	15	15	NUM
cblr-9111	69	1	i	i	PRON
cblr-9111	69	2	d.	d.	PROPN
cblr-9111	69	3	at	at	ADP
cblr-9111	69	4	69	69	NUM
cblr-9111	69	5	.	.	PUNCT
cblr-9111	70	1	16	16	NUM
cblr-9111	70	2	sylla	sylla	PROPN
cblr-9111	70	3	,	,	PUNCT
cblr-9111	70	4	supra	supra	PROPN
cblr-9111	70	5	note	note	PROPN
cblr-9111	70	6	13	13	NUM
cblr-9111	70	7	,	,	PUNCT
cblr-9111	70	8	at	at	ADP
cblr-9111	70	9	89	89	NUM
cblr-9111	70	10	.	.	PUNCT
cblr-9111	70	11	17	17	NUM
cblr-9111	70	12	sylla	sylla	PROPN
cblr-9111	70	13	,	,	PUNCT
cblr-9111	70	14	supra	supra	PROPN
cblr-9111	70	15	note	note	PROPN
cblr-9111	70	16	8	8	NUM
cblr-9111	70	17	,	,	PUNCT
cblr-9111	70	18	at	at	ADP
cblr-9111	70	19	85	85	NUM
cblr-9111	70	20	.	.	PUNCT
cblr-9111	70	21	18	18	NUM
cblr-9111	70	22	i	i	NOUN
cblr-9111	70	23	d.	d.	PROPN
cblr-9111	70	24	at	at	ADP
cblr-9111	70	25	60	60	NUM
cblr-9111	70	26	.	.	PUNCT
cblr-9111	71	1	no	no	INTJ
cblr-9111	71	2	.	.	PUNCT
cblr-9111	72	1	3:1368	3:1368	NUM
cblr-9111	72	2	]	]	X
cblr-9111	72	3	strenghtening	strenghtene	VERB
cblr-9111	72	4	the	the	DET
cblr-9111	72	5	treasury	treasury	NOUN
cblr-9111	72	6	market	market	NOUN
cblr-9111	72	7	1373	1373	NUM
cblr-9111	72	8	pricing	pricing	NOUN
cblr-9111	72	9	virtually	virtually	ADV
cblr-9111	72	10	all	all	PRON
cblr-9111	72	11	other	other	ADJ
cblr-9111	72	12	financial	financial	ADJ
cblr-9111	72	13	assets	asset	NOUN
cblr-9111	72	14	.	.	PUNCT
cblr-9111	73	1	”19	”19	NOUN
cblr-9111	73	2	that	that	SCONJ
cblr-9111	73	3	benchmarking	benchmarke	VERB
cblr-9111	73	4	function	function	NOUN
cblr-9111	73	5	reflects	reflect	VERB
cblr-9111	73	6	confidence	confidence	NOUN
cblr-9111	73	7	in	in	ADP
cblr-9111	73	8	u.s	u.s	PROPN
cblr-9111	73	9	.	.	PROPN
cblr-9111	73	10	finances	finance	NOUN
cblr-9111	73	11	as	as	ADP
cblr-9111	73	12	a	a	DET
cblr-9111	73	13	whole	whole	NOUN
cblr-9111	73	14	:	:	PUNCT
cblr-9111	73	15	because	because	SCONJ
cblr-9111	73	16	u.s	u.s	PROPN
cblr-9111	73	17	.	.	PROPN
cblr-9111	73	18	treasury	treasury	PROPN
cblr-9111	73	19	securities	security	NOUN
cblr-9111	73	20	are	be	AUX
cblr-9111	73	21	backed	back	VERB
cblr-9111	73	22	by	by	ADP
cblr-9111	73	23	the	the	DET
cblr-9111	73	24	“	"	PUNCT
cblr-9111	73	25	full	full	ADJ
cblr-9111	73	26	faith	faith	NOUN
cblr-9111	73	27	and	and	CCONJ
cblr-9111	73	28	credit	credit	NOUN
cblr-9111	73	29	”	"	PUNCT
cblr-9111	73	30	of	of	ADP
cblr-9111	73	31	the	the	DET
cblr-9111	73	32	u.s	u.s	PROPN
cblr-9111	73	33	.	.	PROPN
cblr-9111	73	34	government	government	NOUN
cblr-9111	73	35	,	,	PUNCT
cblr-9111	73	36	many	many	ADJ
cblr-9111	73	37	view	view	VERB
cblr-9111	73	38	them	they	PRON
cblr-9111	73	39	as	as	ADP
cblr-9111	73	40	the	the	DET
cblr-9111	73	41	world	world	NOUN
cblr-9111	73	42	’s	’s	PART
cblr-9111	73	43	safest	safe	ADJ
cblr-9111	73	44	investments.20	investments.20	NOUN
cblr-9111	73	45	today	today	NOUN
cblr-9111	73	46	,	,	PUNCT
cblr-9111	73	47	there	there	PRON
cblr-9111	73	48	is	be	VERB
cblr-9111	73	49	nearly	nearly	ADV
cblr-9111	73	50	$	$	SYM
cblr-9111	73	51	22	22	NUM
cblr-9111	73	52	trillion	trillion	NUM
cblr-9111	73	53	in	in	ADP
cblr-9111	73	54	face	face	NOUN
cblr-9111	73	55	value	value	NOUN
cblr-9111	73	56	of	of	ADP
cblr-9111	73	57	u.s	u.s	PROPN
cblr-9111	73	58	.	.	PROPN
cblr-9111	73	59	treasury	treasury	PROPN
cblr-9111	73	60	securities,21	securities,21	PROPN
cblr-9111	73	61	the	the	DET
cblr-9111	73	62	vast	vast	ADJ
cblr-9111	73	63	majority	majority	NOUN
cblr-9111	73	64	of	of	ADP
cblr-9111	73	65	which	which	PRON
cblr-9111	73	66	are	be	AUX
cblr-9111	73	67	traded	trade	VERB
cblr-9111	73	68	in	in	ADP
cblr-9111	73	69	secondary	secondary	ADJ
cblr-9111	73	70	markets	market	NOUN
cblr-9111	73	71	after	after	SCONJ
cblr-9111	73	72	purchase.22	purchase.22	PROPN
cblr-9111	73	73	treasury	treasury	PROPN
cblr-9111	73	74	securities	security	NOUN
cblr-9111	73	75	are	be	AUX
cblr-9111	73	76	also	also	ADV
cblr-9111	73	77	critical	critical	ADJ
cblr-9111	73	78	to	to	ADP
cblr-9111	73	79	the	the	DET
cblr-9111	73	80	u.s	u.s	PROPN
cblr-9111	73	81	.	.	PROPN
cblr-9111	73	82	economy	economy	NOUN
cblr-9111	73	83	and	and	CCONJ
cblr-9111	73	84	the	the	DET
cblr-9111	73	85	global	global	ADJ
cblr-9111	73	86	financial	financial	ADJ
cblr-9111	73	87	system	system	NOUN
cblr-9111	73	88	because	because	SCONJ
cblr-9111	73	89	of	of	ADP
cblr-9111	73	90	the	the	DET
cblr-9111	73	91	role	role	NOUN
cblr-9111	73	92	they	they	PRON
cblr-9111	73	93	play	play	VERB
cblr-9111	73	94	in	in	ADP
cblr-9111	73	95	implementing	implement	VERB
cblr-9111	73	96	monetary	monetary	ADJ
cblr-9111	73	97	policy	policy	NOUN
cblr-9111	73	98	.	.	PUNCT
cblr-9111	74	1	the	the	DET
cblr-9111	74	2	federal	federal	PROPN
cblr-9111	74	3	reserve	reserve	PROPN
cblr-9111	74	4	’s	’s	PART
cblr-9111	74	5	19	19	NUM
cblr-9111	74	6	group	group	NOUN
cblr-9111	74	7	of	of	ADP
cblr-9111	74	8	thirty	thirty	NUM
cblr-9111	74	9	working	work	VERB
cblr-9111	74	10	group	group	NOUN
cblr-9111	74	11	on	on	ADP
cblr-9111	74	12	treasury	treasury	PROPN
cblr-9111	74	13	market	market	NOUN
cblr-9111	74	14	liquidity	liquidity	NOUN
cblr-9111	74	15	,	,	PUNCT
cblr-9111	74	16	supra	supra	PROPN
cblr-9111	74	17	note	note	PROPN
cblr-9111	74	18	1	1	NUM
cblr-9111	74	19	;	;	PUNCT
cblr-9111	74	20	see	see	VERB
cblr-9111	74	21	also	also	ADV
cblr-9111	74	22	peter	peter	PROPN
cblr-9111	74	23	ryan	ryan	PROPN
cblr-9111	74	24	&	&	CCONJ
cblr-9111	74	25	robert	robert	PROPN
cblr-9111	74	26	toomey	toomey	PROPN
cblr-9111	74	27	,	,	PUNCT
cblr-9111	74	28	improving	improve	VERB
cblr-9111	74	29	capacity	capacity	NOUN
cblr-9111	74	30	and	and	CCONJ
cblr-9111	74	31	resiliency	resiliency	NOUN
cblr-9111	74	32	in	in	ADP
cblr-9111	74	33	us	us	PROPN
cblr-9111	74	34	treasury	treasury	PROPN
cblr-9111	74	35	markets	market	NOUN
cblr-9111	74	36	part	part	VERB
cblr-9111	74	37	i	i	PROPN
cblr-9111	74	38	,	,	PUNCT
cblr-9111	74	39	sifma	sifma	PROPN
cblr-9111	74	40	(	(	PUNCT
cblr-9111	74	41	mar	mar	PROPN
cblr-9111	74	42	.	.	PROPN
cblr-9111	74	43	24	24	NUM
cblr-9111	74	44	,	,	PUNCT
cblr-9111	74	45	2021	2021	NUM
cblr-9111	74	46	)	)	PUNCT
cblr-9111	74	47	,	,	PUNCT
cblr-9111	74	48	https://www.sifma.org/resources/news/improving-capacity-and-resiliencyin-us-treasury-markets-part-1/	https://www.sifma.org/resources/news/improving-capacity-and-resiliencyin-us-treasury-markets-part-1/	NOUN
cblr-9111	75	1	[	[	X
cblr-9111	75	2	https://perma.cc/3m8e-w7	https://perma.cc/3m8e-w7	X
cblr-9111	75	3	tb	tb	AUX
cblr-9111	75	4	]	]	X
cblr-9111	75	5	(	(	PUNCT
cblr-9111	75	6	noting	note	VERB
cblr-9111	75	7	the	the	DET
cblr-9111	75	8	treasury	treasury	NOUN
cblr-9111	75	9	market	market	NOUN
cblr-9111	75	10	is	be	AUX
cblr-9111	75	11	“	"	PUNCT
cblr-9111	75	12	the	the	DET
cblr-9111	75	13	‘	'	PUNCT
cblr-9111	75	14	biggest	big	ADJ
cblr-9111	75	15	,	,	PUNCT
cblr-9111	75	16	deepest	deep	ADJ
cblr-9111	75	17	,	,	PUNCT
cblr-9111	75	18	and	and	CCONJ
cblr-9111	75	19	most	most	ADV
cblr-9111	75	20	essential	essential	ADJ
cblr-9111	75	21	bond	bond	NOUN
cblr-9111	75	22	market	market	NOUN
cblr-9111	75	23	on	on	ADP
cblr-9111	75	24	the	the	DET
cblr-9111	75	25	planet	planet	NOUN
cblr-9111	75	26	’	'	PUNCT
cblr-9111	75	27	”	"	PUNCT
cblr-9111	75	28	(	(	PUNCT
cblr-9111	75	29	quoting	quote	VERB
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cblr-9111	75	31	smith	smith	PROPN
cblr-9111	75	32	&	&	CCONJ
cblr-9111	75	33	robin	robin	PROPN
cblr-9111	75	34	wigglesworth	wigglesworth	PROPN
cblr-9111	75	35	,	,	PUNCT
cblr-9111	75	36	us	us	PROPN
cblr-9111	75	37	treasuries	treasury	NOUN
cblr-9111	75	38	:	:	PUNCT
cblr-9111	75	39	the	the	DET
cblr-9111	75	40	lessons	lesson	NOUN
cblr-9111	75	41	from	from	ADP
cblr-9111	75	42	march	march	PROPN
cblr-9111	75	43	’s	’s	PART
cblr-9111	75	44	market	market	NOUN
cblr-9111	75	45	meltdown	meltdown	NOUN
cblr-9111	75	46	(	(	PUNCT
cblr-9111	75	47	july	july	PROPN
cblr-9111	75	48	29	29	NUM
cblr-9111	75	49	,	,	PUNCT
cblr-9111	75	50	2020	2020	NUM
cblr-9111	75	51	)	)	PUNCT
cblr-9111	75	52	,	,	PUNCT
cblr-9111	75	53	https://www.ft.com/content/ea6f3104-eeec-466a-a082-76ae78d430fd	https://www.ft.com/content/ea6f3104-eeec-466a-a082-76ae78d430fd	NOUN
cblr-9111	75	54	(	(	PUNCT
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cblr-9111	75	56	file	file	NOUN
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cblr-9111	75	59	columbia	columbia	PROPN
cblr-9111	75	60	business	business	PROPN
cblr-9111	75	61	law	law	PROPN
cblr-9111	75	62	review	review	PROPN
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cblr-9111	75	64	)	)	PUNCT
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cblr-9111	75	66	;	;	PUNCT
cblr-9111	75	67	lorie	lorie	PROPN
cblr-9111	75	68	k.	k.	PROPN
cblr-9111	75	69	logan	logan	PROPN
cblr-9111	75	70	,	,	PUNCT
cblr-9111	75	71	exec	exec	NOUN
cblr-9111	75	72	.	.	PUNCT
cblr-9111	76	1	vice	vice	NOUN
cblr-9111	76	2	president	president	NOUN
cblr-9111	76	3	,	,	PUNCT
cblr-9111	76	4	mkts	mkts	NOUN
cblr-9111	76	5	.	.	PUNCT
cblr-9111	77	1	grp	grp	PROPN
cblr-9111	77	2	.	.	PROPN
cblr-9111	77	3	of	of	ADP
cblr-9111	77	4	the	the	DET
cblr-9111	77	5	fed	fed	PROPN
cblr-9111	77	6	.	.	PUNCT
cblr-9111	77	7	rsrv	rsrv	PROPN
cblr-9111	77	8	.	.	PUNCT
cblr-9111	78	1	bank	bank	PROPN
cblr-9111	78	2	of	of	ADP
cblr-9111	78	3	n.y	n.y	PROPN
cblr-9111	78	4	.	.	PROPN
cblr-9111	78	5	,	,	PUNCT
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cblr-9111	78	7	market	market	NOUN
cblr-9111	78	8	liquidity	liquidity	NOUN
cblr-9111	78	9	and	and	CCONJ
cblr-9111	78	10	early	early	ADJ
cblr-9111	78	11	lessons	lesson	NOUN
cblr-9111	78	12	from	from	ADP
cblr-9111	78	13	the	the	DET
cblr-9111	78	14	pandemic	pandemic	ADJ
cblr-9111	78	15	shock	shock	NOUN
cblr-9111	78	16	,	,	PUNCT
cblr-9111	78	17	remarks	remark	NOUN
cblr-9111	78	18	at	at	ADP
cblr-9111	78	19	brookings	brookings	PROPN
cblr-9111	78	20	-	-	PUNCT
cblr-9111	78	21	chicago	chicago	PROPN
cblr-9111	78	22	booth	booth	PROPN
cblr-9111	78	23	task	task	PROPN
cblr-9111	78	24	force	force	NOUN
cblr-9111	78	25	on	on	ADP
cblr-9111	78	26	financial	financial	ADJ
cblr-9111	78	27	stability	stability	NOUN
cblr-9111	78	28	meeting	meeting	NOUN
cblr-9111	78	29	,	,	PUNCT
cblr-9111	78	30	(	(	PUNCT
cblr-9111	78	31	oct	oct	PROPN
cblr-9111	78	32	.	.	PROPN
cblr-9111	78	33	23	23	NUM
cblr-9111	78	34	,	,	PUNCT
cblr-9111	78	35	2020	2020	NUM
cblr-9111	78	36	)	)	PUNCT
cblr-9111	78	37	,	,	PUNCT
cblr-9111	78	38	https://www.newyorkfed.org/newsevents/speeches/2020/log201023	https://www.newyorkfed.org/newsevents/speeches/2020/log201023	PROPN
cblr-9111	78	39	[	[	X
cblr-9111	78	40	https://perma.cc/s3dv-wh3	https://perma.cc/s3dv-wh3	NOUN
cblr-9111	78	41	m	m	X
cblr-9111	78	42	]	]	X
cblr-9111	78	43	(	(	PUNCT
cblr-9111	78	44	describing	describe	VERB
cblr-9111	78	45	the	the	DET
cblr-9111	78	46	u.s	u.s	PROPN
cblr-9111	78	47	.	.	PROPN
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cblr-9111	78	49	market	market	NOUN
cblr-9111	78	50	as	as	ADP
cblr-9111	78	51	“	"	PUNCT
cblr-9111	78	52	the	the	DET
cblr-9111	78	53	deepest	deep	ADJ
cblr-9111	78	54	and	and	CCONJ
cblr-9111	78	55	most	most	ADV
cblr-9111	78	56	liquid	liquid	ADJ
cblr-9111	78	57	fixed	fix	VERB
cblr-9111	78	58	-	-	PUNCT
cblr-9111	78	59	income	income	NOUN
cblr-9111	78	60	market	market	NOUN
cblr-9111	78	61	in	in	ADP
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cblr-9111	78	64	”	"	PUNCT
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cblr-9111	78	66	.	.	PUNCT
cblr-9111	79	1	20	20	NUM
cblr-9111	79	2	the	the	DET
cblr-9111	79	3	basics	basic	NOUN
cblr-9111	79	4	of	of	ADP
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cblr-9111	79	6	securities	securities	PROPN
cblr-9111	79	7	,	,	PUNCT
cblr-9111	79	8	treasurydirect	treasurydirect	NOUN
cblr-9111	79	9	,	,	PUNCT
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cblr-9111	80	1	[	[	X
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cblr-9111	80	3	]	]	X
cblr-9111	80	4	(	(	PUNCT
cblr-9111	80	5	last	last	ADV
cblr-9111	80	6	visited	visit	VERB
cblr-9111	80	7	dec	dec	PROPN
cblr-9111	80	8	.	.	PROPN
cblr-9111	80	9	1	1	NUM
cblr-9111	80	10	,	,	PUNCT
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cblr-9111	80	14	see	see	VERB
cblr-9111	80	15	also	also	ADV
cblr-9111	80	16	bryan	bryan	PROPN
cblr-9111	80	17	j	j	PROPN
cblr-9111	80	18	noeth	noeth	PROPN
cblr-9111	80	19	&	&	CCONJ
cblr-9111	80	20	rajdeep	rajdeep	PROPN
cblr-9111	80	21	sengupta	sengupta	NOUN
cblr-9111	80	22	,	,	PUNCT
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cblr-9111	80	24	to	to	ADP
cblr-9111	80	25	safety	safety	NOUN
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cblr-9111	80	27	u.s	u.s	PROPN
cblr-9111	80	28	.	.	PROPN
cblr-9111	80	29	treasury	treasury	PROPN
cblr-9111	80	30	securities	securities	PROPN
cblr-9111	80	31	,	,	PUNCT
cblr-9111	80	32	fed	fed	PROPN
cblr-9111	80	33	.	.	PUNCT
cblr-9111	80	34	rsrv	rsrv	PROPN
cblr-9111	80	35	.	.	PUNCT
cblr-9111	81	1	bank	bank	PROPN
cblr-9111	81	2	of	of	ADP
cblr-9111	81	3	st	st	PROPN
cblr-9111	81	4	.	.	PROPN
cblr-9111	81	5	louis	louis	PROPN
cblr-9111	81	6	(	(	PUNCT
cblr-9111	81	7	july	july	PROPN
cblr-9111	81	8	1	1	NUM
cblr-9111	81	9	,	,	PUNCT
cblr-9111	81	10	2010	2010	NUM
cblr-9111	81	11	)	)	PUNCT
cblr-9111	81	12	,	,	PUNCT
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cblr-9111	82	1	[	[	X
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cblr-9111	82	4	(	(	PUNCT
cblr-9111	82	5	explaining	explain	VERB
cblr-9111	82	6	that	that	SCONJ
cblr-9111	82	7	investors	investor	NOUN
cblr-9111	82	8	often	often	ADV
cblr-9111	82	9	view	view	VERB
cblr-9111	82	10	u.s	u.s	PROPN
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cblr-9111	82	14	as	as	ADP
cblr-9111	82	15	“	"	PUNCT
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cblr-9111	82	19	”	"	PUNCT
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cblr-9111	82	21	“	"	PUNCT
cblr-9111	82	22	relatively	relatively	ADV
cblr-9111	82	23	risk	risk	NOUN
cblr-9111	82	24	-	-	PUNCT
cblr-9111	82	25	free	free	ADJ
cblr-9111	82	26	”	"	PUNCT
cblr-9111	82	27	)	)	PUNCT
cblr-9111	82	28	.	.	PUNCT
cblr-9111	83	1	21	21	NUM
cblr-9111	83	2	us	us	PROPN
cblr-9111	83	3	treasury	treasury	PROPN
cblr-9111	83	4	securities	security	NOUN
cblr-9111	83	5	statistics	statistic	NOUN
cblr-9111	83	6	,	,	PUNCT
cblr-9111	83	7	sifma	sifma	NOUN
cblr-9111	83	8	(	(	PUNCT
cblr-9111	83	9	nov	nov	PROPN
cblr-9111	83	10	.	.	PROPN
cblr-9111	83	11	4	4	NUM
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cblr-9111	83	13	2021	2021	NUM
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cblr-9111	83	15	,	,	PUNCT
cblr-9111	83	16	https://www.sifma.org/resources/research/us-treasury-securities-statistics/	https://www.sifma.org/resources/research/us-treasury-securities-statistics/	PROPN
cblr-9111	83	17	[	[	X
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cblr-9111	83	20	.	.	PUNCT
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cblr-9111	84	7	sack	sack	PROPN
cblr-9111	84	8	,	,	PUNCT
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cblr-9111	84	10	treasury	treasury	PROPN
cblr-9111	84	11	securities	security	NOUN
cblr-9111	84	12	market	market	NOUN
cblr-9111	84	13	:	:	PUNCT
cblr-9111	84	14	overview	overview	NOUN
cblr-9111	84	15	and	and	CCONJ
cblr-9111	84	16	recent	recent	ADJ
cblr-9111	84	17	developments	development	NOUN
cblr-9111	84	18	,	,	PUNCT
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cblr-9111	84	20	fed	fed	PROPN
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cblr-9111	84	22	rsrv	rsrv	PROPN
cblr-9111	84	23	.	.	PUNCT
cblr-9111	85	1	bull	bull	NOUN
cblr-9111	85	2	.	.	PUNCT
cblr-9111	86	1	785	785	NUM
cblr-9111	86	2	,	,	PUNCT
cblr-9111	86	3	789	789	NUM
cblr-9111	86	4	.	.	PUNCT
cblr-9111	87	1	1374	1374	NUM
cblr-9111	87	2	columbia	columbia	PROPN
cblr-9111	87	3	business	business	PROPN
cblr-9111	87	4	law	law	PROPN
cblr-9111	87	5	review	review	NOUN
cblr-9111	87	6	[	[	X
cblr-9111	87	7	vol	vol	NOUN
cblr-9111	87	8	.	.	NOUN
cblr-9111	87	9	2021	2021	NUM
cblr-9111	87	10	practice	practice	NOUN
cblr-9111	87	11	of	of	ADP
cblr-9111	87	12	buying	buy	VERB
cblr-9111	87	13	and	and	CCONJ
cblr-9111	87	14	selling	sell	VERB
cblr-9111	87	15	treasury	treasury	NOUN
cblr-9111	87	16	securities	security	NOUN
cblr-9111	87	17	in	in	ADP
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cblr-9111	87	19	secondary	secondary	ADJ
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cblr-9111	87	28	.	.	PROPN
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cblr-9111	87	30	-	-	PUNCT
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cblr-9111	87	32	objectives	objective	NOUN
cblr-9111	87	33	:	:	PUNCT
cblr-9111	87	34	maximizing	maximize	VERB
cblr-9111	87	35	employment	employment	NOUN
cblr-9111	87	36	,	,	PUNCT
cblr-9111	87	37	promoting	promote	VERB
cblr-9111	87	38	stable	stable	ADJ
cblr-9111	87	39	prices	price	NOUN
cblr-9111	87	40	,	,	PUNCT
cblr-9111	87	41	and	and	CCONJ
cblr-9111	87	42	achieving	achieve	VERB
cblr-9111	87	43	moderate	moderate	ADJ
cblr-9111	87	44	long	long	ADJ
cblr-9111	87	45	-	-	PUNCT
cblr-9111	87	46	term	term	NOUN
cblr-9111	87	47	interest	interest	NOUN
cblr-9111	87	48	rates.23	rates.23	NOUN
cblr-9111	87	49	to	to	PART
cblr-9111	87	50	help	help	VERB
cblr-9111	87	51	meet	meet	VERB
cblr-9111	87	52	these	these	DET
cblr-9111	87	53	goals	goal	NOUN
cblr-9111	87	54	,	,	PUNCT
cblr-9111	87	55	the	the	DET
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cblr-9111	87	58	can	can	AUX
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cblr-9111	87	60	treasury	treasury	NOUN
cblr-9111	87	61	securities	security	NOUN
cblr-9111	87	62	to	to	PART
cblr-9111	87	63	inject	inject	VERB
cblr-9111	87	64	capital	capital	NOUN
cblr-9111	87	65	into	into	ADP
cblr-9111	87	66	the	the	DET
cblr-9111	87	67	banking	banking	NOUN
cblr-9111	87	68	system	system	NOUN
cblr-9111	87	69	,	,	PUNCT
cblr-9111	87	70	thus	thus	ADV
cblr-9111	87	71	increasing	increase	VERB
cblr-9111	87	72	bank	bank	NOUN
cblr-9111	87	73	reserves	reserve	NOUN
cblr-9111	87	74	and	and	CCONJ
cblr-9111	87	75	facilitating	facilitate	VERB
cblr-9111	87	76	the	the	DET
cblr-9111	87	77	making	making	NOUN
cblr-9111	87	78	of	of	ADP
cblr-9111	87	79	loans	loan	NOUN
cblr-9111	87	80	and	and	CCONJ
cblr-9111	87	81	the	the	DET
cblr-9111	87	82	extension	extension	NOUN
cblr-9111	87	83	of	of	ADP
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cblr-9111	87	85	selling	sell	VERB
cblr-9111	87	86	treasury	treasury	NOUN
cblr-9111	87	87	securities	security	NOUN
cblr-9111	87	88	has	have	VERB
cblr-9111	87	89	the	the	DET
cblr-9111	87	90	opposite	opposite	ADJ
cblr-9111	87	91	effect	effect	NOUN
cblr-9111	87	92	,	,	PUNCT
cblr-9111	87	93	which	which	PRON
cblr-9111	87	94	can	can	AUX
cblr-9111	87	95	help	help	VERB
cblr-9111	87	96	the	the	DET
cblr-9111	87	97	federal	federal	PROPN
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cblr-9111	87	99	tighten	tighten	VERB
cblr-9111	87	100	the	the	DET
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cblr-9111	87	102	supply	supply	NOUN
cblr-9111	87	103	to	to	PART
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cblr-9111	87	105	issues	issue	NOUN
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cblr-9111	87	107	as	as	ADP
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cblr-9111	87	110	governments	government	NOUN
cblr-9111	87	111	also	also	ADV
cblr-9111	87	112	rely	rely	VERB
cblr-9111	87	113	on	on	ADP
cblr-9111	87	114	treasury	treasury	PROPN
cblr-9111	87	115	securities	security	NOUN
cblr-9111	87	116	to	to	PART
cblr-9111	87	117	support	support	VERB
cblr-9111	87	118	their	their	PRON
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cblr-9111	87	120	goals	goal	NOUN
cblr-9111	87	121	,	,	PUNCT
cblr-9111	87	122	including	include	VERB
cblr-9111	87	123	to	to	PART
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cblr-9111	87	126	rates	rate	NOUN
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cblr-9111	87	129	liquid	liquid	ADJ
cblr-9111	87	130	stores	store	NOUN
cblr-9111	87	131	of	of	ADP
cblr-9111	87	132	value	value	NOUN
cblr-9111	87	133	for	for	ADP
cblr-9111	87	134	foreign	foreign	ADJ
cblr-9111	87	135	reserves.26	reserves.26	NOUN
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cblr-9111	87	146	)	)	PUNCT
cblr-9111	87	147	what	what	PRON
cblr-9111	87	148	securities	security	NOUN
cblr-9111	87	149	it	it	PRON
cblr-9111	87	150	encompasses	encompass	VERB
cblr-9111	87	151	,	,	PUNCT
cblr-9111	87	152	and	and	CCONJ
cblr-9111	87	153	(	(	PUNCT
cblr-9111	87	154	2	2	X
cblr-9111	87	155	)	)	PUNCT
cblr-9111	87	156	what	what	DET
cblr-9111	87	157	transactions	transaction	NOUN
cblr-9111	87	158	it	it	PRON
cblr-9111	87	159	involves	involve	VERB
cblr-9111	87	160	.	.	PUNCT
cblr-9111	88	1	the	the	DET
cblr-9111	88	2	treasury	treasury	PROPN
cblr-9111	88	3	issues	issue	VERB
cblr-9111	88	4	four	four	NUM
cblr-9111	88	5	main	main	ADJ
cblr-9111	88	6	types	type	NOUN
cblr-9111	88	7	of	of	ADP
cblr-9111	88	8	debt	debt	NOUN
cblr-9111	88	9	securities	security	NOUN
cblr-9111	88	10	to	to	PART
cblr-9111	88	11	finance	finance	VERB
cblr-9111	88	12	the	the	DET
cblr-9111	88	13	operations	operation	NOUN
cblr-9111	88	14	of	of	ADP
cblr-9111	88	15	the	the	DET
cblr-9111	88	16	government	government	NOUN
cblr-9111	88	17	:	:	PUNCT
cblr-9111	88	18	bills	bill	NOUN
cblr-9111	88	19	,	,	PUNCT
cblr-9111	88	20	notes	note	NOUN
cblr-9111	88	21	,	,	PUNCT
cblr-9111	88	22	bonds	bond	NOUN
cblr-9111	88	23	,	,	PUNCT
cblr-9111	88	24	and	and	CCONJ
cblr-9111	88	25	treasury	treasury	PROPN
cblr-9111	88	26	inflation	inflation	NOUN
cblr-9111	88	27	-	-	PUNCT
cblr-9111	88	28	protected	protect	VERB
cblr-9111	88	29	securities	security	NOUN
cblr-9111	88	30	,	,	PUNCT
cblr-9111	88	31	commonly	commonly	ADV
cblr-9111	88	32	known	know	VERB
cblr-9111	88	33	as	as	ADP
cblr-9111	88	34	tips.27	tips.27	PROPN
cblr-9111	88	35	a	a	DET
cblr-9111	88	36	treasury	treasury	NOUN
cblr-9111	88	37	bill	bill	NOUN
cblr-9111	88	38	is	be	AUX
cblr-9111	88	39	a	a	DET
cblr-9111	88	40	short	short	ADJ
cblr-9111	88	41	-	-	PUNCT
cblr-9111	88	42	term	term	NOUN
cblr-9111	88	43	security	security	NOUN
cblr-9111	88	44	with	with	ADP
cblr-9111	88	45	a	a	DET
cblr-9111	88	46	maturity	maturity	NOUN
cblr-9111	88	47	of	of	ADP
cblr-9111	88	48	a	a	DET
cblr-9111	88	49	few	few	ADJ
cblr-9111	88	50	days	day	NOUN
cblr-9111	88	51	to	to	ADP
cblr-9111	88	52	fifty	fifty	NUM
cblr-9111	88	53	-	-	PUNCT
cblr-9111	88	54	two	two	NUM
cblr-9111	88	55	weeks,28	weeks,28	NOUN
cblr-9111	88	56	which	which	PRON
cblr-9111	88	57	is	be	AUX
cblr-9111	88	58	sold	sell	VERB
cblr-9111	88	59	at	at	ADP
cblr-9111	88	60	a	a	DET
cblr-9111	88	61	discount	discount	NOUN
cblr-9111	88	62	to	to	ADP
cblr-9111	88	63	its	its	PRON
cblr-9111	88	64	face	face	NOUN
cblr-9111	88	65	value	value	NOUN
cblr-9111	88	66	and	and	CCONJ
cblr-9111	88	67	pays	pay	VERB
cblr-9111	88	68	interest	interest	NOUN
cblr-9111	88	69	at	at	ADP
cblr-9111	88	70	maturity.29	maturity.29	PROPN
cblr-9111	88	71	a	a	DET
cblr-9111	88	72	note	note	NOUN
cblr-9111	88	73	is	be	AUX
cblr-9111	88	74	a	a	DET
cblr-9111	88	75	security	security	NOUN
cblr-9111	88	76	with	with	ADP
cblr-9111	88	77	a	a	DET
cblr-9111	88	78	maturity	maturity	NOUN
cblr-9111	88	79	date	date	NOUN
cblr-9111	88	80	of	of	ADP
cblr-9111	88	81	up	up	ADP
cblr-9111	88	82	to	to	PART
cblr-9111	88	83	ten	ten	NUM
cblr-9111	88	84	years	year	NOUN
cblr-9111	88	85	that	that	PRON
cblr-9111	88	86	pays	pay	VERB
cblr-9111	88	87	monthly	monthly	ADJ
cblr-9111	88	88	interest	interest	NOUN
cblr-9111	88	89	to	to	ADP
cblr-9111	88	90	the	the	DET
cblr-9111	88	91	noteholder.30	noteholder.30	PROPN
cblr-9111	88	92	bonds	bond	NOUN
cblr-9111	88	93	have	have	VERB
cblr-9111	88	94	maturities	maturity	NOUN
cblr-9111	88	95	of	of	ADP
cblr-9111	88	96	twenty	twenty	NUM
cblr-9111	88	97	or	or	CCONJ
cblr-9111	88	98	thirty	thirty	NUM
cblr-9111	88	99	years	year	NOUN
cblr-9111	88	100	and	and	CCONJ
cblr-9111	88	101	pay	pay	VERB
cblr-9111	88	102	23	23	NUM
cblr-9111	88	103	monetary	monetary	ADJ
cblr-9111	88	104	policy	policy	NOUN
cblr-9111	88	105	implementation	implementation	NOUN
cblr-9111	88	106	,	,	PUNCT
cblr-9111	88	107	fed	fed	PROPN
cblr-9111	88	108	.	.	PUNCT
cblr-9111	89	1	rsrv	rsrv	PROPN
cblr-9111	89	2	.	.	PUNCT
cblr-9111	90	1	bank	bank	PROPN
cblr-9111	90	2	of	of	ADP
cblr-9111	90	3	n.y	n.y	PROPN
cblr-9111	90	4	(	(	PUNCT
cblr-9111	90	5	july	july	PROPN
cblr-9111	90	6	28	28	NUM
cblr-9111	90	7	,	,	PUNCT
cblr-9111	90	8	2021	2021	NUM
cblr-9111	90	9	)	)	PUNCT
cblr-9111	90	10	,	,	PUNCT
cblr-9111	90	11	https://www.newyorkfed.org/markets/domestic-marketoperations/monetary-policy-implementation	https://www.newyorkfed.org/markets/domestic-marketoperations/monetary-policy-implementation	X
cblr-9111	91	1	[	[	X
cblr-9111	91	2	https://perma.cc/sl9f-j7xa	https://perma.cc/sl9f-j7xa	X
cblr-9111	91	3	]	]	PUNCT
cblr-9111	91	4	.	.	PUNCT
cblr-9111	91	5	24	24	NUM
cblr-9111	91	6	marc	marc	PROPN
cblr-9111	91	7	labtone	labtone	PROPN
cblr-9111	91	8	,	,	PUNCT
cblr-9111	91	9	cong	cong	NOUN
cblr-9111	91	10	.	.	PUNCT
cblr-9111	92	1	rsch	rsch	PROPN
cblr-9111	92	2	.	.	PUNCT
cblr-9111	93	1	serv	serv	PROPN
cblr-9111	93	2	.	.	PROPN
cblr-9111	93	3	,	,	PUNCT
cblr-9111	93	4	rl30354	rl30354	PROPN
cblr-9111	93	5	,	,	PUNCT
cblr-9111	93	6	monetary	monetary	ADJ
cblr-9111	93	7	policy	policy	NOUN
cblr-9111	93	8	and	and	CCONJ
cblr-9111	93	9	the	the	DET
cblr-9111	93	10	federal	federal	PROPN
cblr-9111	93	11	reserve	reserve	PROPN
cblr-9111	93	12	:	:	PUNCT
cblr-9111	93	13	current	current	ADJ
cblr-9111	93	14	policy	policy	NOUN
cblr-9111	93	15	and	and	CCONJ
cblr-9111	93	16	conditions	condition	NOUN
cblr-9111	93	17	5	5	NUM
cblr-9111	93	18	(	(	PUNCT
cblr-9111	93	19	2020	2020	NUM
cblr-9111	93	20	)	)	PUNCT
cblr-9111	93	21	.	.	PUNCT
cblr-9111	94	1	25	25	NUM
cblr-9111	94	2	see	see	VERB
cblr-9111	94	3	i	i	PRON
cblr-9111	94	4	d.	d.	PROPN
cblr-9111	94	5	26	26	NUM
cblr-9111	94	6	see	see	VERB
cblr-9111	94	7	marc	marc	PROPN
cblr-9111	94	8	labonte	labonte	PROPN
cblr-9111	94	9	&	&	CCONJ
cblr-9111	94	10	jared	jared	PROPN
cblr-9111	94	11	c.	c.	PROPN
cblr-9111	94	12	nagel	nagel	PROPN
cblr-9111	94	13	,	,	PUNCT
cblr-9111	94	14	cong	cong	PROPN
cblr-9111	94	15	.	.	PUNCT
cblr-9111	95	1	rsch	rsch	PROPN
cblr-9111	95	2	.	.	PUNCT
cblr-9111	96	1	serv	serv	PROPN
cblr-9111	96	2	.	.	PROPN
cblr-9111	96	3	,	,	PUNCT
cblr-9111	96	4	rs22331	rs22331	PROPN
cblr-9111	96	5	,	,	PUNCT
cblr-9111	96	6	foreign	foreign	ADJ
cblr-9111	96	7	holdings	holding	NOUN
cblr-9111	96	8	of	of	ADP
cblr-9111	96	9	federal	federal	ADJ
cblr-9111	96	10	debt	debt	NOUN
cblr-9111	96	11	5	5	NUM
cblr-9111	96	12	(	(	PUNCT
cblr-9111	96	13	2021	2021	NUM
cblr-9111	96	14	)	)	PUNCT
cblr-9111	96	15	.	.	PUNCT
cblr-9111	97	1	27	27	NUM
cblr-9111	97	2	treasury	treasury	NOUN
cblr-9111	97	3	securities	security	NOUN
cblr-9111	97	4	and	and	CCONJ
cblr-9111	97	5	programs	program	NOUN
cblr-9111	97	6	,	,	PUNCT
cblr-9111	97	7	treasurydirect	treasurydirect	NOUN
cblr-9111	97	8	,	,	PUNCT
cblr-9111	97	9	https://www.treasurydirect.gov/indiv/products/products.htm	https://www.treasurydirect.gov/indiv/products/products.htm	NOUN
cblr-9111	98	1	[	[	X
cblr-9111	98	2	https://perma.cc/x5t2-4xk8	https://perma.cc/x5t2-4xk8	X
cblr-9111	98	3	]	]	X
cblr-9111	98	4	(	(	PUNCT
cblr-9111	98	5	last	last	ADV
cblr-9111	98	6	visited	visit	VERB
cblr-9111	98	7	dec	dec	PROPN
cblr-9111	98	8	.	.	PROPN
cblr-9111	98	9	1	1	NUM
cblr-9111	98	10	,	,	PUNCT
cblr-9111	98	11	2021	2021	NUM
cblr-9111	98	12	)	)	PUNCT
cblr-9111	98	13	.	.	PUNCT
cblr-9111	99	1	28	28	NUM
cblr-9111	100	1	i	i	PRON
cblr-9111	100	2	d.	d.	PROPN
cblr-9111	100	3	29	29	NUM
cblr-9111	100	4	dupont	dupont	PROPN
cblr-9111	100	5	&	&	CCONJ
cblr-9111	100	6	sack	sack	PROPN
cblr-9111	100	7	,	,	PUNCT
cblr-9111	100	8	supra	supra	PROPN
cblr-9111	100	9	note	note	NOUN
cblr-9111	100	10	22	22	NUM
cblr-9111	100	11	,	,	PUNCT
cblr-9111	100	12	at	at	ADP
cblr-9111	100	13	786	786	NUM
cblr-9111	100	14	.	.	PUNCT
cblr-9111	100	15	30	30	NUM
cblr-9111	100	16	treasury	treasury	PROPN
cblr-9111	100	17	securities	security	NOUN
cblr-9111	100	18	and	and	CCONJ
cblr-9111	100	19	programs	program	NOUN
cblr-9111	100	20	,	,	PUNCT
cblr-9111	100	21	supra	supra	PROPN
cblr-9111	100	22	note	note	NOUN
cblr-9111	100	23	27	27	NUM
cblr-9111	100	24	.	.	PUNCT
cblr-9111	101	1	no	no	INTJ
cblr-9111	101	2	.	.	PUNCT
cblr-9111	102	1	3:1368	3:1368	NUM
cblr-9111	102	2	]	]	X
cblr-9111	102	3	strenghtening	strenghtene	VERB
cblr-9111	102	4	the	the	DET
cblr-9111	102	5	treasury	treasury	NOUN
cblr-9111	102	6	market	market	NOUN
cblr-9111	102	7	1375	1375	NUM
cblr-9111	102	8	interest	interest	NOUN
cblr-9111	102	9	every	every	DET
cblr-9111	102	10	six	six	NUM
cblr-9111	102	11	months.31	months.31	NOUN
cblr-9111	102	12	finally	finally	ADV
cblr-9111	102	13	,	,	PUNCT
cblr-9111	102	14	tips	tip	NOUN
cblr-9111	102	15	,	,	PUNCT
cblr-9111	102	16	which	which	PRON
cblr-9111	102	17	protect	protect	VERB
cblr-9111	102	18	against	against	ADP
cblr-9111	102	19	inflation	inflation	NOUN
cblr-9111	102	20	by	by	ADP
cblr-9111	102	21	adjusting	adjust	VERB
cblr-9111	102	22	the	the	DET
cblr-9111	102	23	principal	principal	NOUN
cblr-9111	102	24	based	base	VERB
cblr-9111	102	25	on	on	ADP
cblr-9111	102	26	fluctuations	fluctuation	NOUN
cblr-9111	102	27	in	in	ADP
cblr-9111	102	28	the	the	DET
cblr-9111	102	29	consumer	consumer	NOUN
cblr-9111	102	30	price	price	NOUN
cblr-9111	102	31	index,32	index,32	NOUN
cblr-9111	102	32	pay	pay	NOUN
cblr-9111	102	33	interest	interest	NOUN
cblr-9111	102	34	every	every	DET
cblr-9111	102	35	six	six	NUM
cblr-9111	102	36	months	month	NOUN
cblr-9111	102	37	and	and	CCONJ
cblr-9111	102	38	have	have	VERB
cblr-9111	102	39	maturities	maturity	NOUN
cblr-9111	102	40	of	of	ADP
cblr-9111	102	41	five	five	NUM
cblr-9111	102	42	,	,	PUNCT
cblr-9111	102	43	ten	ten	NUM
cblr-9111	102	44	,	,	PUNCT
cblr-9111	102	45	or	or	CCONJ
cblr-9111	102	46	thirty	thirty	NUM
cblr-9111	102	47	years.33	years.33	NOUN
cblr-9111	102	48	the	the	DET
cblr-9111	102	49	government	government	NOUN
cblr-9111	102	50	offers	offer	VERB
cblr-9111	102	51	a	a	DET
cblr-9111	102	52	different	different	ADJ
cblr-9111	102	53	mix	mix	NOUN
cblr-9111	102	54	of	of	ADP
cblr-9111	102	55	these	these	DET
cblr-9111	102	56	instruments	instrument	NOUN
cblr-9111	102	57	from	from	ADP
cblr-9111	102	58	year	year	NOUN
cblr-9111	102	59	to	to	ADP
cblr-9111	102	60	year	year	NOUN
cblr-9111	102	61	,	,	PUNCT
cblr-9111	102	62	depending	depend	VERB
cblr-9111	102	63	upon	upon	SCONJ
cblr-9111	102	64	its	its	PRON
cblr-9111	102	65	borrowing	borrowing	NOUN
cblr-9111	102	66	needs	need	NOUN
cblr-9111	102	67	and	and	CCONJ
cblr-9111	102	68	the	the	DET
cblr-9111	102	69	then	then	ADV
cblr-9111	102	70	-	-	PUNCT
cblr-9111	102	71	prevailing	prevail	VERB
cblr-9111	102	72	term	term	NOUN
cblr-9111	102	73	structure	structure	NOUN
cblr-9111	102	74	of	of	ADP
cblr-9111	102	75	interest	interest	NOUN
cblr-9111	102	76	rates.34	rates.34	NOUN
cblr-9111	102	77	in	in	ADP
cblr-9111	102	78	addition	addition	NOUN
cblr-9111	102	79	to	to	ADP
cblr-9111	102	80	encompassing	encompass	VERB
cblr-9111	102	81	four	four	NUM
cblr-9111	102	82	different	different	ADJ
cblr-9111	102	83	treasury	treasury	NOUN
cblr-9111	102	84	securities	security	NOUN
cblr-9111	102	85	,	,	PUNCT
cblr-9111	102	86	the	the	DET
cblr-9111	102	87	u.s	u.s	PROPN
cblr-9111	102	88	.	.	PROPN
cblr-9111	102	89	treasury	treasury	PROPN
cblr-9111	102	90	market	market	NOUN
cblr-9111	102	91	includes	include	VERB
cblr-9111	102	92	at	at	ADV
cblr-9111	102	93	least	least	ADV
cblr-9111	102	94	two	two	NUM
cblr-9111	102	95	distinct	distinct	ADJ
cblr-9111	102	96	markets	market	NOUN
cblr-9111	102	97	:	:	PUNCT
cblr-9111	102	98	a	a	DET
cblr-9111	102	99	primary	primary	ADJ
cblr-9111	102	100	market	market	NOUN
cblr-9111	102	101	and	and	CCONJ
cblr-9111	102	102	a	a	DET
cblr-9111	102	103	secondary	secondary	ADJ
cblr-9111	102	104	trading	trading	NOUN
cblr-9111	102	105	market.35	market.35	NOUN
cblr-9111	102	106	the	the	DET
cblr-9111	102	107	primary	primary	ADJ
cblr-9111	102	108	market	market	NOUN
cblr-9111	102	109	for	for	ADP
cblr-9111	102	110	treasury	treasury	PROPN
cblr-9111	102	111	securities	security	NOUN
cblr-9111	102	112	involves	involve	VERB
cblr-9111	102	113	transactions	transaction	NOUN
cblr-9111	102	114	between	between	ADP
cblr-9111	102	115	the	the	DET
cblr-9111	102	116	treasury	treasury	PROPN
cblr-9111	102	117	department	department	PROPN
cblr-9111	102	118	and	and	CCONJ
cblr-9111	102	119	the	the	DET
cblr-9111	102	120	twenty	twenty	NUM
cblr-9111	102	121	-	-	PUNCT
cblr-9111	102	122	four	four	NUM
cblr-9111	102	123	primary	primary	ADJ
cblr-9111	102	124	dealers	dealer	NOUN
cblr-9111	102	125	—	—	PUNCT
cblr-9111	102	126	banks	bank	NOUN
cblr-9111	102	127	or	or	CCONJ
cblr-9111	102	128	broker	broker	NOUN
cblr-9111	102	129	-	-	PUNCT
cblr-9111	102	130	dealers	dealer	NOUN
cblr-9111	102	131	that	that	PRON
cblr-9111	102	132	trade	trade	VERB
cblr-9111	102	133	in	in	ADP
cblr-9111	102	134	treasury	treasury	PROPN
cblr-9111	102	135	securities	security	NOUN
cblr-9111	102	136	with	with	ADP
cblr-9111	102	137	the	the	DET
cblr-9111	102	138	new	new	PROPN
cblr-9111	102	139	york	york	PROPN
cblr-9111	102	140	federal	federal	PROPN
cblr-9111	102	141	reserve36	reserve36	X
cblr-9111	102	142	—	—	PUNCT
cblr-9111	102	143	or	or	CCONJ
cblr-9111	102	144	the	the	DET
cblr-9111	102	145	wide	wide	ADJ
cblr-9111	102	146	range	range	NOUN
cblr-9111	102	147	of	of	ADP
cblr-9111	102	148	other	other	ADJ
cblr-9111	102	149	market	market	NOUN
cblr-9111	102	150	participants	participant	NOUN
cblr-9111	102	151	bidding	bid	VERB
cblr-9111	102	152	directly	directly	ADV
cblr-9111	102	153	in	in	ADP
cblr-9111	102	154	an	an	DET
cblr-9111	102	155	auction	auction	NOUN
cblr-9111	102	156	that	that	SCONJ
cblr-9111	102	157	the	the	DET
cblr-9111	102	158	treasury	treasury	PROPN
cblr-9111	102	159	department	department	NOUN
cblr-9111	102	160	conducts	conduct	VERB
cblr-9111	102	161	on	on	ADP
cblr-9111	102	162	a	a	DET
cblr-9111	102	163	regular	regular	ADJ
cblr-9111	102	164	basis	basis	NOUN
cblr-9111	102	165	throughout	throughout	ADP
cblr-9111	102	166	the	the	DET
cblr-9111	102	167	year.37	year.37	PROPN
cblr-9111	102	168	primary	primary	ADJ
cblr-9111	102	169	dealers	dealer	NOUN
cblr-9111	102	170	are	be	AUX
cblr-9111	102	171	required	require	VERB
cblr-9111	102	172	to	to	PART
cblr-9111	102	173	bid	bid	VERB
cblr-9111	102	174	on	on	ADP
cblr-9111	102	175	new	new	ADJ
cblr-9111	102	176	treasury	treasury	NOUN
cblr-9111	102	177	issues	issue	NOUN
cblr-9111	102	178	at	at	ADP
cblr-9111	102	179	auction	auction	NOUN
cblr-9111	102	180	“	"	PUNCT
cblr-9111	102	181	even	even	ADV
cblr-9111	102	182	if	if	SCONJ
cblr-9111	102	183	market	market	NOUN
cblr-9111	102	184	environments	environment	NOUN
cblr-9111	102	185	appear	appear	VERB
cblr-9111	102	186	unfavorable	unfavorable	ADJ
cblr-9111	102	187	.	.	PUNCT
cblr-9111	103	1	”38	”38	NOUN
cblr-9111	103	2	the	the	DET
cblr-9111	103	3	secondary	secondary	ADJ
cblr-9111	103	4	market	market	NOUN
cblr-9111	103	5	for	for	ADP
cblr-9111	103	6	treasury	treasury	PROPN
cblr-9111	103	7	securities	security	NOUN
cblr-9111	103	8	involves	involve	VERB
cblr-9111	103	9	transactions	transaction	NOUN
cblr-9111	103	10	between	between	ADP
cblr-9111	103	11	market	market	NOUN
cblr-9111	103	12	participants	participant	NOUN
cblr-9111	103	13	,	,	PUNCT
cblr-9111	103	14	and	and	CCONJ
cblr-9111	103	15	is	be	AUX
cblr-9111	103	16	itself	itself	PRON
cblr-9111	103	17	bifurcated	bifurcate	VERB
cblr-9111	103	18	between	between	ADP
cblr-9111	103	19	customer	customer	NOUN
cblr-9111	103	20	and	and	CCONJ
cblr-9111	103	21	interdealer	interdealer	NOUN
cblr-9111	103	22	markets.39	markets.39	NOUN
cblr-9111	103	23	the	the	DET
cblr-9111	103	24	31	31	NUM
cblr-9111	103	25	i	i	PROPN
cblr-9111	103	26	d.	d.	PROPN
cblr-9111	103	27	32	32	NUM
cblr-9111	103	28	treasury	treasury	PROPN
cblr-9111	103	29	inflation	inflation	NOUN
cblr-9111	103	30	-	-	PUNCT
cblr-9111	103	31	protected	protect	VERB
cblr-9111	103	32	securities	security	NOUN
cblr-9111	103	33	(	(	PUNCT
cblr-9111	103	34	tips	tip	NOUN
cblr-9111	103	35	)	)	PUNCT
cblr-9111	103	36	,	,	PUNCT
cblr-9111	103	37	treasurydirect	treasurydirect	NOUN
cblr-9111	103	38	,	,	PUNCT
cblr-9111	103	39	https://www.treasurydirect.gov/indiv/products/prod_tips_glance.htm	https://www.treasurydirect.gov/indiv/products/prod_tips_glance.htm	PROPN
cblr-9111	104	1	[	[	X
cblr-9111	104	2	https://perma.cc/ja4j-psp2	https://perma.cc/ja4j-psp2	X
cblr-9111	104	3	]	]	PUNCT
cblr-9111	104	4	(	(	PUNCT
cblr-9111	104	5	last	last	ADV
cblr-9111	104	6	visited	visit	VERB
cblr-9111	104	7	dec	dec	PROPN
cblr-9111	104	8	.	.	PROPN
cblr-9111	104	9	1	1	NUM
cblr-9111	104	10	,	,	PUNCT
cblr-9111	104	11	2021	2021	NUM
cblr-9111	104	12	)	)	PUNCT
cblr-9111	104	13	.	.	PUNCT
cblr-9111	105	1	33	33	NUM
cblr-9111	105	2	treasury	treasury	PROPN
cblr-9111	105	3	securities	security	NOUN
cblr-9111	105	4	and	and	CCONJ
cblr-9111	105	5	programs	program	NOUN
cblr-9111	105	6	,	,	PUNCT
cblr-9111	105	7	supra	supra	PROPN
cblr-9111	105	8	note	note	NOUN
cblr-9111	105	9	27	27	NUM
cblr-9111	105	10	.	.	PUNCT
cblr-9111	106	1	34	34	NUM
cblr-9111	106	2	see	see	VERB
cblr-9111	106	3	grant	grant	NOUN
cblr-9111	106	4	a.	a.	NOUN
cblr-9111	106	5	driessen	driessen	PROPN
cblr-9111	106	6	,	,	PUNCT
cblr-9111	106	7	cong	cong	NOUN
cblr-9111	106	8	.	.	PUNCT
cblr-9111	107	1	rsch	rsch	PROPN
cblr-9111	107	2	.	.	PUNCT
cblr-9111	108	1	serv	serv	PROPN
cblr-9111	108	2	.	.	PROPN
cblr-9111	108	3	,	,	PUNCT
cblr-9111	108	4	r40767	r40767	NOUN
cblr-9111	108	5	,	,	PUNCT
cblr-9111	108	6	how	how	SCONJ
cblr-9111	108	7	treasury	treasury	NOUN
cblr-9111	108	8	issues	issue	NOUN
cblr-9111	108	9	debt	debt	VERB
cblr-9111	108	10	4	4	NUM
cblr-9111	108	11	(	(	PUNCT
cblr-9111	108	12	2016	2016	NUM
cblr-9111	108	13	)	)	PUNCT
cblr-9111	108	14	(	(	PUNCT
cblr-9111	108	15	“	"	PUNCT
cblr-9111	108	16	if	if	SCONJ
cblr-9111	108	17	treasury	treasury	NOUN
cblr-9111	108	18	borrowing	borrowing	NOUN
cblr-9111	108	19	requirements	requirement	NOUN
cblr-9111	108	20	or	or	CCONJ
cblr-9111	108	21	financing	financing	NOUN
cblr-9111	108	22	policy	policy	NOUN
cblr-9111	108	23	decisions	decision	NOUN
cblr-9111	108	24	change	change	VERB
cblr-9111	108	25	,	,	PUNCT
cblr-9111	108	26	the	the	DET
cblr-9111	108	27	types	type	NOUN
cblr-9111	108	28	of	of	ADP
cblr-9111	108	29	securities	security	NOUN
cblr-9111	108	30	,	,	PUNCT
cblr-9111	108	31	the	the	DET
cblr-9111	108	32	length	length	NOUN
cblr-9111	108	33	of	of	ADP
cblr-9111	108	34	maturity	maturity	NOUN
cblr-9111	108	35	periods	period	NOUN
cblr-9111	108	36	,	,	PUNCT
cblr-9111	108	37	and	and	CCONJ
cblr-9111	108	38	offering	offer	VERB
cblr-9111	108	39	amounts	amount	NOUN
cblr-9111	108	40	could	could	AUX
cblr-9111	108	41	be	be	AUX
cblr-9111	108	42	altered	alter	VERB
cblr-9111	108	43	.	.	PUNCT
cblr-9111	108	44	”	"	PUNCT
cblr-9111	108	45	)	)	PUNCT
cblr-9111	108	46	.	.	PUNCT
cblr-9111	109	1	35	35	NUM
cblr-9111	109	2	yadav	yadav	NOUN
cblr-9111	109	3	,	,	PUNCT
cblr-9111	109	4	supra	supra	PROPN
cblr-9111	109	5	note	note	PROPN
cblr-9111	109	6	4	4	NUM
cblr-9111	109	7	,	,	PUNCT
cblr-9111	109	8	at	at	ADP
cblr-9111	109	9	1180–81	1180–81	NUM
cblr-9111	109	10	.	.	PUNCT
cblr-9111	110	1	36	36	NUM
cblr-9111	111	1	i	i	PRON
cblr-9111	111	2	d.	d.	PROPN
cblr-9111	111	3	at	at	ADP
cblr-9111	111	4	1180	1180	NUM
cblr-9111	111	5	.	.	PUNCT
cblr-9111	112	1	37	37	NUM
cblr-9111	112	2	driessen	driessen	NOUN
cblr-9111	112	3	,	,	PUNCT
cblr-9111	112	4	supra	supra	PROPN
cblr-9111	112	5	note	note	PROPN
cblr-9111	112	6	34	34	NUM
cblr-9111	112	7	,	,	PUNCT
cblr-9111	112	8	at	at	ADP
cblr-9111	112	9	3	3	NUM
cblr-9111	112	10	.	.	PROPN
cblr-9111	112	11	38	38	NUM
cblr-9111	112	12	yadav	yadav	NOUN
cblr-9111	112	13	,	,	PUNCT
cblr-9111	112	14	supra	supra	PROPN
cblr-9111	112	15	note	note	PROPN
cblr-9111	112	16	4	4	NUM
cblr-9111	112	17	,	,	PUNCT
cblr-9111	112	18	at	at	ADP
cblr-9111	112	19	1200	1200	NUM
cblr-9111	112	20	.	.	PUNCT
cblr-9111	113	1	39	39	NUM
cblr-9111	113	2	group	group	NOUN
cblr-9111	113	3	of	of	ADP
cblr-9111	113	4	thirty	thirty	NUM
cblr-9111	113	5	working	work	VERB
cblr-9111	113	6	group	group	NOUN
cblr-9111	113	7	on	on	ADP
cblr-9111	113	8	treasury	treasury	PROPN
cblr-9111	113	9	market	market	NOUN
cblr-9111	113	10	liquidity	liquidity	NOUN
cblr-9111	113	11	,	,	PUNCT
cblr-9111	113	12	supra	supra	PROPN
cblr-9111	113	13	note	note	PROPN
cblr-9111	113	14	1	1	NUM
cblr-9111	113	15	;	;	PUNCT
cblr-9111	113	16	see	see	VERB
cblr-9111	113	17	also	also	ADV
cblr-9111	113	18	ken	ken	PROPN
cblr-9111	113	19	griffin	griffin	PROPN
cblr-9111	113	20	,	,	PUNCT
cblr-9111	113	21	founder	founder	NOUN
cblr-9111	113	22	and	and	CCONJ
cblr-9111	113	23	ceo	ceo	PROPN
cblr-9111	113	24	,	,	PUNCT
cblr-9111	113	25	citadel	citadel	PROPN
cblr-9111	113	26	llc	llc	PROPN
cblr-9111	113	27	,	,	PUNCT
cblr-9111	113	28	remarks	remark	VERB
cblr-9111	113	29	before	before	ADP
cblr-9111	113	30	the	the	DET
cblr-9111	113	31	fed	fed	PROPN
cblr-9111	113	32	.	.	PUNCT
cblr-9111	114	1	rsrv	rsrv	PROPN
cblr-9111	114	2	.	.	PUNCT
cblr-9111	115	1	bank	bank	PROPN
cblr-9111	115	2	of	of	ADP
cblr-9111	115	3	n.y	n.y	PROPN
cblr-9111	115	4	.	.	PROPN
cblr-9111	115	5	,	,	PUNCT
cblr-9111	115	6	2015	2015	NUM
cblr-9111	115	7	roundtable	roundtable	NOUN
cblr-9111	115	8	on	on	ADP
cblr-9111	115	9	treasury	treasury	NOUN
cblr-9111	115	10	markets	market	NOUN
cblr-9111	115	11	and	and	CCONJ
cblr-9111	115	12	debt	debt	NOUN
cblr-9111	115	13	management	management	NOUN
cblr-9111	115	14	2	2	NUM
cblr-9111	115	15	(	(	PUNCT
cblr-9111	115	16	nov	nov	PROPN
cblr-9111	115	17	.	.	PROPN
cblr-9111	115	18	20	20	NUM
cblr-9111	115	19	,	,	PUNCT
cblr-9111	115	20	2015	2015	NUM
cblr-9111	115	21	)	)	PUNCT
cblr-9111	115	22	,	,	PUNCT
cblr-9111	115	23	https://www.treasury.gov/about/organizational	https://www.treasury.gov/about/organizational	PROPN
cblr-9111	115	24	1376	1376	NUM
cblr-9111	115	25	columbia	columbia	PROPN
cblr-9111	115	26	business	business	NOUN
cblr-9111	115	27	law	law	PROPN
cblr-9111	115	28	review	review	NOUN
cblr-9111	116	1	[	[	X
cblr-9111	116	2	vol	vol	NOUN
cblr-9111	116	3	.	.	NOUN
cblr-9111	116	4	2021	2021	NUM
cblr-9111	116	5	customer	customer	NOUN
cblr-9111	116	6	market	market	NOUN
cblr-9111	116	7	involves	involve	VERB
cblr-9111	116	8	trading	trading	NOUN
cblr-9111	116	9	among	among	ADP
cblr-9111	116	10	end	end	NOUN
cblr-9111	116	11	-	-	PUNCT
cblr-9111	116	12	users	user	NOUN
cblr-9111	116	13	of	of	ADP
cblr-9111	116	14	treasury	treasury	PROPN
cblr-9111	116	15	securities	security	NOUN
cblr-9111	116	16	—	—	PUNCT
cblr-9111	116	17	such	such	ADJ
cblr-9111	116	18	as	as	ADP
cblr-9111	116	19	mutual	mutual	ADJ
cblr-9111	116	20	funds	fund	NOUN
cblr-9111	116	21	,	,	PUNCT
cblr-9111	116	22	asset	asset	NOUN
cblr-9111	116	23	managers	manager	NOUN
cblr-9111	116	24	,	,	PUNCT
cblr-9111	116	25	and	and	CCONJ
cblr-9111	116	26	banks.40	banks.40	PROPN
cblr-9111	116	27	dealers	dealer	NOUN
cblr-9111	116	28	act	act	VERB
cblr-9111	116	29	as	as	ADP
cblr-9111	116	30	market	market	NOUN
cblr-9111	116	31	makers	maker	NOUN
cblr-9111	116	32	for	for	ADP
cblr-9111	116	33	over	over	ADP
cblr-9111	116	34	-	-	PUNCT
cblr-9111	116	35	thecounter	thecounter	NOUN
cblr-9111	116	36	(	(	PUNCT
cblr-9111	116	37	otc	otc	PROPN
cblr-9111	116	38	)	)	PUNCT
cblr-9111	116	39	customer	customer	NOUN
cblr-9111	116	40	trades	trade	NOUN
cblr-9111	116	41	,	,	PUNCT
cblr-9111	116	42	in	in	ADP
cblr-9111	116	43	which	which	PRON
cblr-9111	116	44	“	"	PUNCT
cblr-9111	116	45	participants	participant	NOUN
cblr-9111	116	46	trade	trade	VERB
cblr-9111	116	47	with	with	ADP
cblr-9111	116	48	one	one	NUM
cblr-9111	116	49	another	another	DET
cblr-9111	116	50	on	on	ADP
cblr-9111	116	51	a	a	DET
cblr-9111	116	52	bilateral	bilateral	ADJ
cblr-9111	116	53	basis	basis	NOUN
cblr-9111	116	54	rather	rather	ADV
cblr-9111	116	55	than	than	ADP
cblr-9111	116	56	on	on	ADP
cblr-9111	116	57	an	an	DET
cblr-9111	116	58	organized	organized	ADJ
cblr-9111	116	59	exchange	exchange	NOUN
cblr-9111	116	60	.	.	PUNCT
cblr-9111	117	1	”41	”41	PROPN
cblr-9111	117	2	customer	customer	NOUN
cblr-9111	117	3	trades	trade	NOUN
cblr-9111	117	4	increasingly	increasingly	ADV
cblr-9111	117	5	occur	occur	VERB
cblr-9111	117	6	on	on	ADP
cblr-9111	117	7	electronic	electronic	ADJ
cblr-9111	117	8	trading	trading	NOUN
cblr-9111	117	9	venues.42	venues.42	NOUN
cblr-9111	117	10	in	in	ADP
cblr-9111	117	11	contrast	contrast	NOUN
cblr-9111	117	12	,	,	PUNCT
cblr-9111	117	13	the	the	DET
cblr-9111	117	14	interdealer	interdealer	ADJ
cblr-9111	117	15	market	market	NOUN
cblr-9111	117	16	for	for	ADP
cblr-9111	117	17	on	on	ADP
cblr-9111	117	18	-	-	PUNCT
cblr-9111	117	19	the	the	DET
cblr-9111	117	20	-	-	PUNCT
cblr-9111	117	21	run	run	NOUN
cblr-9111	117	22	treasury	treasury	NOUN
cblr-9111	117	23	securities	security	NOUN
cblr-9111	117	24	—	—	PUNCT
cblr-9111	117	25	that	that	ADV
cblr-9111	117	26	is	is	ADV
cblr-9111	117	27	,	,	PUNCT
cblr-9111	117	28	the	the	DET
cblr-9111	117	29	most	most	ADV
cblr-9111	117	30	recently	recently	ADV
cblr-9111	117	31	issued	issue	VERB
cblr-9111	117	32	bonds	bond	NOUN
cblr-9111	117	33	or	or	CCONJ
cblr-9111	117	34	notes43	notes43	NOUN
cblr-9111	117	35	—	—	PUNCT
cblr-9111	117	36	involves	involve	VERB
cblr-9111	117	37	dealers	dealer	NOUN
cblr-9111	117	38	trading	trade	VERB
cblr-9111	117	39	among	among	ADP
cblr-9111	117	40	themselves.44	themselves.44	NOUN
cblr-9111	117	41	that	that	SCONJ
cblr-9111	117	42	market	market	NOUN
cblr-9111	117	43	has	have	AUX
cblr-9111	117	44	in	in	ADP
cblr-9111	117	45	recent	recent	ADJ
cblr-9111	117	46	years	year	NOUN
cblr-9111	117	47	become	become	VERB
cblr-9111	117	48	“	"	PUNCT
cblr-9111	117	49	almost	almost	ADV
cblr-9111	117	50	completely	completely	ADV
cblr-9111	117	51	electronic	electronic	ADJ
cblr-9111	117	52	.	.	PUNCT
cblr-9111	118	1	”45	”45	PROPN
cblr-9111	118	2	notably	notably	ADV
cblr-9111	118	3	,	,	PUNCT
cblr-9111	118	4	the	the	DET
cblr-9111	118	5	interdealer	interdealer	ADJ
cblr-9111	118	6	market	market	NOUN
cblr-9111	118	7	is	be	AUX
cblr-9111	118	8	“	"	PUNCT
cblr-9111	118	9	not	not	PART
cblr-9111	118	10	dominated	dominate	VERB
cblr-9111	118	11	by	by	ADP
cblr-9111	118	12	the	the	DET
cblr-9111	118	13	banks	bank	NOUN
cblr-9111	118	14	,	,	PUNCT
cblr-9111	118	15	”	"	PUNCT
cblr-9111	118	16	but	but	CCONJ
cblr-9111	118	17	by	by	ADP
cblr-9111	118	18	principal	principal	ADJ
cblr-9111	118	19	trading	trading	NOUN
cblr-9111	118	20	firms	firm	NOUN
cblr-9111	118	21	(	(	PUNCT
cblr-9111	118	22	ptfs	ptfs	ADJ
cblr-9111	118	23	)	)	PUNCT
cblr-9111	118	24	that	that	PRON
cblr-9111	118	25	are	be	AUX
cblr-9111	118	26	both	both	PRON
cblr-9111	118	27	relative	relative	ADJ
cblr-9111	118	28	newcomers	newcomer	NOUN
cblr-9111	118	29	in	in	ADP
cblr-9111	118	30	the	the	DET
cblr-9111	118	31	treasury	treasury	NOUN
cblr-9111	118	32	market	market	NOUN
cblr-9111	118	33	and	and	CCONJ
cblr-9111	118	34	“	"	PUNCT
cblr-9111	118	35	extraordinarily	extraordinarily	ADV
cblr-9111	118	36	good	good	ADJ
cblr-9111	118	37	at	at	ADP
cblr-9111	118	38	making	make	VERB
cblr-9111	118	39	two	two	NUM
cblr-9111	118	40	-	-	PUNCT
cblr-9111	118	41	way	way	NOUN
cblr-9111	118	42	markets	market	NOUN
cblr-9111	118	43	”	"	PUNCT
cblr-9111	118	44	in	in	ADP
cblr-9111	118	45	treasury	treasury	PROPN
cblr-9111	118	46	securities.46	securities.46	PROPN
cblr-9111	118	47	as	as	SCONJ
cblr-9111	118	48	the	the	DET
cblr-9111	118	49	traditional	traditional	ADJ
cblr-9111	118	50	large	large	ADJ
cblr-9111	118	51	bank	bank	NOUN
cblr-9111	118	52	dealers	dealer	NOUN
cblr-9111	118	53	have	have	AUX
cblr-9111	118	54	reduced	reduce	VERB
cblr-9111	118	55	their	their	PRON
cblr-9111	118	56	market	market	NOUN
cblr-9111	118	57	-	-	PUNCT
cblr-9111	118	58	making	make	VERB
cblr-9111	118	59	presence	presence	NOUN
cblr-9111	118	60	,	,	PUNCT
cblr-9111	118	61	ptfs	ptfs	ADJ
cblr-9111	118	62	(	(	PUNCT
cblr-9111	118	63	including	include	VERB
cblr-9111	118	64	firms	firm	NOUN
cblr-9111	118	65	such	such	ADJ
cblr-9111	118	66	as	as	ADP
cblr-9111	118	67	citadel	citadel	PROPN
cblr-9111	118	68	securities	security	NOUN
cblr-9111	118	69	)	)	PUNCT
cblr-9111	118	70	have	have	AUX
cblr-9111	118	71	arrived	arrive	VERB
cblr-9111	118	72	“	"	PUNCT
cblr-9111	118	73	to	to	PART
cblr-9111	118	74	fill	fill	VERB
cblr-9111	118	75	the	the	DET
cblr-9111	118	76	void	void	NOUN
cblr-9111	118	77	”	"	PUNCT
cblr-9111	118	78	and	and	CCONJ
cblr-9111	118	79	provide	provide	VERB
cblr-9111	118	80	needed	needed	ADJ
cblr-9111	118	81	liquidity.47	liquidity.47	NOUN
cblr-9111	118	82	in	in	ADP
cblr-9111	118	83	fact	fact	NOUN
cblr-9111	118	84	,	,	PUNCT
cblr-9111	118	85	ptfs	ptfs	VERB
cblr-9111	118	86	now	now	ADV
cblr-9111	118	87	account	account	VERB
cblr-9111	118	88	for	for	ADP
cblr-9111	118	89	twenty	twenty	NUM
cblr-9111	118	90	-	-	PUNCT
cblr-9111	118	91	one	one	NUM
cblr-9111	118	92	percent	percent	NOUN
cblr-9111	118	93	of	of	ADP
cblr-9111	118	94	all	all	DET
cblr-9111	118	95	treasury	treasury	NOUN
cblr-9111	118	96	bond	bond	NOUN
cblr-9111	118	97	structure	structure	NOUN
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cblr-9111	118	114	.	.	PUNCT
cblr-9111	119	1	40	40	NUM
cblr-9111	119	2	see	see	VERB
cblr-9111	119	3	yadav	yadav	NOUN
cblr-9111	119	4	,	,	PUNCT
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cblr-9111	119	10	1201	1201	NUM
cblr-9111	119	11	.	.	PUNCT
cblr-9111	120	1	41	41	NUM
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cblr-9111	120	5	,	,	PUNCT
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cblr-9111	120	8	22	22	NUM
cblr-9111	120	9	.	.	PUNCT
cblr-9111	121	1	42	42	NUM
cblr-9111	121	2	see	see	VERB
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cblr-9111	121	5	supra	supra	PROPN
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cblr-9111	121	7	4	4	NUM
cblr-9111	121	8	,	,	PUNCT
cblr-9111	121	9	at	at	ADP
cblr-9111	121	10	1201	1201	NUM
cblr-9111	121	11	.	.	PUNCT
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cblr-9111	122	7	-	-	PUNCT
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cblr-9111	122	9	-	-	PUNCT
cblr-9111	122	10	run	run	NOUN
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cblr-9111	122	12	,	,	PUNCT
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cblr-9111	123	6	1	1	NUM
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cblr-9111	123	10	,	,	PUNCT
cblr-9111	123	11	https://corporatefinanceinstitute.com/resources/knowledge/tradinginvesting/on-the-run-treasuries/	https://corporatefinanceinstitute.com/resources/knowledge/tradinginvesting/on-the-run-treasuries/	PROPN
cblr-9111	124	1	[	[	X
cblr-9111	124	2	https://perma.cc/f7wg-fzpx	https://perma.cc/f7wg-fzpx	ADV
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cblr-9111	125	1	by	by	ADP
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cblr-9111	125	3	,	,	PUNCT
cblr-9111	125	4	off	off	ADP
cblr-9111	125	5	-	-	PUNCT
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cblr-9111	125	7	-	-	PUNCT
cblr-9111	125	8	run	run	NOUN
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cblr-9111	125	12	prior	prior	ADJ
cblr-9111	125	13	issuances	issuance	NOUN
cblr-9111	125	14	,	,	PUNCT
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cblr-9111	125	16	are	be	AUX
cblr-9111	125	17	less	less	ADV
cblr-9111	125	18	liquid	liquid	ADJ
cblr-9111	125	19	.	.	PUNCT
cblr-9111	126	1	see	see	VERB
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cblr-9111	126	8	note	note	NOUN
cblr-9111	126	9	39	39	NUM
cblr-9111	126	10	,	,	PUNCT
cblr-9111	126	11	at	at	ADP
cblr-9111	126	12	2	2	NUM
cblr-9111	126	13	.	.	NUM
cblr-9111	126	14	45	45	NUM
cblr-9111	127	1	i	i	NOUN
cblr-9111	127	2	d.	d.	PROPN
cblr-9111	127	3	46	46	NUM
cblr-9111	128	1	i	i	PRON
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cblr-9111	128	6	,	,	PUNCT
cblr-9111	128	7	coal	coal	NOUN
cblr-9111	128	8	.	.	PUNCT
cblr-9111	129	1	greenwich	greenwich	PROPN
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cblr-9111	129	9	back	back	ADV
cblr-9111	129	10	from	from	ADP
cblr-9111	129	11	market	market	NOUN
cblr-9111	129	12	-	-	PUNCT
cblr-9111	129	13	making	making	NOUN
cblr-9111	129	14	,	,	PUNCT
cblr-9111	129	15	alternative	alternative	ADJ
cblr-9111	129	16	liquidity	liquidity	NOUN
cblr-9111	129	17	providers	provider	NOUN
cblr-9111	129	18	emerge	emerge	VERB
cblr-9111	129	19	(	(	PUNCT
cblr-9111	129	20	oct	oct	PROPN
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cblr-9111	129	22	13	13	NUM
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cblr-9111	129	26	,	,	PUNCT
cblr-9111	129	27	https://www.greenwich.com/press-release/us-treasury-dealers-stepback-market-making-alternative-liquidity-providers-emerge	https://www.greenwich.com/press-release/us-treasury-dealers-stepback-market-making-alternative-liquidity-providers-emerge	NOUN
cblr-9111	130	1	[	[	X
cblr-9111	130	2	https://perma.cc/3agj-kud3	https://perma.cc/3agj-kud3	X
cblr-9111	130	3	]	]	PUNCT
cblr-9111	130	4	;	;	PUNCT
cblr-9111	130	5	see	see	VERB
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cblr-9111	130	7	logan	logan	PROPN
cblr-9111	130	8	,	,	PUNCT
cblr-9111	130	9	supra	supra	PROPN
cblr-9111	130	10	note	note	PROPN
cblr-9111	130	11	19	19	NUM
cblr-9111	130	12	(	(	PUNCT
cblr-9111	130	13	describing	describe	VERB
cblr-9111	130	14	the	the	DET
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cblr-9111	131	3	one	one	NUM
cblr-9111	131	4	another	another	DET
cblr-9111	131	5	in	in	ADP
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cblr-9111	131	7	most	most	ADV
cblr-9111	131	8	liquid	liquid	ADJ
cblr-9111	131	9	securities	security	NOUN
cblr-9111	131	10	and	and	CCONJ
cblr-9111	131	11	largely	largely	ADV
cblr-9111	131	12	on	on	ADP
cblr-9111	131	13	electronic	electronic	ADJ
cblr-9111	131	14	order	order	NOUN
cblr-9111	131	15	books	book	NOUN
cblr-9111	131	16	”	"	PUNCT
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cblr-9111	131	18	.	.	PUNCT
cblr-9111	132	1	no	no	INTJ
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cblr-9111	133	6	market	market	NOUN
cblr-9111	133	7	1377	1377	NUM
cblr-9111	133	8	trades	trade	NOUN
cblr-9111	133	9	and	and	CCONJ
cblr-9111	133	10	sixty	sixty	NUM
cblr-9111	133	11	-	-	PUNCT
cblr-9111	133	12	one	one	NUM
cblr-9111	133	13	percent	percent	NOUN
cblr-9111	133	14	of	of	ADP
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cblr-9111	133	16	trades	trade	NOUN
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cblr-9111	133	20	platforms.48	platforms.48	PROPN
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cblr-9111	133	32	futures	future	NOUN
cblr-9111	133	33	and	and	CCONJ
cblr-9111	133	34	repurchase	repurchase	AUX
cblr-9111	133	35	(	(	PUNCT
cblr-9111	133	36	“	"	PUNCT
cblr-9111	133	37	repo	repo	VERB
cblr-9111	133	38	”	"	PUNCT
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cblr-9111	133	44	“	"	PUNCT
cblr-9111	133	45	standardized	standardized	ADJ
cblr-9111	133	46	contracts	contract	NOUN
cblr-9111	133	47	for	for	ADP
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cblr-9111	133	49	purchase	purchase	NOUN
cblr-9111	133	50	and	and	CCONJ
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cblr-9111	133	59	for	for	ADP
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cblr-9111	133	62	.	.	PUNCT
cblr-9111	134	1	”50	”50	PROPN
cblr-9111	135	1	the	the	DET
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cblr-9111	135	6	been	be	AUX
cblr-9111	135	7	operating	operate	VERB
cblr-9111	135	8	for	for	ADP
cblr-9111	135	9	nearly	nearly	ADV
cblr-9111	135	10	fifty	fifty	NUM
cblr-9111	135	11	years	year	NOUN
cblr-9111	135	12	under	under	ADP
cblr-9111	135	13	a	a	DET
cblr-9111	135	14	comprehensive	comprehensive	ADJ
cblr-9111	135	15	regulatory	regulatory	ADJ
cblr-9111	135	16	regime	regime	NOUN
cblr-9111	135	17	overseen	oversee	VERB
cblr-9111	135	18	by	by	ADP
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cblr-9111	135	21	futures	futures	PROPN
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cblr-9111	135	24	(	(	PUNCT
cblr-9111	135	25	cftc).51	cftc).51	PROPN
cblr-9111	135	26	all	all	DET
cblr-9111	135	27	futures	future	NOUN
cblr-9111	135	28	are	be	AUX
cblr-9111	135	29	exchangetraded	exchangetrade	VERB
cblr-9111	135	30	and	and	CCONJ
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cblr-9111	135	33	to	to	ADP
cblr-9111	135	34	central	central	ADJ
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cblr-9111	135	36	through	through	ADP
cblr-9111	135	37	a	a	DET
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cblr-9111	135	44	,	,	PUNCT
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cblr-9111	136	10	to	to	ADP
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cblr-9111	136	12	and	and	CCONJ
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cblr-9111	136	17	at	at	ADP
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cblr-9111	136	37	,	,	PUNCT
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cblr-9111	143	7	regulated	regulate	VERB
cblr-9111	143	8	by	by	ADP
cblr-9111	143	9	the	the	DET
cblr-9111	143	10	commodity	commodity	NOUN
cblr-9111	143	11	futures	futures	PROPN
cblr-9111	143	12	trading	trading	PROPN
cblr-9111	143	13	commission	commission	PROPN
cblr-9111	143	14	.	.	PUNCT
cblr-9111	144	1	u.s	u.s	PROPN
cblr-9111	144	2	.	.	PROPN
cblr-9111	144	3	dep’t	dep’t	NOUN
cblr-9111	144	4	of	of	ADP
cblr-9111	144	5	the	the	DET
cblr-9111	144	6	treasury	treasury	PROPN
cblr-9111	144	7	et	et	PROPN
cblr-9111	144	8	al	al	PROPN
cblr-9111	144	9	.	.	PROPN
cblr-9111	144	10	,	,	PUNCT
cblr-9111	144	11	joint	joint	ADJ
cblr-9111	144	12	staff	staff	NOUN
cblr-9111	144	13	report	report	NOUN
cblr-9111	144	14	:	:	PUNCT
cblr-9111	144	15	the	the	DET
cblr-9111	144	16	u.s	u.s	PROPN
cblr-9111	144	17	.	.	PROPN
cblr-9111	144	18	treasury	treasury	PROPN
cblr-9111	144	19	market	market	NOUN
cblr-9111	144	20	on	on	ADP
cblr-9111	144	21	october	october	PROPN
cblr-9111	144	22	15	15	NUM
cblr-9111	144	23	,	,	PUNCT
cblr-9111	144	24	2014	2014	NUM
cblr-9111	144	25	,	,	PUNCT
cblr-9111	144	26	at	at	ADP
cblr-9111	144	27	2	2	NUM
cblr-9111	144	28	n.1	n.1	NOUN
cblr-9111	144	29	(	(	PUNCT
cblr-9111	144	30	2015	2015	NUM
cblr-9111	144	31	)	)	PUNCT
cblr-9111	144	32	(	(	PUNCT
cblr-9111	144	33	“	"	PUNCT
cblr-9111	144	34	[	[	X
cblr-9111	144	35	t]he	t]he	ADJ
cblr-9111	144	36	cftc	cftc	PROPN
cblr-9111	144	37	regulates	regulate	VERB
cblr-9111	144	38	the	the	DET
cblr-9111	144	39	futures	future	NOUN
cblr-9111	144	40	markets	market	NOUN
cblr-9111	144	41	,	,	PUNCT
cblr-9111	144	42	including	include	VERB
cblr-9111	144	43	the	the	DET
cblr-9111	144	44	treasury	treasury	PROPN
cblr-9111	144	45	futures	future	NOUN
cblr-9111	144	46	markets	market	NOUN
cblr-9111	144	47	,	,	PUNCT
cblr-9111	144	48	and	and	CCONJ
cblr-9111	144	49	many	many	ADJ
cblr-9111	144	50	of	of	ADP
cblr-9111	144	51	its	its	PRON
cblr-9111	144	52	participants	participant	NOUN
cblr-9111	144	53	.	.	PUNCT
cblr-9111	144	54	”	"	PUNCT
cblr-9111	144	55	)	)	PUNCT
cblr-9111	144	56	.	.	PUNCT
cblr-9111	145	1	in	in	ADP
cblr-9111	145	2	1975	1975	NUM
cblr-9111	145	3	,	,	PUNCT
cblr-9111	145	4	the	the	DET
cblr-9111	145	5	cftc	cftc	PROPN
cblr-9111	145	6	approved	approve	VERB
cblr-9111	145	7	the	the	DET
cblr-9111	145	8	first	first	ADJ
cblr-9111	145	9	futures	future	NOUN
cblr-9111	145	10	contract	contract	NOUN
cblr-9111	145	11	on	on	ADP
cblr-9111	145	12	u.s	u.s	PROPN
cblr-9111	145	13	.	.	PROPN
cblr-9111	145	14	government	government	NOUN
cblr-9111	145	15	debt	debt	NOUN
cblr-9111	145	16	:	:	PUNCT
cblr-9111	145	17	the	the	DET
cblr-9111	145	18	chicago	chicago	PROPN
cblr-9111	145	19	mercantile	mercantile	PROPN
cblr-9111	145	20	exchange	exchange	PROPN
cblr-9111	145	21	(	(	PUNCT
cblr-9111	145	22	“	"	PUNCT
cblr-9111	145	23	cme	cme	PROPN
cblr-9111	145	24	”	"	PUNCT
cblr-9111	145	25	)	)	PUNCT
cblr-9111	145	26	ninety	ninety	NUM
cblr-9111	145	27	-	-	PUNCT
cblr-9111	145	28	day	day	NOUN
cblr-9111	145	29	treasury	treasury	NOUN
cblr-9111	145	30	bill	bill	PROPN
cblr-9111	145	31	contract	contract	NOUN
cblr-9111	145	32	.	.	PUNCT
cblr-9111	146	1	history	history	NOUN
cblr-9111	146	2	of	of	ADP
cblr-9111	146	3	the	the	DET
cblr-9111	146	4	cftc	cftc	PROPN
cblr-9111	146	5	:	:	PUNCT
cblr-9111	146	6	cftc	cftc	PROPN
cblr-9111	146	7	history	history	NOUN
cblr-9111	146	8	in	in	ADP
cblr-9111	146	9	the	the	DET
cblr-9111	146	10	1970s	1970	NOUN
cblr-9111	146	11	,	,	PUNCT
cblr-9111	146	12	commodity	commodity	NOUN
cblr-9111	146	13	futures	future	NOUN
cblr-9111	146	14	trading	trading	NOUN
cblr-9111	146	15	comm’n	comm’n	NOUN
cblr-9111	146	16	,	,	PUNCT
cblr-9111	146	17	https://www.cftc.gov/about/historyofthecftc/history_1970s.html	https://www.cftc.gov/about/historyofthecftc/history_1970s.html	PRON
cblr-9111	146	18	,	,	PUNCT
cblr-9111	146	19	[	[	X
cblr-9111	146	20	https://perma.cc/5a8d-pg59	https://perma.cc/5a8d-pg59	X
cblr-9111	146	21	]	]	X
cblr-9111	146	22	(	(	PUNCT
cblr-9111	146	23	last	last	ADV
cblr-9111	146	24	visited	visit	VERB
cblr-9111	146	25	dec	dec	PROPN
cblr-9111	146	26	.	.	PROPN
cblr-9111	146	27	1	1	NUM
cblr-9111	146	28	,	,	PUNCT
cblr-9111	146	29	2021	2021	NUM
cblr-9111	146	30	)	)	PUNCT
cblr-9111	146	31	.	.	PUNCT
cblr-9111	147	1	52	52	NUM
cblr-9111	147	2	introduction	introduction	NOUN
cblr-9111	147	3	to	to	ADP
cblr-9111	147	4	futures	future	NOUN
cblr-9111	147	5	:	:	PUNCT
cblr-9111	147	6	definition	definition	NOUN
cblr-9111	147	7	of	of	ADP
cblr-9111	147	8	a	a	DET
cblr-9111	147	9	futures	future	NOUN
cblr-9111	147	10	contract	contract	NOUN
cblr-9111	147	11	,	,	PUNCT
cblr-9111	147	12	cme	cme	PROPN
cblr-9111	147	13	grp	grp	PROPN
cblr-9111	147	14	.	.	PUNCT
cblr-9111	148	1	https://www.cmegroup.com/education/courses/introduction-tofutures/definition-of-a-futures-contract.html	https://www.cmegroup.com/education/courses/introduction-tofutures/definition-of-a-futures-contract.html	NOUN
cblr-9111	148	2	#	#	NOUN
cblr-9111	149	1	[	[	X
cblr-9111	149	2	https://perma.cc/3gk4n4uk	https://perma.cc/3gk4n4uk	PROPN
cblr-9111	149	3	]	]	X
cblr-9111	149	4	(	(	PUNCT
cblr-9111	149	5	last	last	ADV
cblr-9111	149	6	visited	visit	VERB
cblr-9111	149	7	dec	dec	PROPN
cblr-9111	149	8	.	.	PROPN
cblr-9111	149	9	1	1	NUM
cblr-9111	149	10	,	,	PUNCT
cblr-9111	149	11	2021	2021	NUM
cblr-9111	149	12	)	)	PUNCT
cblr-9111	149	13	.	.	PUNCT
cblr-9111	150	1	53	53	NUM
cblr-9111	150	2	see	see	VERB
cblr-9111	150	3	adam	adam	PROPN
cblr-9111	150	4	copeland	copeland	PROPN
cblr-9111	150	5	et	et	PROPN
cblr-9111	150	6	al	al	PROPN
cblr-9111	150	7	.	.	PROPN
cblr-9111	150	8	,	,	PUNCT
cblr-9111	150	9	how	how	SCONJ
cblr-9111	150	10	competitive	competitive	ADJ
cblr-9111	150	11	are	be	AUX
cblr-9111	150	12	u.s	u.s	PROPN
cblr-9111	150	13	.	.	PROPN
cblr-9111	150	14	treasury	treasury	PROPN
cblr-9111	150	15	repo	repo	ADP
cblr-9111	150	16	markets	market	NOUN
cblr-9111	150	17	?	?	PUNCT
cblr-9111	150	18	,	,	PUNCT
cblr-9111	150	19	liberty	liberty	PROPN
cblr-9111	150	20	st	st	PROPN
cblr-9111	150	21	.	.	PROPN
cblr-9111	150	22	econ	econ	PROPN
cblr-9111	150	23	.	.	PUNCT
cblr-9111	151	1	(	(	PUNCT
cblr-9111	151	2	feb	feb	PROPN
cblr-9111	151	3	.	.	PROPN
cblr-9111	151	4	18	18	NUM
cblr-9111	151	5	,	,	PUNCT
cblr-9111	151	6	2021	2021	NUM
cblr-9111	151	7	)	)	PUNCT
cblr-9111	151	8	)	)	PUNCT
cblr-9111	151	9	,	,	PUNCT
cblr-9111	151	10	https://libertystreeteconomics.newyorkfed.org/2021/02/how-competitiveare-us-treasury-repo-markets/	https://libertystreeteconomics.newyorkfed.org/2021/02/how-competitiveare-us-treasury-repo-markets/	NOUN
cblr-9111	151	11	[	[	X
cblr-9111	151	12	https://perma.cc/f8nu-un3h	https://perma.cc/f8nu-un3h	X
cblr-9111	151	13	]	]	X
cblr-9111	151	14	.	.	PUNCT
cblr-9111	151	15	1378	1378	NUM
cblr-9111	151	16	columbia	columbia	PROPN
cblr-9111	151	17	business	business	NOUN
cblr-9111	151	18	law	law	PROPN
cblr-9111	151	19	review	review	NOUN
cblr-9111	151	20	[	[	X
cblr-9111	151	21	vol	vol	NOUN
cblr-9111	151	22	.	.	PUNCT
cblr-9111	151	23	2021	2021	NUM
cblr-9111	151	24	the	the	DET
cblr-9111	151	25	next	next	ADJ
cblr-9111	151	26	day.54	day.54	NOUN
cblr-9111	151	27	a	a	DET
cblr-9111	151	28	“	"	PUNCT
cblr-9111	151	29	reverse	reverse	ADJ
cblr-9111	151	30	repo	repo	NOUN
cblr-9111	151	31	”	"	PUNCT
cblr-9111	151	32	is	be	AUX
cblr-9111	151	33	the	the	DET
cblr-9111	151	34	other	other	ADJ
cblr-9111	151	35	side	side	NOUN
cblr-9111	151	36	of	of	ADP
cblr-9111	151	37	the	the	DET
cblr-9111	151	38	same	same	ADJ
cblr-9111	151	39	trade	trade	NOUN
cblr-9111	151	40	:	:	PUNCT
cblr-9111	151	41	a	a	DET
cblr-9111	151	42	party	party	NOUN
cblr-9111	151	43	purchases	purchase	VERB
cblr-9111	151	44	securities	security	NOUN
cblr-9111	151	45	and	and	CCONJ
cblr-9111	151	46	agrees	agree	VERB
cblr-9111	151	47	to	to	PART
cblr-9111	151	48	sell	sell	VERB
cblr-9111	151	49	them	they	PRON
cblr-9111	151	50	back	back	ADV
cblr-9111	151	51	at	at	ADP
cblr-9111	151	52	a	a	DET
cblr-9111	151	53	set	set	ADJ
cblr-9111	151	54	price	price	NOUN
cblr-9111	151	55	on	on	ADP
cblr-9111	151	56	a	a	DET
cblr-9111	151	57	particular	particular	ADJ
cblr-9111	151	58	day.55	day.55	NOUN
cblr-9111	151	59	distilled	distil	VERB
cblr-9111	151	60	to	to	ADP
cblr-9111	151	61	“	"	PUNCT
cblr-9111	151	62	its	its	PRON
cblr-9111	151	63	financial	financial	ADJ
cblr-9111	151	64	essence	essence	NOUN
cblr-9111	151	65	,	,	PUNCT
cblr-9111	151	66	a	a	DET
cblr-9111	151	67	repo	repo	NOUN
cblr-9111	151	68	is	be	AUX
cblr-9111	151	69	a	a	DET
cblr-9111	151	70	collateralized	collateralized	ADJ
cblr-9111	151	71	loan	loan	NOUN
cblr-9111	151	72	.	.	PUNCT
cblr-9111	152	1	”56	”56	PROPN
cblr-9111	153	1	treasury	treasury	PROPN
cblr-9111	153	2	repo	repo	PROPN
cblr-9111	153	3	transactions	transaction	NOUN
cblr-9111	153	4	are	be	AUX
cblr-9111	153	5	a	a	DET
cblr-9111	153	6	valuable	valuable	ADJ
cblr-9111	153	7	source	source	NOUN
cblr-9111	153	8	of	of	ADP
cblr-9111	153	9	short	short	ADJ
cblr-9111	153	10	-	-	PUNCT
cblr-9111	153	11	term	term	NOUN
cblr-9111	153	12	funding	funding	NOUN
cblr-9111	153	13	for	for	ADP
cblr-9111	153	14	market	market	NOUN
cblr-9111	153	15	participants,57	participants,57	NOUN
cblr-9111	153	16	and	and	CCONJ
cblr-9111	153	17	can	can	AUX
cblr-9111	153	18	also	also	ADV
cblr-9111	153	19	help	help	VERB
cblr-9111	153	20	the	the	DET
cblr-9111	153	21	federal	federal	PROPN
cblr-9111	153	22	reserve	reserve	NOUN
cblr-9111	153	23	system	system	NOUN
cblr-9111	153	24	“	"	PUNCT
cblr-9111	153	25	achieve	achieve	VERB
cblr-9111	153	26	its	its	PRON
cblr-9111	153	27	monetary	monetary	ADJ
cblr-9111	153	28	objectives	objective	NOUN
cblr-9111	153	29	.	.	PUNCT
cblr-9111	154	1	”58	”58	PROPN
cblr-9111	154	2	iii	iii	PROPN
cblr-9111	154	3	.	.	PUNCT
cblr-9111	155	1	market	market	NOUN
cblr-9111	155	2	structure	structure	NOUN
cblr-9111	155	3	challenges	challenge	VERB
cblr-9111	155	4	the	the	DET
cblr-9111	155	5	treasury	treasury	NOUN
cblr-9111	155	6	market	market	NOUN
cblr-9111	155	7	—	—	PUNCT
cblr-9111	155	8	despite	despite	SCONJ
cblr-9111	155	9	its	its	PRON
cblr-9111	155	10	long	long	ADJ
cblr-9111	155	11	history	history	NOUN
cblr-9111	155	12	and	and	CCONJ
cblr-9111	155	13	critical	critical	ADJ
cblr-9111	155	14	role	role	NOUN
cblr-9111	155	15	in	in	ADP
cblr-9111	155	16	the	the	DET
cblr-9111	155	17	u.s	u.s	PROPN
cblr-9111	155	18	.	.	PROPN
cblr-9111	155	19	economy	economy	PROPN
cblr-9111	155	20	and	and	CCONJ
cblr-9111	155	21	global	global	ADJ
cblr-9111	155	22	financial	financial	ADJ
cblr-9111	155	23	system	system	NOUN
cblr-9111	155	24	—	—	PUNCT
cblr-9111	155	25	is	be	AUX
cblr-9111	155	26	not	not	PART
cblr-9111	155	27	immune	immune	ADJ
cblr-9111	155	28	to	to	ADP
cblr-9111	155	29	dislocation	dislocation	NOUN
cblr-9111	155	30	.	.	PUNCT
cblr-9111	156	1	that	that	PRON
cblr-9111	156	2	has	have	AUX
cblr-9111	156	3	become	become	VERB
cblr-9111	156	4	clear	clear	ADJ
cblr-9111	156	5	in	in	ADP
cblr-9111	156	6	recent	recent	ADJ
cblr-9111	156	7	years	year	NOUN
cblr-9111	156	8	,	,	PUNCT
cblr-9111	156	9	as	as	SCONJ
cblr-9111	156	10	this	this	DET
cblr-9111	156	11	vital	vital	ADJ
cblr-9111	156	12	market	market	NOUN
cblr-9111	156	13	has	have	AUX
cblr-9111	156	14	experienced	experience	VERB
cblr-9111	156	15	multiple	multiple	ADJ
cblr-9111	156	16	tests	test	NOUN
cblr-9111	156	17	of	of	ADP
cblr-9111	156	18	its	its	PRON
cblr-9111	156	19	structural	structural	ADJ
cblr-9111	156	20	resiliency	resiliency	NOUN
cblr-9111	156	21	during	during	ADP
cblr-9111	156	22	periods	period	NOUN
cblr-9111	156	23	of	of	ADP
cblr-9111	156	24	surging	surge	VERB
cblr-9111	156	25	volatility	volatility	NOUN
cblr-9111	156	26	and	and	CCONJ
cblr-9111	156	27	constrained	constrain	VERB
cblr-9111	156	28	liquidity	liquidity	NOUN
cblr-9111	156	29	.	.	PUNCT
cblr-9111	157	1	the	the	DET
cblr-9111	157	2	first	first	ADJ
cblr-9111	157	3	significant	significant	ADJ
cblr-9111	157	4	“	"	PUNCT
cblr-9111	157	5	wake	wake	VERB
cblr-9111	157	6	-	-	PUNCT
cblr-9111	157	7	up	up	ADP
cblr-9111	157	8	call	call	NOUN
cblr-9111	157	9	”	"	PUNCT
cblr-9111	157	10	sounded	sound	VERB
cblr-9111	157	11	on	on	ADP
cblr-9111	157	12	october	october	PROPN
cblr-9111	157	13	15	15	NUM
cblr-9111	157	14	,	,	PUNCT
cblr-9111	157	15	2014	2014	NUM
cblr-9111	157	16	,	,	PUNCT
cblr-9111	157	17	when	when	SCONJ
cblr-9111	157	18	treasury	treasury	NOUN
cblr-9111	157	19	prices	price	NOUN
cblr-9111	157	20	experienced	experience	VERB
cblr-9111	157	21	a	a	DET
cblr-9111	157	22	massive	massive	ADJ
cblr-9111	157	23	—	—	PUNCT
cblr-9111	157	24	and	and	CCONJ
cblr-9111	157	25	abrupt	abrupt	ADJ
cblr-9111	157	26	—	—	PUNCT
cblr-9111	157	27	intraday	intraday	ADJ
cblr-9111	157	28	yield	yield	NOUN
cblr-9111	157	29	change.59	change.59	PROPN
cblr-9111	157	30	treasury	treasury	PROPN
cblr-9111	157	31	bill	bill	PROPN
cblr-9111	157	32	yields	yield	NOUN
cblr-9111	157	33	plummeted	plummet	VERB
cblr-9111	157	34	thirty	thirty	NUM
cblr-9111	157	35	-	-	PUNCT
cblr-9111	157	36	seven	seven	NUM
cblr-9111	157	37	basis	basis	NOUN
cblr-9111	157	38	points	point	NOUN
cblr-9111	157	39	before	before	ADP
cblr-9111	157	40	quickly	quickly	ADV
cblr-9111	157	41	surging	surge	VERB
cblr-9111	157	42	54	54	NUM
cblr-9111	157	43	dupont	dupont	NOUN
cblr-9111	157	44	&	&	CCONJ
cblr-9111	157	45	sack	sack	PROPN
cblr-9111	157	46	,	,	PUNCT
cblr-9111	157	47	supra	supra	PROPN
cblr-9111	157	48	note	note	NOUN
cblr-9111	157	49	22	22	NUM
cblr-9111	157	50	,	,	PUNCT
cblr-9111	157	51	at	at	ADP
cblr-9111	157	52	797	797	NUM
cblr-9111	157	53	.	.	PUNCT
cblr-9111	158	1	55	55	NUM
cblr-9111	159	1	i	i	PRON
cblr-9111	159	2	d.	d.	PROPN
cblr-9111	159	3	56	56	NUM
cblr-9111	159	4	repurchase	repurchase	VERB
cblr-9111	159	5	and	and	CCONJ
cblr-9111	159	6	reverse	reverse	VERB
cblr-9111	159	7	repurchase	repurchase	NOUN
cblr-9111	159	8	transactions	transaction	NOUN
cblr-9111	159	9	,	,	PUNCT
cblr-9111	159	10	fed	fed	PROPN
cblr-9111	159	11	.	.	PUNCT
cblr-9111	160	1	rsrv	rsrv	PROPN
cblr-9111	160	2	.	.	PUNCT
cblr-9111	161	1	bank	bank	PROPN
cblr-9111	161	2	of	of	ADP
cblr-9111	161	3	n.y	n.y	PROPN
cblr-9111	161	4	.	.	PROPN
cblr-9111	161	5	,	,	PUNCT
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cblr-9111	163	3	]	]	X
cblr-9111	163	4	(	(	PUNCT
cblr-9111	163	5	last	last	ADV
cblr-9111	163	6	visited	visit	VERB
cblr-9111	163	7	dec	dec	PROPN
cblr-9111	163	8	.	.	PROPN
cblr-9111	163	9	1	1	NUM
cblr-9111	163	10	,	,	PUNCT
cblr-9111	163	11	2021	2021	NUM
cblr-9111	163	12	)	)	PUNCT
cblr-9111	163	13	.	.	PUNCT
cblr-9111	164	1	57	57	NUM
cblr-9111	164	2	see	see	VERB
cblr-9111	164	3	r.	r.	PROPN
cblr-9111	164	4	jay	jay	PROPN
cblr-9111	164	5	kahn	kahn	PROPN
cblr-9111	164	6	&	&	CCONJ
cblr-9111	164	7	luke	luke	PROPN
cblr-9111	164	8	m.	m.	PROPN
cblr-9111	164	9	olson	olson	PROPN
cblr-9111	164	10	,	,	PUNCT
cblr-9111	164	11	who	who	PRON
cblr-9111	164	12	participates	participate	VERB
cblr-9111	164	13	in	in	ADP
cblr-9111	164	14	cleared	clear	VERB
cblr-9111	164	15	repo	repo	NOUN
cblr-9111	164	16	?	?	PUNCT
cblr-9111	164	17	,	,	PUNCT
cblr-9111	164	18	off	off	ADV
cblr-9111	164	19	.	.	PUNCT
cblr-9111	165	1	fin	fin	NOUN
cblr-9111	165	2	.	.	PUNCT
cblr-9111	166	1	rsch	rsch	PROPN
cblr-9111	166	2	.	.	PUNCT
cblr-9111	167	1	brief	brief	ADJ
cblr-9111	167	2	series	series	PROPN
cblr-9111	167	3	,	,	PUNCT
cblr-9111	167	4	july	july	PROPN
cblr-9111	167	5	8	8	NUM
cblr-9111	167	6	,	,	PUNCT
cblr-9111	167	7	2021	2021	NUM
cblr-9111	167	8	,	,	PUNCT
cblr-9111	167	9	at	at	ADP
cblr-9111	167	10	1	1	NUM
cblr-9111	167	11	,	,	PUNCT
cblr-9111	167	12	1	1	NUM
cblr-9111	167	13	;	;	PUNCT
cblr-9111	167	14	see	see	VERB
cblr-9111	167	15	also	also	ADV
cblr-9111	167	16	letter	letter	VERB
cblr-9111	167	17	from	from	ADP
cblr-9111	167	18	adam	adam	PROPN
cblr-9111	167	19	c.	c.	PROPN
cblr-9111	167	20	cooper	cooper	PROPN
cblr-9111	167	21	,	,	PUNCT
cblr-9111	167	22	senior	senior	ADJ
cblr-9111	167	23	managing	managing	NOUN
cblr-9111	167	24	dir	dir	NOUN
cblr-9111	167	25	.	.	PUNCT
cblr-9111	168	1	and	and	CCONJ
cblr-9111	168	2	chief	chief	ADJ
cblr-9111	168	3	legal	legal	ADJ
cblr-9111	168	4	officer	officer	NOUN
cblr-9111	168	5	,	,	PUNCT
cblr-9111	168	6	citadel	citadel	PROPN
cblr-9111	168	7	,	,	PUNCT
cblr-9111	168	8	to	to	ADP
cblr-9111	168	9	david	david	PROPN
cblr-9111	168	10	r.	r.	PROPN
cblr-9111	168	11	pearl	pearl	PROPN
cblr-9111	168	12	,	,	PUNCT
cblr-9111	168	13	exec	exec	NOUN
cblr-9111	168	14	.	.	PUNCT
cblr-9111	169	1	sec’y	sec’y	PROPN
cblr-9111	169	2	.	.	PUNCT
cblr-9111	170	1	u.s	u.s	PROPN
cblr-9111	170	2	.	.	PROPN
cblr-9111	170	3	dep’t	dep’t	NOUN
cblr-9111	170	4	of	of	ADP
cblr-9111	170	5	the	the	DET
cblr-9111	170	6	treasury	treasury	NOUN
cblr-9111	170	7	,	,	PUNCT
cblr-9111	170	8	re	re	ADP
cblr-9111	170	9	:	:	PUNCT
cblr-9111	170	10	request	request	NOUN
cblr-9111	170	11	for	for	ADP
cblr-9111	170	12	information	information	NOUN
cblr-9111	170	13	on	on	ADP
cblr-9111	170	14	the	the	DET
cblr-9111	170	15	evolution	evolution	NOUN
cblr-9111	170	16	of	of	ADP
cblr-9111	170	17	u.s	u.s	PROPN
cblr-9111	170	18	.	.	PROPN
cblr-9111	170	19	treasury	treasury	PROPN
cblr-9111	170	20	market	market	NOUN
cblr-9111	170	21	structure	structure	NOUN
cblr-9111	170	22	4	4	NUM
cblr-9111	170	23	(	(	PUNCT
cblr-9111	170	24	apr	apr	PROPN
cblr-9111	170	25	.	.	PROPN
cblr-9111	170	26	22	22	NUM
cblr-9111	170	27	,	,	PUNCT
cblr-9111	170	28	2016	2016	NUM
cblr-9111	170	29	)	)	PUNCT
cblr-9111	170	30	,	,	PUNCT
cblr-9111	170	31	https://s3.amazonaws.com/citadel-wordpressprd102/wp-content/uploads/2016/09/26121850/citadel-response-to-thetreasury-rfi-april-22-2016.pdf	https://s3.amazonaws.com/citadel-wordpressprd102/wp-content/uploads/2016/09/26121850/citadel-response-to-thetreasury-rfi-april-22-2016.pdf	NOUN
cblr-9111	171	1	[	[	X
cblr-9111	171	2	https://perma.cc/ke2c-klst	https://perma.cc/ke2c-klst	X
cblr-9111	171	3	]	]	X
cblr-9111	171	4	(	(	PUNCT
cblr-9111	171	5	explaining	explain	VERB
cblr-9111	171	6	that	that	SCONJ
cblr-9111	171	7	the	the	DET
cblr-9111	171	8	treasury	treasury	NOUN
cblr-9111	171	9	repo	repo	NOUN
cblr-9111	171	10	market	market	NOUN
cblr-9111	171	11	is	be	AUX
cblr-9111	171	12	“	"	PUNCT
cblr-9111	171	13	commonly	commonly	ADV
cblr-9111	171	14	used	use	VERB
cblr-9111	171	15	by	by	ADP
cblr-9111	171	16	market	market	NOUN
cblr-9111	171	17	participants	participant	NOUN
cblr-9111	171	18	to	to	PART
cblr-9111	171	19	finance	finance	VERB
cblr-9111	171	20	inventory	inventory	NOUN
cblr-9111	171	21	”	"	PUNCT
cblr-9111	171	22	)	)	PUNCT
cblr-9111	171	23	.	.	PUNCT
cblr-9111	172	1	58	58	NUM
cblr-9111	172	2	lael	lael	PROPN
cblr-9111	172	3	brainard	brainard	PROPN
cblr-9111	172	4	,	,	PUNCT
cblr-9111	172	5	bd	bd	PROPN
cblr-9111	172	6	.	.	PROPN
cblr-9111	172	7	of	of	ADP
cblr-9111	172	8	governors	governor	NOUN
cblr-9111	172	9	of	of	ADP
cblr-9111	172	10	the	the	DET
cblr-9111	172	11	fed	fed	PROPN
cblr-9111	172	12	.	.	PUNCT
cblr-9111	172	13	rsrv	rsrv	PROPN
cblr-9111	172	14	.	.	PUNCT
cblr-9111	173	1	,	,	PUNCT
cblr-9111	173	2	remarks	remark	VERB
cblr-9111	173	3	at	at	ADP
cblr-9111	173	4	the	the	DET
cblr-9111	173	5	evolving	evolve	VERB
cblr-9111	173	6	structure	structure	NOUN
cblr-9111	173	7	of	of	ADP
cblr-9111	173	8	the	the	DET
cblr-9111	173	9	u.s	u.s	PROPN
cblr-9111	173	10	.	.	PROPN
cblr-9111	173	11	treasury	treasury	PROPN
cblr-9111	173	12	market	market	NOUN
cblr-9111	173	13	,	,	PUNCT
cblr-9111	173	14	fourth	fourth	ADJ
cblr-9111	173	15	annual	annual	ADJ
cblr-9111	173	16	conference	conference	NOUN
cblr-9111	173	17	:	:	PUNCT
cblr-9111	173	18	the	the	DET
cblr-9111	173	19	structure	structure	NOUN
cblr-9111	173	20	of	of	ADP
cblr-9111	173	21	the	the	DET
cblr-9111	173	22	treasury	treasury	NOUN
cblr-9111	173	23	market	market	NOUN
cblr-9111	173	24	:	:	PUNCT
cblr-9111	173	25	what	what	PRON
cblr-9111	173	26	are	be	AUX
cblr-9111	173	27	we	we	PRON
cblr-9111	173	28	learning	learn	VERB
cblr-9111	173	29	?	?	PUNCT
cblr-9111	174	1	1	1	NUM
cblr-9111	174	2	(	(	PUNCT
cblr-9111	174	3	dec	dec	PROPN
cblr-9111	174	4	.	.	PROPN
cblr-9111	174	5	3	3	NUM
cblr-9111	174	6	,	,	PUNCT
cblr-9111	174	7	2018	2018	NUM
cblr-9111	174	8	)	)	PUNCT
cblr-9111	175	1	,	,	PUNCT
cblr-9111	175	2	https://www.bis.org/review/r181206g.pdf	https://www.bis.org/review/r181206g.pdf	PROPN
cblr-9111	175	3	[	[	X
cblr-9111	175	4	https://perma.cc/7cvv-cdfc	https://perma.cc/7cvv-cdfc	PROPN
cblr-9111	175	5	]	]	X
cblr-9111	175	6	.	.	PUNCT
cblr-9111	176	1	59	59	NUM
cblr-9111	177	1	i	i	PRON
cblr-9111	177	2	d.	d.	PROPN
cblr-9111	177	3	no	no	INTJ
cblr-9111	177	4	.	.	PUNCT
cblr-9111	178	1	3:1368	3:1368	NUM
cblr-9111	178	2	]	]	X
cblr-9111	178	3	strenghtening	strenghtene	VERB
cblr-9111	178	4	the	the	DET
cblr-9111	178	5	treasury	treasury	NOUN
cblr-9111	178	6	market	market	NOUN
cblr-9111	178	7	1379	1379	NUM
cblr-9111	178	8	back	back	ADV
cblr-9111	178	9	upward	upward	ADV
cblr-9111	178	10	,	,	PUNCT
cblr-9111	178	11	producing	produce	VERB
cblr-9111	178	12	volatility	volatility	NOUN
cblr-9111	178	13	in	in	ADP
cblr-9111	178	14	related	related	ADJ
cblr-9111	178	15	assets	asset	NOUN
cblr-9111	178	16	such	such	ADJ
cblr-9111	178	17	as	as	ADP
cblr-9111	178	18	u.s	u.s	PROPN
cblr-9111	178	19	.	.	PROPN
cblr-9111	178	20	dollar	dollar	NOUN
cblr-9111	178	21	swaps	swap	NOUN
cblr-9111	178	22	and	and	CCONJ
cblr-9111	178	23	equities.60	equities.60	PROPN
cblr-9111	178	24	as	as	ADP
cblr-9111	178	25	an	an	DET
cblr-9111	178	26	international	international	ADJ
cblr-9111	178	27	monetary	monetary	ADJ
cblr-9111	178	28	fund	fund	NOUN
cblr-9111	178	29	report	report	NOUN
cblr-9111	178	30	noted	note	VERB
cblr-9111	178	31	,	,	PUNCT
cblr-9111	178	32	the	the	DET
cblr-9111	178	33	initial	initial	ADJ
cblr-9111	178	34	plunge	plunge	NOUN
cblr-9111	178	35	in	in	ADP
cblr-9111	178	36	treasury	treasury	PROPN
cblr-9111	178	37	yields	yield	NOUN
cblr-9111	178	38	“	"	PUNCT
cblr-9111	178	39	was	be	AUX
cblr-9111	178	40	larger	large	ADJ
cblr-9111	178	41	than	than	ADP
cblr-9111	178	42	on	on	ADP
cblr-9111	178	43	september	september	PROPN
cblr-9111	178	44	15	15	NUM
cblr-9111	178	45	,	,	PUNCT
cblr-9111	178	46	2008	2008	NUM
cblr-9111	178	47	,	,	PUNCT
cblr-9111	178	48	when	when	SCONJ
cblr-9111	178	49	lehman	lehman	PROPN
cblr-9111	178	50	brothers	brother	NOUN
cblr-9111	178	51	filed	file	VERB
cblr-9111	178	52	for	for	ADP
cblr-9111	178	53	bankruptcy	bankruptcy	NOUN
cblr-9111	178	54	.	.	PUNCT
cblr-9111	179	1	”61	”61	NOUN
cblr-9111	179	2	while	while	SCONJ
cblr-9111	179	3	the	the	DET
cblr-9111	179	4	cause	cause	NOUN
cblr-9111	179	5	of	of	ADP
cblr-9111	179	6	the	the	DET
cblr-9111	179	7	october	october	PROPN
cblr-9111	179	8	2014	2014	NUM
cblr-9111	179	9	treasury	treasury	NOUN
cblr-9111	179	10	market	market	NOUN
cblr-9111	179	11	volatility	volatility	NOUN
cblr-9111	179	12	remains	remain	VERB
cblr-9111	179	13	a	a	DET
cblr-9111	179	14	matter	matter	NOUN
cblr-9111	179	15	of	of	ADP
cblr-9111	179	16	debate	debate	NOUN
cblr-9111	179	17	,	,	PUNCT
cblr-9111	179	18	the	the	DET
cblr-9111	179	19	situation	situation	NOUN
cblr-9111	179	20	contributed	contribute	VERB
cblr-9111	179	21	to	to	ADP
cblr-9111	179	22	two	two	NUM
cblr-9111	179	23	observed	observed	ADJ
cblr-9111	179	24	effects	effect	NOUN
cblr-9111	179	25	:	:	PUNCT
cblr-9111	179	26	“	"	PUNCT
cblr-9111	179	27	unusually	unusually	ADV
cblr-9111	179	28	high	high	ADJ
cblr-9111	179	29	volatility	volatility	NOUN
cblr-9111	179	30	”	"	PUNCT
cblr-9111	179	31	and	and	CCONJ
cblr-9111	179	32	“	"	PUNCT
cblr-9111	179	33	strains	strain	NOUN
cblr-9111	179	34	in	in	ADP
cblr-9111	179	35	liquidity	liquidity	NOUN
cblr-9111	179	36	conditions,”62	conditions,”62	NOUN
cblr-9111	179	37	placing	place	VERB
cblr-9111	179	38	the	the	DET
cblr-9111	179	39	world	world	NOUN
cblr-9111	179	40	’s	’s	PART
cblr-9111	179	41	most	most	ADV
cblr-9111	179	42	important	important	ADJ
cblr-9111	179	43	financial	financial	ADJ
cblr-9111	179	44	market63	market63	NOUN
cblr-9111	179	45	in	in	ADP
cblr-9111	179	46	a	a	DET
cblr-9111	179	47	potentially	potentially	ADV
cblr-9111	179	48	precarious	precarious	ADJ
cblr-9111	179	49	state	state	NOUN
cblr-9111	179	50	.	.	PUNCT
cblr-9111	180	1	even	even	ADV
cblr-9111	180	2	greater	great	ADJ
cblr-9111	180	3	turmoil	turmoil	NOUN
cblr-9111	180	4	arrived	arrive	VERB
cblr-9111	180	5	in	in	ADP
cblr-9111	180	6	march	march	PROPN
cblr-9111	180	7	of	of	ADP
cblr-9111	180	8	2020	2020	NUM
cblr-9111	180	9	,	,	PUNCT
cblr-9111	180	10	when	when	SCONJ
cblr-9111	180	11	global	global	ADJ
cblr-9111	180	12	financial	financial	ADJ
cblr-9111	180	13	markets	market	NOUN
cblr-9111	180	14	experienced	experience	VERB
cblr-9111	180	15	“	"	PUNCT
cblr-9111	180	16	an	an	DET
cblr-9111	180	17	extraordinary	extraordinary	ADJ
cblr-9111	180	18	shock	shock	NOUN
cblr-9111	180	19	,	,	PUNCT
cblr-9111	180	20	triggered	trigger	VERB
cblr-9111	180	21	by	by	ADP
cblr-9111	180	22	the	the	DET
cblr-9111	180	23	coronavirus	coronavirus	NOUN
cblr-9111	180	24	pandemic	pandemic	ADJ
cblr-9111	180	25	.	.	PUNCT
cblr-9111	181	1	”64	”64	NOUN
cblr-9111	181	2	spiraling	spiral	VERB
cblr-9111	181	3	uncertainty	uncertainty	NOUN
cblr-9111	181	4	,	,	PUNCT
cblr-9111	181	5	rising	rise	VERB
cblr-9111	181	6	investor	investor	NOUN
cblr-9111	181	7	pessimism	pessimism	NOUN
cblr-9111	181	8	,	,	PUNCT
cblr-9111	181	9	and	and	CCONJ
cblr-9111	181	10	spiking	spike	VERB
cblr-9111	181	11	volatility	volatility	NOUN
cblr-9111	181	12	across	across	ADP
cblr-9111	181	13	asset	asset	NOUN
cblr-9111	181	14	classes	class	NOUN
cblr-9111	181	15	caused	cause	VERB
cblr-9111	181	16	“	"	PUNCT
cblr-9111	181	17	a	a	DET
cblr-9111	181	18	surge	surge	NOUN
cblr-9111	181	19	in	in	ADP
cblr-9111	181	20	demand	demand	NOUN
cblr-9111	181	21	for	for	ADP
cblr-9111	181	22	cash	cash	NOUN
cblr-9111	181	23	.	.	PUNCT
cblr-9111	182	1	”65	”65	NOUN
cblr-9111	182	2	as	as	SCONJ
cblr-9111	182	3	investors	investor	NOUN
cblr-9111	182	4	rushed	rush	VERB
cblr-9111	182	5	to	to	PART
cblr-9111	182	6	sell	sell	VERB
cblr-9111	182	7	treasury	treasury	NOUN
cblr-9111	182	8	securities	security	NOUN
cblr-9111	182	9	(	(	PUNCT
cblr-9111	182	10	and	and	CCONJ
cblr-9111	182	11	other	other	ADJ
cblr-9111	182	12	assets	asset	NOUN
cblr-9111	182	13	)	)	PUNCT
cblr-9111	182	14	,	,	PUNCT
cblr-9111	182	15	the	the	DET
cblr-9111	182	16	“	"	PUNCT
cblr-9111	182	17	flood	flood	NOUN
cblr-9111	182	18	”	"	PUNCT
cblr-9111	182	19	of	of	ADP
cblr-9111	182	20	sales	sale	NOUN
cblr-9111	182	21	swamped	swamp	VERB
cblr-9111	182	22	dealers	dealer	NOUN
cblr-9111	182	23	’	’	PART
cblr-9111	182	24	ability	ability	NOUN
cblr-9111	182	25	to	to	PART
cblr-9111	182	26	absorb	absorb	VERB
cblr-9111	182	27	the	the	DET
cblr-9111	182	28	trades	trade	NOUN
cblr-9111	182	29	on	on	ADP
cblr-9111	182	30	their	their	PRON
cblr-9111	182	31	balance	balance	NOUN
cblr-9111	182	32	sheets,66	sheets,66	NOUN
cblr-9111	182	33	causing	cause	VERB
cblr-9111	182	34	bid	bid	NOUN
cblr-9111	182	35	/	/	SYM
cblr-9111	182	36	ask	ask	VERB
cblr-9111	182	37	spreads	spread	NOUN
cblr-9111	182	38	to	to	PART
cblr-9111	182	39	stretch	stretch	VERB
cblr-9111	182	40	“	"	PUNCT
cblr-9111	182	41	to	to	ADP
cblr-9111	182	42	almost	almost	ADV
cblr-9111	182	43	30	30	NUM
cblr-9111	182	44	times	time	NOUN
cblr-9111	182	45	their	their	PRON
cblr-9111	182	46	normal	normal	ADJ
cblr-9111	182	47	levels	level	NOUN
cblr-9111	182	48	.	.	PUNCT
cblr-9111	183	1	”67	”67	PUNCT
cblr-9111	183	2	this	this	DET
cblr-9111	183	3	effect	effect	NOUN
cblr-9111	183	4	,	,	PUNCT
cblr-9111	183	5	coupled	couple	VERB
cblr-9111	183	6	with	with	ADP
cblr-9111	183	7	broader	broad	ADJ
cblr-9111	183	8	liquidity	liquidity	NOUN
cblr-9111	183	9	problems	problem	NOUN
cblr-9111	183	10	,	,	PUNCT
cblr-9111	183	11	caused	cause	VERB
cblr-9111	183	12	“	"	PUNCT
cblr-9111	183	13	settlement	settlement	NOUN
cblr-9111	183	14	failures	failure	NOUN
cblr-9111	183	15	”	"	PUNCT
cblr-9111	183	16	in	in	ADP
cblr-9111	183	17	treasury	treasury	PROPN
cblr-9111	183	18	securities	security	NOUN
cblr-9111	183	19	to	to	PART
cblr-9111	183	20	rise	rise	VERB
cblr-9111	183	21	“	"	PUNCT
cblr-9111	183	22	significantly	significantly	ADV
cblr-9111	183	23	”	"	PUNCT
cblr-9111	183	24	during	during	ADP
cblr-9111	183	25	60	60	NUM
cblr-9111	183	26	int’l	int’l	NUM
cblr-9111	183	27	monetary	monetary	ADJ
cblr-9111	183	28	fund	fund	NOUN
cblr-9111	183	29	,	,	PUNCT
cblr-9111	183	30	global	global	ADJ
cblr-9111	183	31	financial	financial	ADJ
cblr-9111	183	32	stability	stability	NOUN
cblr-9111	183	33	report	report	NOUN
cblr-9111	183	34	,	,	PUNCT
cblr-9111	183	35	april	april	PROPN
cblr-9111	183	36	2015	2015	NUM
cblr-9111	183	37	:	:	PUNCT
cblr-9111	183	38	navigating	navigate	VERB
cblr-9111	183	39	monetary	monetary	ADJ
cblr-9111	183	40	policy	policy	NOUN
cblr-9111	183	41	challenges	challenge	NOUN
cblr-9111	183	42	and	and	CCONJ
cblr-9111	183	43	managing	manage	VERB
cblr-9111	183	44	risks	risk	NOUN
cblr-9111	183	45	32	32	NUM
cblr-9111	183	46	(	(	PUNCT
cblr-9111	183	47	2015	2015	NUM
cblr-9111	183	48	)	)	PUNCT
cblr-9111	183	49	,	,	PUNCT
cblr-9111	183	50	https://www.imf.org/en/publications/gfsr/issues/2016/12/31/globalfinancial-stability-report-april-2015-navigating-monetary-policychallenges-and-42422	https://www.imf.org/en/publications/gfsr/issues/2016/12/31/globalfinancial-stability-report-april-2015-navigating-monetary-policychallenges-and-42422	X
cblr-9111	183	51	(	(	PUNCT
cblr-9111	183	52	on	on	ADP
cblr-9111	183	53	file	file	NOUN
cblr-9111	183	54	with	with	ADP
cblr-9111	183	55	the	the	DET
cblr-9111	183	56	columbia	columbia	PROPN
cblr-9111	183	57	business	business	PROPN
cblr-9111	183	58	law	law	PROPN
cblr-9111	183	59	review	review	PROPN
cblr-9111	183	60	)	)	PUNCT
cblr-9111	183	61	.	.	PUNCT
cblr-9111	184	1	61	61	NUM
cblr-9111	185	1	i	i	PRON
cblr-9111	185	2	d.	d.	PROPN
cblr-9111	185	3	62	62	NUM
cblr-9111	185	4	u.s	u.s	PROPN
cblr-9111	185	5	.	.	PROPN
cblr-9111	185	6	dep’t	dep’t	NOUN
cblr-9111	185	7	of	of	ADP
cblr-9111	185	8	the	the	DET
cblr-9111	185	9	treasury	treasury	PROPN
cblr-9111	185	10	et	et	PROPN
cblr-9111	185	11	al	al	PROPN
cblr-9111	185	12	.	.	PROPN
cblr-9111	185	13	,	,	PUNCT
cblr-9111	185	14	supra	supra	PROPN
cblr-9111	185	15	note	note	PROPN
cblr-9111	185	16	51	51	NUM
cblr-9111	185	17	,	,	PUNCT
cblr-9111	185	18	at	at	ADP
cblr-9111	185	19	3	3	NUM
cblr-9111	185	20	.	.	NOUN
cblr-9111	185	21	63	63	NUM
cblr-9111	185	22	see	see	VERB
cblr-9111	185	23	supra	supra	PROPN
cblr-9111	185	24	note	note	NOUN
cblr-9111	185	25	1	1	NUM
cblr-9111	185	26	and	and	CCONJ
cblr-9111	185	27	accompanying	accompany	VERB
cblr-9111	185	28	text	text	NOUN
cblr-9111	185	29	(	(	PUNCT
cblr-9111	185	30	describing	describe	VERB
cblr-9111	185	31	the	the	DET
cblr-9111	185	32	global	global	ADJ
cblr-9111	185	33	importance	importance	NOUN
cblr-9111	185	34	of	of	ADP
cblr-9111	185	35	the	the	DET
cblr-9111	185	36	u.s	u.s	PROPN
cblr-9111	185	37	.	.	PROPN
cblr-9111	185	38	treasury	treasury	PROPN
cblr-9111	185	39	market	market	NOUN
cblr-9111	185	40	)	)	PUNCT
cblr-9111	185	41	.	.	PUNCT
cblr-9111	186	1	64	64	NUM
cblr-9111	186	2	logan	logan	PROPN
cblr-9111	186	3	,	,	PUNCT
cblr-9111	186	4	supra	supra	PROPN
cblr-9111	186	5	note	note	NOUN
cblr-9111	186	6	19	19	NUM
cblr-9111	186	7	.	.	NUM
cblr-9111	186	8	65	65	NUM
cblr-9111	187	1	i	i	PRON
cblr-9111	187	2	d.	d.	PROPN
cblr-9111	187	3	66	66	NUM
cblr-9111	188	1	darrell	darrell	PROPN
cblr-9111	188	2	duffie	duffie	PROPN
cblr-9111	188	3	,	,	PUNCT
cblr-9111	188	4	still	still	ADV
cblr-9111	188	5	the	the	DET
cblr-9111	188	6	world	world	NOUN
cblr-9111	188	7	’s	’s	PART
cblr-9111	188	8	safe	safe	ADJ
cblr-9111	188	9	haven	haven	NOUN
cblr-9111	188	10	?	?	PUNCT
cblr-9111	189	1	redesigning	redesign	VERB
cblr-9111	189	2	the	the	DET
cblr-9111	189	3	u.s	u.s	PROPN
cblr-9111	189	4	.	.	PROPN
cblr-9111	189	5	treasury	treasury	PROPN
cblr-9111	189	6	market	market	NOUN
cblr-9111	189	7	after	after	ADP
cblr-9111	189	8	the	the	DET
cblr-9111	189	9	covid-19	covid-19	PROPN
cblr-9111	189	10	crisis	crisis	NOUN
cblr-9111	189	11	5–6	5–6	NUM
cblr-9111	189	12	(	(	PUNCT
cblr-9111	189	13	hutchins	hutchins	PROPN
cblr-9111	189	14	ctr	ctr	PROPN
cblr-9111	189	15	.	.	PUNCT
cblr-9111	190	1	working	working	PROPN
cblr-9111	190	2	paper	paper	PROPN
cblr-9111	190	3	no	no	INTJ
cblr-9111	190	4	.	.	PROPN
cblr-9111	190	5	62	62	NUM
cblr-9111	190	6	,	,	PUNCT
cblr-9111	190	7	2020	2020	NUM
cblr-9111	190	8	)	)	PUNCT
cblr-9111	190	9	,	,	PUNCT
cblr-9111	190	10	https://www.brookings.edu/wpcontent/uploads/2020/05/wp62_duffie_v2.pdf	https://www.brookings.edu/wpcontent/uploads/2020/05/wp62_duffie_v2.pdf	PRON
cblr-9111	190	11	,	,	PUNCT
cblr-9111	190	12	[	[	X
cblr-9111	190	13	https://perma.cc/zel9thug	https://perma.cc/zel9thug	X
cblr-9111	190	14	]	]	PUNCT
cblr-9111	190	15	.	.	PUNCT
cblr-9111	191	1	67	67	NUM
cblr-9111	191	2	logan	logan	PROPN
cblr-9111	191	3	,	,	PUNCT
cblr-9111	191	4	supra	supra	PROPN
cblr-9111	191	5	note	note	NOUN
cblr-9111	191	6	19	19	NUM
cblr-9111	191	7	.	.	NOUN
cblr-9111	191	8	1380	1380	NUM
cblr-9111	191	9	columbia	columbia	PROPN
cblr-9111	191	10	business	business	NOUN
cblr-9111	191	11	law	law	PROPN
cblr-9111	191	12	review	review	NOUN
cblr-9111	192	1	[	[	X
cblr-9111	192	2	vol	vol	NOUN
cblr-9111	192	3	.	.	PUNCT
cblr-9111	192	4	2021	2021	NUM
cblr-9111	193	1	that	that	PRON
cblr-9111	193	2	month.68	month.68	NOUN
cblr-9111	193	3	taking	take	VERB
cblr-9111	193	4	these	these	DET
cblr-9111	193	5	factors	factor	NOUN
cblr-9111	193	6	together	together	ADV
cblr-9111	193	7	,	,	PUNCT
cblr-9111	193	8	“	"	PUNCT
cblr-9111	193	9	measures	measure	NOUN
cblr-9111	193	10	of	of	ADP
cblr-9111	193	11	[	[	X
cblr-9111	193	12	treasury	treasury	NOUN
cblr-9111	193	13	]	]	PUNCT
cblr-9111	193	14	market	market	NOUN
cblr-9111	193	15	function	function	NOUN
cblr-9111	193	16	deteriorated	deteriorate	VERB
cblr-9111	193	17	at	at	ADP
cblr-9111	193	18	unparalleled	unparalleled	ADJ
cblr-9111	193	19	speed	speed	NOUN
cblr-9111	193	20	not	not	PART
cblr-9111	193	21	seen	see	VERB
cblr-9111	193	22	since	since	SCONJ
cblr-9111	193	23	the	the	DET
cblr-9111	193	24	global	global	ADJ
cblr-9111	193	25	financial	financial	ADJ
cblr-9111	193	26	crisis	crisis	NOUN
cblr-9111	193	27	”	"	PUNCT
cblr-9111	193	28	of	of	ADP
cblr-9111	193	29	20072009.69	20072009.69	NUM
cblr-9111	193	30	the	the	DET
cblr-9111	193	31	federal	federal	PROPN
cblr-9111	193	32	reserve	reserve	PROPN
cblr-9111	193	33	was	be	AUX
cblr-9111	193	34	forced	force	VERB
cblr-9111	193	35	to	to	PART
cblr-9111	193	36	take	take	VERB
cblr-9111	193	37	extraordinary	extraordinary	ADJ
cblr-9111	193	38	measures	measure	NOUN
cblr-9111	193	39	to	to	PART
cblr-9111	193	40	restore	restore	VERB
cblr-9111	193	41	smooth	smooth	ADJ
cblr-9111	193	42	market	market	NOUN
cblr-9111	193	43	functioning	functioning	NOUN
cblr-9111	193	44	,	,	PUNCT
cblr-9111	193	45	including	include	VERB
cblr-9111	193	46	by	by	ADP
cblr-9111	193	47	purchasing	purchase	VERB
cblr-9111	193	48	$	$	SYM
cblr-9111	193	49	1.6	1.6	NUM
cblr-9111	193	50	trillion	trillion	NUM
cblr-9111	193	51	in	in	ADP
cblr-9111	193	52	treasury	treasury	PROPN
cblr-9111	193	53	securities	security	NOUN
cblr-9111	193	54	between	between	ADP
cblr-9111	193	55	march	march	PROPN
cblr-9111	193	56	and	and	CCONJ
cblr-9111	193	57	june	june	PROPN
cblr-9111	193	58	of	of	ADP
cblr-9111	193	59	2020.70	2020.70	NUM
cblr-9111	193	60	simply	simply	ADV
cblr-9111	193	61	put	put	VERB
cblr-9111	193	62	,	,	PUNCT
cblr-9111	193	63	the	the	DET
cblr-9111	193	64	pandemic	pandemic	ADV
cblr-9111	193	65	-	-	PUNCT
cblr-9111	193	66	driven	drive	VERB
cblr-9111	193	67	volatility	volatility	NOUN
cblr-9111	193	68	of	of	ADP
cblr-9111	193	69	march	march	PROPN
cblr-9111	193	70	2020	2020	NUM
cblr-9111	193	71	significantly	significantly	ADV
cblr-9111	193	72	tested	test	VERB
cblr-9111	193	73	the	the	DET
cblr-9111	193	74	treasury	treasury	NOUN
cblr-9111	193	75	market	market	NOUN
cblr-9111	193	76	,	,	PUNCT
cblr-9111	193	77	as	as	ADP
cblr-9111	193	78	a	a	DET
cblr-9111	193	79	combination	combination	NOUN
cblr-9111	193	80	of	of	ADP
cblr-9111	193	81	investor	investor	NOUN
cblr-9111	193	82	panic	panic	NOUN
cblr-9111	193	83	,	,	PUNCT
cblr-9111	193	84	trading	trading	NOUN
cblr-9111	193	85	disruption	disruption	NOUN
cblr-9111	193	86	,	,	PUNCT
cblr-9111	193	87	and	and	CCONJ
cblr-9111	193	88	liquidity	liquidity	NOUN
cblr-9111	193	89	constraints	constraint	NOUN
cblr-9111	193	90	put	put	VERB
cblr-9111	193	91	into	into	ADP
cblr-9111	193	92	“	"	PUNCT
cblr-9111	193	93	brutal	brutal	ADJ
cblr-9111	193	94	view	view	NOUN
cblr-9111	193	95	”	"	PUNCT
cblr-9111	193	96	the	the	DET
cblr-9111	193	97	structural	structural	ADJ
cblr-9111	193	98	vulnerabilities	vulnerability	NOUN
cblr-9111	193	99	of	of	ADP
cblr-9111	193	100	this	this	DET
cblr-9111	193	101	vital	vital	ADJ
cblr-9111	193	102	market.71	market.71	NOUN
cblr-9111	193	103	volatility	volatility	NOUN
cblr-9111	193	104	resulting	result	VERB
cblr-9111	193	105	from	from	ADP
cblr-9111	193	106	the	the	DET
cblr-9111	193	107	covid-19	covid-19	PROPN
cblr-9111	193	108	pandemic	pandemic	NOUN
cblr-9111	193	109	caused	cause	VERB
cblr-9111	193	110	“	"	PUNCT
cblr-9111	193	111	the	the	DET
cblr-9111	193	112	functioning	functioning	NOUN
cblr-9111	193	113	of	of	ADP
cblr-9111	193	114	the	the	DET
cblr-9111	193	115	treasury	treasury	NOUN
cblr-9111	193	116	markets	market	NOUN
cblr-9111	193	117	[	[	X
cblr-9111	193	118	to	to	PART
cblr-9111	193	119	be	be	AUX
cblr-9111	193	120	]	]	PUNCT
cblr-9111	193	121	significantly	significantly	ADV
cblr-9111	193	122	disrupted	disrupt	VERB
cblr-9111	193	123	.	.	PUNCT
cblr-9111	194	1	”72	”72	PROPN
cblr-9111	195	1	as	as	SCONJ
cblr-9111	195	2	the	the	DET
cblr-9111	195	3	market	market	NOUN
cblr-9111	195	4	turmoil	turmoil	NOUN
cblr-9111	195	5	in	in	ADP
cblr-9111	195	6	march	march	PROPN
cblr-9111	195	7	2020	2020	NUM
cblr-9111	195	8	made	make	VERB
cblr-9111	195	9	plain	plain	ADJ
cblr-9111	195	10	,	,	PUNCT
cblr-9111	195	11	the	the	DET
cblr-9111	195	12	centrality	centrality	NOUN
cblr-9111	195	13	of	of	ADP
cblr-9111	195	14	the	the	DET
cblr-9111	195	15	treasury	treasury	NOUN
cblr-9111	195	16	market	market	NOUN
cblr-9111	195	17	as	as	ADP
cblr-9111	195	18	a	a	DET
cblr-9111	195	19	benchmark	benchmark	NOUN
cblr-9111	195	20	for	for	ADP
cblr-9111	195	21	a	a	DET
cblr-9111	195	22	wide	wide	ADJ
cblr-9111	195	23	array	array	NOUN
cblr-9111	195	24	of	of	ADP
cblr-9111	195	25	other	other	ADJ
cblr-9111	195	26	assets	asset	NOUN
cblr-9111	195	27	can	can	AUX
cblr-9111	195	28	result	result	VERB
cblr-9111	195	29	in	in	ADP
cblr-9111	195	30	spillover	spillover	ADJ
cblr-9111	195	31	risks	risk	NOUN
cblr-9111	195	32	when	when	SCONJ
cblr-9111	195	33	the	the	DET
cblr-9111	195	34	treasury	treasury	NOUN
cblr-9111	195	35	market	market	NOUN
cblr-9111	195	36	is	be	AUX
cblr-9111	195	37	under	under	ADP
cblr-9111	195	38	stress.73	stress.73	NOUN
cblr-9111	195	39	had	have	VERB
cblr-9111	195	40	the	the	DET
cblr-9111	195	41	federal	federal	PROPN
cblr-9111	195	42	reserve	reserve	PROPN
cblr-9111	195	43	not	not	PART
cblr-9111	195	44	taken	take	VERB
cblr-9111	195	45	extraordinary	extraordinary	ADJ
cblr-9111	195	46	measures	measure	NOUN
cblr-9111	195	47	to	to	PART
cblr-9111	195	48	shore	shore	VERB
cblr-9111	195	49	up	up	ADP
cblr-9111	195	50	the	the	DET
cblr-9111	195	51	treasury	treasury	NOUN
cblr-9111	195	52	market	market	NOUN
cblr-9111	195	53	,	,	PUNCT
cblr-9111	195	54	continued	continued	ADJ
cblr-9111	195	55	dislocation	dislocation	NOUN
cblr-9111	195	56	“	"	PUNCT
cblr-9111	195	57	could	could	AUX
cblr-9111	195	58	have	have	AUX
cblr-9111	195	59	led	lead	VERB
cblr-9111	195	60	to	to	ADP
cblr-9111	195	61	an	an	DET
cblr-9111	195	62	even	even	ADV
cblr-9111	195	63	deeper	deep	ADJ
cblr-9111	195	64	and	and	CCONJ
cblr-9111	195	65	broader	broad	ADJ
cblr-9111	195	66	seizing	seize	VERB
cblr-9111	195	67	-	-	PUNCT
cblr-9111	195	68	up	up	NOUN
cblr-9111	195	69	of	of	ADP
cblr-9111	195	70	credit	credit	NOUN
cblr-9111	195	71	and	and	CCONJ
cblr-9111	195	72	ultimately	ultimately	ADV
cblr-9111	195	73	worsened	worsen	VERB
cblr-9111	195	74	the	the	DET
cblr-9111	195	75	economic	economic	ADJ
cblr-9111	195	76	hardships	hardship	NOUN
cblr-9111	195	77	that	that	PRON
cblr-9111	195	78	many	many	ADJ
cblr-9111	195	79	americans	american	NOUN
cblr-9111	195	80	[	[	X
cblr-9111	195	81	were	be	AUX
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cblr-9111	195	83	experiencing	experience	VERB
cblr-9111	195	84	”	"	PUNCT
cblr-9111	195	85	during	during	ADP
cblr-9111	195	86	the	the	DET
cblr-9111	195	87	covid-19	covid-19	PROPN
cblr-9111	195	88	pandemic.74	pandemic.74	NOUN
cblr-9111	195	89	and	and	CCONJ
cblr-9111	195	90	even	even	ADV
cblr-9111	195	91	with	with	ADP
cblr-9111	195	92	the	the	DET
cblr-9111	195	93	federal	federal	PROPN
cblr-9111	195	94	reserve	reserve	PROPN
cblr-9111	195	95	’s	’s	PART
cblr-9111	195	96	68	68	NUM
cblr-9111	195	97	duffie	duffie	NOUN
cblr-9111	195	98	,	,	PUNCT
cblr-9111	195	99	supra	supra	PROPN
cblr-9111	195	100	note	note	NOUN
cblr-9111	195	101	66	66	NUM
cblr-9111	195	102	,	,	PUNCT
cblr-9111	195	103	at	at	ADP
cblr-9111	195	104	15	15	NUM
cblr-9111	195	105	.	.	PUNCT
cblr-9111	195	106	69	69	NUM
cblr-9111	195	107	logan	logan	PROPN
cblr-9111	195	108	,	,	PUNCT
cblr-9111	195	109	supra	supra	PROPN
cblr-9111	195	110	note	note	NOUN
cblr-9111	195	111	19	19	NUM
cblr-9111	195	112	.	.	NOUN
cblr-9111	195	113	70	70	NUM
cblr-9111	196	1	i	i	PROPN
cblr-9111	196	2	d.	d.	PROPN
cblr-9111	196	3	;	;	PUNCT
cblr-9111	196	4	see	see	VERB
cblr-9111	196	5	also	also	ADV
cblr-9111	196	6	program	program	VERB
cblr-9111	196	7	on	on	ADP
cblr-9111	196	8	int’l	int’l	NUM
cblr-9111	196	9	fin	fin	NOUN
cblr-9111	196	10	.	.	PUNCT
cblr-9111	197	1	sys	sys	PROPN
cblr-9111	197	2	.	.	PROPN
cblr-9111	197	3	,	,	PUNCT
cblr-9111	197	4	mandatory	mandatory	ADJ
cblr-9111	197	5	central	central	ADJ
cblr-9111	197	6	clearing	clearing	NOUN
cblr-9111	197	7	for	for	ADP
cblr-9111	197	8	u.s	u.s	PROPN
cblr-9111	197	9	.	.	PROPN
cblr-9111	197	10	treasuries	treasury	NOUN
cblr-9111	197	11	and	and	CCONJ
cblr-9111	197	12	u.s	u.s	PROPN
cblr-9111	197	13	.	.	PROPN
cblr-9111	197	14	treasury	treasury	PROPN
cblr-9111	197	15	repos	repos	PROPN
cblr-9111	197	16	11	11	NUM
cblr-9111	197	17	(	(	PUNCT
cblr-9111	197	18	2021	2021	NUM
cblr-9111	197	19	)	)	PUNCT
cblr-9111	197	20	,	,	PUNCT
cblr-9111	197	21	https://www.pifsinternational.org/wp-content/uploads/2021/11/pifsmandatory-central-clearing-for-u.s.-treasury-markets-11.11.2021.pdf	https://www.pifsinternational.org/wp-content/uploads/2021/11/pifsmandatory-central-clearing-for-u.s.-treasury-markets-11.11.2021.pdf	X
cblr-9111	198	1	[	[	X
cblr-9111	198	2	https://perma.cc/z5s4-88lh	https://perma.cc/z5s4-88lh	X
cblr-9111	198	3	]	]	X
cblr-9111	198	4	(	(	PUNCT
cblr-9111	198	5	“	"	PUNCT
cblr-9111	198	6	the	the	DET
cblr-9111	198	7	federal	federal	PROPN
cblr-9111	198	8	reserve	reserve	PROPN
cblr-9111	198	9	intervened	intervene	VERB
cblr-9111	198	10	with	with	ADP
cblr-9111	198	11	massive	massive	ADJ
cblr-9111	198	12	purchases	purchase	NOUN
cblr-9111	198	13	of	of	ADP
cblr-9111	198	14	treasuries	treasury	NOUN
cblr-9111	198	15	that	that	PRON
cblr-9111	198	16	successfully	successfully	ADV
cblr-9111	198	17	quelled	quell	VERB
cblr-9111	198	18	the	the	DET
cblr-9111	198	19	sell	sell	NOUN
cblr-9111	198	20	-	-	PUNCT
cblr-9111	198	21	off	off	NOUN
cblr-9111	198	22	.	.	PUNCT
cblr-9111	198	23	”	"	PUNCT
cblr-9111	198	24	)	)	PUNCT
cblr-9111	198	25	.	.	PUNCT
cblr-9111	199	1	71	71	NUM
cblr-9111	199	2	yadav	yadav	NOUN
cblr-9111	199	3	,	,	PUNCT
cblr-9111	199	4	supra	supra	PROPN
cblr-9111	199	5	note	note	PROPN
cblr-9111	199	6	4	4	NUM
cblr-9111	199	7	,	,	PUNCT
cblr-9111	199	8	at	at	ADP
cblr-9111	199	9	1230–36	1230–36	NUM
cblr-9111	199	10	.	.	PUNCT
cblr-9111	199	11	72	72	NUM
cblr-9111	199	12	u.s	u.s	PROPN
cblr-9111	199	13	.	.	PROPN
cblr-9111	199	14	dep’t	dep’t	NOUN
cblr-9111	199	15	of	of	ADP
cblr-9111	199	16	the	the	DET
cblr-9111	199	17	treasury	treasury	PROPN
cblr-9111	199	18	et	et	PROPN
cblr-9111	199	19	al	al	PROPN
cblr-9111	199	20	.	.	PROPN
cblr-9111	199	21	,	,	PUNCT
cblr-9111	199	22	supra	supra	PROPN
cblr-9111	199	23	note	note	NOUN
cblr-9111	199	24	2	2	NUM
cblr-9111	199	25	,	,	PUNCT
cblr-9111	199	26	at	at	ADP
cblr-9111	199	27	7	7	NUM
cblr-9111	199	28	.	.	X
cblr-9111	199	29	73	73	NUM
cblr-9111	199	30	see	see	VERB
cblr-9111	199	31	logan	logan	PROPN
cblr-9111	199	32	,	,	PUNCT
cblr-9111	199	33	supra	supra	PROPN
cblr-9111	199	34	note	note	NOUN
cblr-9111	199	35	19	19	NUM
cblr-9111	199	36	.	.	NOUN
cblr-9111	199	37	74	74	NUM
cblr-9111	200	1	i	i	PRON
cblr-9111	200	2	d.	d.	VERB
cblr-9111	200	3	in	in	ADP
cblr-9111	200	4	addition	addition	NOUN
cblr-9111	200	5	to	to	ADP
cblr-9111	200	6	purchasing	purchase	VERB
cblr-9111	200	7	treasuries	treasury	NOUN
cblr-9111	200	8	,	,	PUNCT
cblr-9111	200	9	the	the	DET
cblr-9111	200	10	federal	federal	PROPN
cblr-9111	200	11	reserve	reserve	PROPN
cblr-9111	200	12	offered	offer	VERB
cblr-9111	200	13	“	"	PUNCT
cblr-9111	200	14	unconstrained	unconstraine	VERB
cblr-9111	200	15	short	short	ADJ
cblr-9111	200	16	-	-	PUNCT
cblr-9111	200	17	term	term	NOUN
cblr-9111	200	18	financing	financing	NOUN
cblr-9111	200	19	for	for	ADP
cblr-9111	200	20	dealers	dealer	NOUN
cblr-9111	200	21	’	’	PART
cblr-9111	200	22	treasury	treasury	NOUN
cblr-9111	200	23	inventories	inventory	NOUN
cblr-9111	200	24	and	and	CCONJ
cblr-9111	200	25	exempted	exempt	VERB
cblr-9111	200	26	treasuries	treasury	NOUN
cblr-9111	200	27	and	and	CCONJ
cblr-9111	200	28	reserves	reserve	NOUN
cblr-9111	200	29	from	from	ADP
cblr-9111	200	30	a	a	DET
cblr-9111	200	31	key	key	ADJ
cblr-9111	200	32	capital	capital	NOUN
cblr-9111	200	33	requirement	requirement	NOUN
cblr-9111	200	34	.	.	PUNCT
cblr-9111	200	35	”	"	PUNCT
cblr-9111	200	36	duffie	duffie	PROPN
cblr-9111	200	37	,	,	PUNCT
cblr-9111	200	38	supra	supra	PROPN
cblr-9111	200	39	note	note	PROPN
cblr-9111	200	40	66	66	NUM
cblr-9111	200	41	,	,	PUNCT
cblr-9111	200	42	at	at	ADP
cblr-9111	200	43	2	2	NUM
cblr-9111	200	44	.	.	PUNCT
cblr-9111	200	45	no	no	INTJ
cblr-9111	200	46	.	.	PUNCT
cblr-9111	201	1	3:1368	3:1368	NUM
cblr-9111	201	2	]	]	X
cblr-9111	201	3	strenghtening	strenghtene	VERB
cblr-9111	201	4	the	the	DET
cblr-9111	201	5	treasury	treasury	NOUN
cblr-9111	201	6	market	market	NOUN
cblr-9111	201	7	1381	1381	NUM
cblr-9111	201	8	intervention	intervention	NOUN
cblr-9111	201	9	,	,	PUNCT
cblr-9111	201	10	treasury	treasury	PROPN
cblr-9111	201	11	market	market	NOUN
cblr-9111	201	12	liquidity	liquidity	NOUN
cblr-9111	201	13	did	do	AUX
cblr-9111	201	14	not	not	PART
cblr-9111	201	15	normalize	normalize	VERB
cblr-9111	201	16	until	until	SCONJ
cblr-9111	201	17	mid	mid	PROPN
cblr-9111	201	18	-	-	PROPN
cblr-9111	201	19	april	april	PROPN
cblr-9111	201	20	2020.75	2020.75	NUM
cblr-9111	201	21	we	we	PRON
cblr-9111	201	22	have	have	AUX
cblr-9111	201	23	now	now	ADV
cblr-9111	201	24	had	have	VERB
cblr-9111	201	25	two	two	NUM
cblr-9111	201	26	clear	clear	ADJ
cblr-9111	201	27	warnings	warning	NOUN
cblr-9111	201	28	about	about	ADP
cblr-9111	201	29	the	the	DET
cblr-9111	201	30	potentially	potentially	ADV
cblr-9111	201	31	dire	dire	ADJ
cblr-9111	201	32	financial	financial	ADJ
cblr-9111	201	33	consequences	consequence	NOUN
cblr-9111	201	34	that	that	PRON
cblr-9111	201	35	can	can	AUX
cblr-9111	201	36	follow	follow	VERB
cblr-9111	201	37	dislocation	dislocation	NOUN
cblr-9111	201	38	and	and	CCONJ
cblr-9111	201	39	liquidity	liquidity	NOUN
cblr-9111	201	40	constraints	constraint	NOUN
cblr-9111	201	41	in	in	ADP
cblr-9111	201	42	the	the	DET
cblr-9111	201	43	treasury	treasury	NOUN
cblr-9111	201	44	market	market	NOUN
cblr-9111	201	45	.	.	PUNCT
cblr-9111	202	1	and	and	CCONJ
cblr-9111	202	2	as	as	SCONJ
cblr-9111	202	3	the	the	DET
cblr-9111	202	4	covid-19	covid-19	PROPN
cblr-9111	202	5	pandemic	pandemic	NOUN
cblr-9111	202	6	makes	make	VERB
cblr-9111	202	7	clear	clear	ADJ
cblr-9111	202	8	,	,	PUNCT
cblr-9111	202	9	new	new	ADJ
cblr-9111	202	10	and	and	CCONJ
cblr-9111	202	11	unpredictable	unpredictable	ADJ
cblr-9111	202	12	challenges	challenge	NOUN
cblr-9111	202	13	are	be	AUX
cblr-9111	202	14	inevitable	inevitable	ADJ
cblr-9111	202	15	.	.	PUNCT
cblr-9111	203	1	the	the	DET
cblr-9111	203	2	key	key	ADJ
cblr-9111	203	3	lesson	lesson	NOUN
cblr-9111	203	4	from	from	ADP
cblr-9111	203	5	the	the	DET
cblr-9111	203	6	events	event	NOUN
cblr-9111	203	7	of	of	ADP
cblr-9111	203	8	2014	2014	NUM
cblr-9111	203	9	and	and	CCONJ
cblr-9111	203	10	2020	2020	NUM
cblr-9111	203	11	is	be	AUX
cblr-9111	203	12	that	that	SCONJ
cblr-9111	203	13	the	the	DET
cblr-9111	203	14	treasury	treasury	NOUN
cblr-9111	203	15	market	market	NOUN
cblr-9111	203	16	,	,	PUNCT
cblr-9111	203	17	like	like	ADP
cblr-9111	203	18	any	any	DET
cblr-9111	203	19	other	other	ADJ
cblr-9111	203	20	,	,	PUNCT
cblr-9111	203	21	requires	require	VERB
cblr-9111	203	22	structural	structural	ADJ
cblr-9111	203	23	safeguards	safeguard	NOUN
cblr-9111	203	24	to	to	PART
cblr-9111	203	25	mitigate	mitigate	VERB
cblr-9111	203	26	the	the	DET
cblr-9111	203	27	risk	risk	NOUN
cblr-9111	203	28	of	of	ADP
cblr-9111	203	29	liquidity	liquidity	NOUN
cblr-9111	203	30	traps	trap	NOUN
cblr-9111	203	31	,	,	PUNCT
cblr-9111	203	32	counterparty	counterparty	NOUN
cblr-9111	203	33	defaults	default	NOUN
cblr-9111	203	34	,	,	PUNCT
cblr-9111	203	35	and	and	CCONJ
cblr-9111	203	36	surging	surge	VERB
cblr-9111	203	37	volatility	volatility	NOUN
cblr-9111	203	38	.	.	PUNCT
cblr-9111	204	1	given	give	VERB
cblr-9111	204	2	that	that	SCONJ
cblr-9111	204	3	treasury	treasury	PROPN
cblr-9111	204	4	securities	security	NOUN
cblr-9111	204	5	have	have	AUX
cblr-9111	204	6	a	a	DET
cblr-9111	204	7	face	face	NOUN
cblr-9111	204	8	value	value	NOUN
cblr-9111	204	9	of	of	ADP
cblr-9111	204	10	nearly	nearly	ADV
cblr-9111	204	11	$	$	SYM
cblr-9111	204	12	22	22	NUM
cblr-9111	204	13	trillion76	trillion76	NOUN
cblr-9111	204	14	—	—	PUNCT
cblr-9111	204	15	not	not	PART
cblr-9111	204	16	to	to	PART
cblr-9111	204	17	mention	mention	VERB
cblr-9111	204	18	the	the	DET
cblr-9111	204	19	likely	likely	ADJ
cblr-9111	204	20	incalculable	incalculable	ADJ
cblr-9111	204	21	value	value	NOUN
cblr-9111	204	22	of	of	ADP
cblr-9111	204	23	other	other	ADJ
cblr-9111	204	24	financial	financial	ADJ
cblr-9111	204	25	instruments	instrument	NOUN
cblr-9111	204	26	tied	tie	VERB
cblr-9111	204	27	to	to	ADP
cblr-9111	204	28	them	they	PRON
cblr-9111	204	29	—	—	PUNCT
cblr-9111	204	30	the	the	DET
cblr-9111	204	31	potential	potential	ADJ
cblr-9111	204	32	damage	damage	NOUN
cblr-9111	204	33	of	of	ADP
cblr-9111	204	34	spillover	spillover	NOUN
cblr-9111	204	35	instability	instability	NOUN
cblr-9111	204	36	in	in	ADP
cblr-9111	204	37	the	the	DET
cblr-9111	204	38	treasury	treasury	NOUN
cblr-9111	204	39	market	market	NOUN
cblr-9111	204	40	can	can	AUX
cblr-9111	204	41	not	not	PART
cblr-9111	204	42	be	be	AUX
cblr-9111	204	43	overstated	overstate	VERB
cblr-9111	204	44	.	.	PUNCT
cblr-9111	205	1	iv	iv	X
cblr-9111	205	2	.	.	PUNCT
cblr-9111	206	1	structural	structural	ADJ
cblr-9111	206	2	recommendations	recommendation	NOUN
cblr-9111	206	3	while	while	SCONJ
cblr-9111	206	4	the	the	DET
cblr-9111	206	5	treasury	treasury	PROPN
cblr-9111	206	6	securities	security	NOUN
cblr-9111	206	7	market	market	NOUN
cblr-9111	206	8	continues	continue	VERB
cblr-9111	206	9	to	to	PART
cblr-9111	206	10	be	be	AUX
cblr-9111	206	11	“	"	PUNCT
cblr-9111	206	12	one	one	NUM
cblr-9111	206	13	of	of	ADP
cblr-9111	206	14	the	the	DET
cblr-9111	206	15	backbones	backbone	NOUN
cblr-9111	206	16	of	of	ADP
cblr-9111	206	17	american	american	ADJ
cblr-9111	206	18	prosperity,”77	prosperity,”77	NOUN
cblr-9111	206	19	the	the	DET
cblr-9111	206	20	events	event	NOUN
cblr-9111	206	21	of	of	ADP
cblr-9111	206	22	october	october	PROPN
cblr-9111	206	23	2014	2014	NUM
cblr-9111	206	24	and	and	CCONJ
cblr-9111	206	25	march	march	PROPN
cblr-9111	206	26	2020	2020	NUM
cblr-9111	206	27	highlight	highlight	VERB
cblr-9111	206	28	the	the	DET
cblr-9111	206	29	opportunities	opportunity	NOUN
cblr-9111	206	30	for	for	ADP
cblr-9111	206	31	structural	structural	ADJ
cblr-9111	206	32	reform	reform	NOUN
cblr-9111	206	33	.	.	PUNCT
cblr-9111	207	1	importantly	importantly	ADV
cblr-9111	207	2	,	,	PUNCT
cblr-9111	207	3	such	such	ADJ
cblr-9111	207	4	reform	reform	NOUN
cblr-9111	207	5	is	be	AUX
cblr-9111	207	6	attainable	attainable	ADJ
cblr-9111	207	7	.	.	PUNCT
cblr-9111	208	1	strengthening	strengthen	VERB
cblr-9111	208	2	the	the	DET
cblr-9111	208	3	treasury	treasury	NOUN
cblr-9111	208	4	market	market	NOUN
cblr-9111	208	5	requires	require	VERB
cblr-9111	208	6	not	not	PART
cblr-9111	208	7	a	a	DET
cblr-9111	208	8	wholesale	wholesale	ADJ
cblr-9111	208	9	rewrite	rewrite	NOUN
cblr-9111	208	10	,	,	PUNCT
cblr-9111	208	11	but	but	CCONJ
cblr-9111	208	12	a	a	DET
cblr-9111	208	13	handful	handful	NOUN
cblr-9111	208	14	of	of	ADP
cblr-9111	208	15	targeted	target	VERB
cblr-9111	208	16	updates	update	NOUN
cblr-9111	208	17	to	to	ADP
cblr-9111	208	18	specific	specific	ADJ
cblr-9111	208	19	aspects	aspect	NOUN
cblr-9111	208	20	of	of	ADP
cblr-9111	208	21	the	the	DET
cblr-9111	208	22	market	market	NOUN
cblr-9111	208	23	that	that	PRON
cblr-9111	208	24	have	have	AUX
cblr-9111	208	25	evolved	evolve	VERB
cblr-9111	208	26	over	over	ADP
cblr-9111	208	27	time	time	NOUN
cblr-9111	208	28	.	.	PUNCT
cblr-9111	209	1	the	the	DET
cblr-9111	209	2	proposals	proposal	NOUN
cblr-9111	209	3	that	that	PRON
cblr-9111	209	4	follow	follow	VERB
cblr-9111	209	5	are	be	AUX
cblr-9111	209	6	designed	design	VERB
cblr-9111	209	7	to	to	PART
cblr-9111	209	8	safeguard	safeguard	VERB
cblr-9111	209	9	the	the	DET
cblr-9111	209	10	treasury	treasury	NOUN
cblr-9111	209	11	market	market	NOUN
cblr-9111	209	12	’s	’s	PART
cblr-9111	209	13	preeminent	preeminent	ADJ
cblr-9111	209	14	role	role	NOUN
cblr-9111	209	15	in	in	ADP
cblr-9111	209	16	the	the	DET
cblr-9111	209	17	u.s	u.s	PROPN
cblr-9111	209	18	.	.	PROPN
cblr-9111	209	19	economy	economy	NOUN
cblr-9111	209	20	and	and	CCONJ
cblr-9111	209	21	the	the	DET
cblr-9111	209	22	global	global	ADJ
cblr-9111	209	23	financial	financial	ADJ
cblr-9111	209	24	system	system	NOUN
cblr-9111	209	25	in	in	ADP
cblr-9111	209	26	the	the	DET
cblr-9111	209	27	years	year	NOUN
cblr-9111	209	28	to	to	PART
cblr-9111	209	29	come.78	come.78	PROPN
cblr-9111	209	30	they	they	PRON
cblr-9111	209	31	would	would	AUX
cblr-9111	209	32	do	do	VERB
cblr-9111	209	33	so	so	ADV
cblr-9111	209	34	by	by	ADP
cblr-9111	209	35	applying	apply	VERB
cblr-9111	209	36	structural	structural	ADJ
cblr-9111	209	37	features	feature	NOUN
cblr-9111	209	38	that	that	PRON
cblr-9111	209	39	have	have	VERB
cblr-9111	209	40	a	a	DET
cblr-9111	209	41	tried	try	VERB
cblr-9111	209	42	-	-	PUNCT
cblr-9111	209	43	and	and	CCONJ
cblr-9111	209	44	-	-	PUNCT
cblr-9111	209	45	true	true	ADJ
cblr-9111	209	46	record	record	NOUN
cblr-9111	209	47	of	of	ADP
cblr-9111	209	48	success	success	NOUN
cblr-9111	209	49	in	in	ADP
cblr-9111	209	50	other	other	ADJ
cblr-9111	209	51	advanced	advanced	ADJ
cblr-9111	209	52	financial	financial	ADJ
cblr-9111	209	53	markets	market	NOUN
cblr-9111	209	54	:	:	PUNCT
cblr-9111	209	55	(	(	PUNCT
cblr-9111	209	56	1	1	X
cblr-9111	209	57	)	)	PUNCT
cblr-9111	209	58	robust	robust	ADJ
cblr-9111	209	59	public	public	ADJ
cblr-9111	209	60	reporting	reporting	NOUN
cblr-9111	209	61	of	of	ADP
cblr-9111	209	62	treasury	treasury	PROPN
cblr-9111	209	63	securities	security	NOUN
cblr-9111	209	64	trades	trade	NOUN
cblr-9111	209	65	;	;	PUNCT
cblr-9111	209	66	(	(	PUNCT
cblr-9111	209	67	2	2	X
cblr-9111	209	68	)	)	PUNCT
cblr-9111	209	69	trading	trading	NOUN
cblr-9111	209	70	-	-	PUNCT
cblr-9111	209	71	venue	venue	NOUN
cblr-9111	209	72	oversight	oversight	NOUN
cblr-9111	209	73	;	;	PUNCT
cblr-9111	209	74	(	(	PUNCT
cblr-9111	209	75	3	3	X
cblr-9111	209	76	)	)	PUNCT
cblr-9111	209	77	safeguards	safeguard	NOUN
cblr-9111	209	78	for	for	ADP
cblr-9111	209	79	operational	operational	ADJ
cblr-9111	209	80	resiliency	resiliency	NOUN
cblr-9111	209	81	;	;	PUNCT
cblr-9111	209	82	and	and	CCONJ
cblr-9111	209	83	(	(	PUNCT
cblr-9111	209	84	4	4	X
cblr-9111	209	85	)	)	PUNCT
cblr-9111	209	86	expanded	expand	VERB
cblr-9111	209	87	central	central	ADJ
cblr-9111	209	88	clearing	clearing	NOUN
cblr-9111	209	89	of	of	ADP
cblr-9111	209	90	trades	trade	NOUN
cblr-9111	209	91	.	.	PUNCT
cblr-9111	210	1	75	75	NUM
cblr-9111	210	2	duffie	duffie	NOUN
cblr-9111	210	3	,	,	PUNCT
cblr-9111	210	4	supra	supra	PROPN
cblr-9111	210	5	note	note	NOUN
cblr-9111	210	6	66	66	NUM
cblr-9111	210	7	,	,	PUNCT
cblr-9111	210	8	at	at	ADP
cblr-9111	210	9	12	12	NUM
cblr-9111	210	10	.	.	PUNCT
cblr-9111	210	11	76	76	NUM
cblr-9111	210	12	sifma	sifma	NOUN
cblr-9111	210	13	,	,	PUNCT
cblr-9111	210	14	supra	supra	PROPN
cblr-9111	210	15	note	note	NOUN
cblr-9111	210	16	21	21	NUM
cblr-9111	210	17	.	.	PUNCT
cblr-9111	211	1	77	77	NUM
cblr-9111	211	2	griffin	griffin	PROPN
cblr-9111	211	3	,	,	PUNCT
cblr-9111	211	4	supra	supra	PROPN
cblr-9111	211	5	note	note	NOUN
cblr-9111	211	6	39	39	NUM
cblr-9111	211	7	,	,	PUNCT
cblr-9111	211	8	at	at	ADP
cblr-9111	211	9	6	6	NUM
cblr-9111	211	10	.	.	SYM
cblr-9111	211	11	78	78	NUM
cblr-9111	211	12	see	see	VERB
cblr-9111	211	13	supra	supra	PROPN
cblr-9111	211	14	note	note	NOUN
cblr-9111	211	15	1	1	NUM
cblr-9111	211	16	and	and	CCONJ
cblr-9111	211	17	accompanying	accompany	VERB
cblr-9111	211	18	text	text	NOUN
cblr-9111	211	19	(	(	PUNCT
cblr-9111	211	20	describing	describe	VERB
cblr-9111	211	21	the	the	DET
cblr-9111	211	22	global	global	ADJ
cblr-9111	211	23	importance	importance	NOUN
cblr-9111	211	24	of	of	ADP
cblr-9111	211	25	the	the	DET
cblr-9111	211	26	u.s	u.s	PROPN
cblr-9111	211	27	.	.	PROPN
cblr-9111	211	28	treasury	treasury	PROPN
cblr-9111	211	29	market	market	NOUN
cblr-9111	211	30	)	)	PUNCT
cblr-9111	211	31	.	.	PUNCT
cblr-9111	212	1	1382	1382	NUM
cblr-9111	212	2	columbia	columbia	PROPN
cblr-9111	212	3	business	business	PROPN
cblr-9111	212	4	law	law	PROPN
cblr-9111	212	5	review	review	NOUN
cblr-9111	212	6	[	[	X
cblr-9111	212	7	vol	vol	NOUN
cblr-9111	212	8	.	.	NOUN
cblr-9111	213	1	2021	2021	NUM
cblr-9111	213	2	a.	a.	NOUN
cblr-9111	213	3	robust	robust	ADJ
cblr-9111	213	4	public	public	ADJ
cblr-9111	213	5	reporting	reporting	NOUN
cblr-9111	213	6	we	we	PRON
cblr-9111	213	7	live	live	VERB
cblr-9111	213	8	in	in	ADP
cblr-9111	213	9	a	a	DET
cblr-9111	213	10	data	data	NOUN
cblr-9111	213	11	-	-	PUNCT
cblr-9111	213	12	driven	drive	VERB
cblr-9111	213	13	world	world	NOUN
cblr-9111	213	14	,	,	PUNCT
cblr-9111	213	15	in	in	ADP
cblr-9111	213	16	which	which	PRON
cblr-9111	213	17	companies	company	NOUN
cblr-9111	213	18	,	,	PUNCT
cblr-9111	213	19	and	and	CCONJ
cblr-9111	213	20	even	even	ADV
cblr-9111	213	21	individuals	individual	NOUN
cblr-9111	213	22	,	,	PUNCT
cblr-9111	213	23	can	can	AUX
cblr-9111	213	24	consume	consume	VERB
cblr-9111	213	25	massive	massive	ADJ
cblr-9111	213	26	amounts	amount	NOUN
cblr-9111	213	27	of	of	ADP
cblr-9111	213	28	information	information	NOUN
cblr-9111	213	29	in	in	ADP
cblr-9111	213	30	a	a	DET
cblr-9111	213	31	short	short	ADJ
cblr-9111	213	32	period	period	NOUN
cblr-9111	213	33	of	of	ADP
cblr-9111	213	34	time	time	NOUN
cblr-9111	213	35	.	.	PUNCT
cblr-9111	214	1	in	in	ADP
cblr-9111	214	2	the	the	DET
cblr-9111	214	3	financial	financial	ADJ
cblr-9111	214	4	markets	market	NOUN
cblr-9111	214	5	,	,	PUNCT
cblr-9111	214	6	access	access	NOUN
cblr-9111	214	7	to	to	ADP
cblr-9111	214	8	such	such	ADJ
cblr-9111	214	9	data	datum	NOUN
cblr-9111	214	10	can	can	AUX
cblr-9111	214	11	allow	allow	VERB
cblr-9111	214	12	entities	entity	NOUN
cblr-9111	214	13	to	to	PART
cblr-9111	214	14	make	make	VERB
cblr-9111	214	15	informed	informed	ADJ
cblr-9111	214	16	decisions	decision	NOUN
cblr-9111	214	17	on	on	ADP
cblr-9111	214	18	a	a	DET
cblr-9111	214	19	faster	fast	ADJ
cblr-9111	214	20	basis	basis	NOUN
cblr-9111	214	21	and	and	CCONJ
cblr-9111	214	22	may	may	AUX
cblr-9111	214	23	forestall	forestall	VERB
cblr-9111	214	24	panic	panic	NOUN
cblr-9111	214	25	if	if	SCONJ
cblr-9111	214	26	markets	market	NOUN
cblr-9111	214	27	have	have	VERB
cblr-9111	214	28	a	a	DET
cblr-9111	214	29	better	well	ADJ
cblr-9111	214	30	understanding	understanding	NOUN
cblr-9111	214	31	of	of	ADP
cblr-9111	214	32	developments	development	NOUN
cblr-9111	214	33	as	as	SCONJ
cblr-9111	214	34	they	they	PRON
cblr-9111	214	35	are	be	AUX
cblr-9111	214	36	occurring	occur	VERB
cblr-9111	214	37	.	.	PUNCT
cblr-9111	215	1	as	as	ADP
cblr-9111	215	2	a	a	DET
cblr-9111	215	3	result	result	NOUN
cblr-9111	215	4	,	,	PUNCT
cblr-9111	215	5	robust	robust	ADJ
cblr-9111	215	6	public	public	ADJ
cblr-9111	215	7	reporting	reporting	NOUN
cblr-9111	215	8	of	of	ADP
cblr-9111	215	9	transactions	transaction	NOUN
cblr-9111	215	10	is	be	AUX
cblr-9111	215	11	a	a	DET
cblr-9111	215	12	key	key	ADJ
cblr-9111	215	13	source	source	NOUN
cblr-9111	215	14	of	of	ADP
cblr-9111	215	15	market	market	NOUN
cblr-9111	215	16	transparency	transparency	NOUN
cblr-9111	215	17	and	and	CCONJ
cblr-9111	215	18	a	a	DET
cblr-9111	215	19	“	"	PUNCT
cblr-9111	215	20	hallmark	hallmark	NOUN
cblr-9111	215	21	of	of	ADP
cblr-9111	215	22	virtually	virtually	ADV
cblr-9111	215	23	every	every	PRON
cblr-9111	215	24	major	major	ADJ
cblr-9111	215	25	market	market	NOUN
cblr-9111	215	26	,	,	PUNCT
cblr-9111	215	27	including	include	VERB
cblr-9111	215	28	u.s	u.s	PROPN
cblr-9111	215	29	.	.	PROPN
cblr-9111	215	30	equities	equity	NOUN
cblr-9111	215	31	,	,	PUNCT
cblr-9111	215	32	options	option	NOUN
cblr-9111	215	33	,	,	PUNCT
cblr-9111	215	34	futures	future	NOUN
cblr-9111	215	35	,	,	PUNCT
cblr-9111	215	36	corporate	corporate	ADJ
cblr-9111	215	37	bond	bond	NOUN
cblr-9111	215	38	,	,	PUNCT
cblr-9111	215	39	municipal	municipal	ADJ
cblr-9111	215	40	bond	bond	NOUN
cblr-9111	215	41	,	,	PUNCT
cblr-9111	215	42	and	and	CCONJ
cblr-9111	215	43	otc	otc	PROPN
cblr-9111	215	44	derivatives	derivative	NOUN
cblr-9111	215	45	.	.	PUNCT
cblr-9111	216	1	”79	”79	VERB
cblr-9111	216	2	in	in	ADP
cblr-9111	216	3	contrast	contrast	NOUN
cblr-9111	216	4	to	to	ADP
cblr-9111	216	5	these	these	DET
cblr-9111	216	6	markets	market	NOUN
cblr-9111	216	7	,	,	PUNCT
cblr-9111	216	8	however	however	ADV
cblr-9111	216	9	,	,	PUNCT
cblr-9111	216	10	more	more	ADJ
cblr-9111	216	11	than	than	ADP
cblr-9111	216	12	fifty	fifty	NUM
cblr-9111	216	13	percent	percent	NOUN
cblr-9111	216	14	of	of	ADP
cblr-9111	216	15	u.s	u.s	PROPN
cblr-9111	216	16	.	.	PROPN
cblr-9111	216	17	treasury	treasury	PROPN
cblr-9111	216	18	securities	security	NOUN
cblr-9111	216	19	trades	trade	NOUN
cblr-9111	216	20	are	be	AUX
cblr-9111	216	21	not	not	PART
cblr-9111	216	22	publicly	publicly	ADV
cblr-9111	216	23	reported	report	VERB
cblr-9111	216	24	,	,	PUNCT
cblr-9111	216	25	leaving	leave	VERB
cblr-9111	216	26	the	the	DET
cblr-9111	216	27	treasury	treasury	NOUN
cblr-9111	216	28	market	market	NOUN
cblr-9111	216	29	to	to	PART
cblr-9111	216	30	operate	operate	VERB
cblr-9111	216	31	“	"	PUNCT
cblr-9111	216	32	without	without	ADP
cblr-9111	216	33	meaningful	meaningful	ADJ
cblr-9111	216	34	post	post	ADJ
cblr-9111	216	35	-	-	ADJ
cblr-9111	216	36	trade	trade	ADJ
cblr-9111	216	37	transparency	transparency	NOUN
cblr-9111	216	38	.	.	PUNCT
cblr-9111	217	1	”80	”80	NOUN
cblr-9111	217	2	enhancing	enhance	VERB
cblr-9111	217	3	public	public	ADJ
cblr-9111	217	4	access	access	NOUN
cblr-9111	217	5	to	to	ADP
cblr-9111	217	6	treasury	treasury	NOUN
cblr-9111	217	7	market	market	NOUN
cblr-9111	217	8	trade	trade	NOUN
cblr-9111	217	9	data	datum	NOUN
cblr-9111	217	10	could	could	AUX
cblr-9111	217	11	help	help	VERB
cblr-9111	217	12	all	all	DET
cblr-9111	217	13	investors	investor	NOUN
cblr-9111	217	14	rationally	rationally	ADV
cblr-9111	217	15	address	address	VERB
cblr-9111	217	16	factors	factor	NOUN
cblr-9111	217	17	driving	drive	VERB
cblr-9111	217	18	price	price	NOUN
cblr-9111	217	19	transitions	transition	NOUN
cblr-9111	217	20	and	and	CCONJ
cblr-9111	217	21	changing	change	VERB
cblr-9111	217	22	liquidity	liquidity	NOUN
cblr-9111	217	23	conditions	condition	NOUN
cblr-9111	217	24	before	before	SCONJ
cblr-9111	217	25	crises	crisis	NOUN
cblr-9111	217	26	develop	develop	VERB
cblr-9111	217	27	.	.	PUNCT
cblr-9111	218	1	robust	robust	ADJ
cblr-9111	218	2	public	public	ADJ
cblr-9111	218	3	reporting	reporting	NOUN
cblr-9111	218	4	of	of	ADP
cblr-9111	218	5	financial	financial	ADJ
cblr-9111	218	6	transactions	transaction	NOUN
cblr-9111	218	7	would	would	AUX
cblr-9111	218	8	provide	provide	VERB
cblr-9111	218	9	a	a	DET
cblr-9111	218	10	host	host	NOUN
cblr-9111	218	11	of	of	ADP
cblr-9111	218	12	benefits	benefit	NOUN
cblr-9111	218	13	,	,	PUNCT
cblr-9111	218	14	such	such	ADJ
cblr-9111	218	15	as	as	ADP
cblr-9111	218	16	enhancing	enhance	VERB
cblr-9111	218	17	competition	competition	NOUN
cblr-9111	218	18	,	,	PUNCT
cblr-9111	218	19	improving	improve	VERB
cblr-9111	218	20	liquidity	liquidity	NOUN
cblr-9111	218	21	,	,	PUNCT
cblr-9111	218	22	aiding	aid	VERB
cblr-9111	218	23	risk	risk	NOUN
cblr-9111	218	24	management	management	NOUN
cblr-9111	218	25	,	,	PUNCT
cblr-9111	218	26	reducing	reduce	VERB
cblr-9111	218	27	transaction	transaction	NOUN
cblr-9111	218	28	costs	cost	NOUN
cblr-9111	218	29	,	,	PUNCT
cblr-9111	218	30	and	and	CCONJ
cblr-9111	218	31	increasing	increase	VERB
cblr-9111	218	32	investor	investor	NOUN
cblr-9111	218	33	confidence.81	confidence.81	PROPN
cblr-9111	218	34	it	it	PRON
cblr-9111	218	35	has	have	AUX
cblr-9111	218	36	also	also	ADV
cblr-9111	218	37	been	be	AUX
cblr-9111	218	38	shown	show	VERB
cblr-9111	218	39	to	to	PART
cblr-9111	218	40	reduce	reduce	VERB
cblr-9111	218	41	79	79	NUM
cblr-9111	218	42	citadel	citadel	PROPN
cblr-9111	218	43	sec	sec	PROPN
cblr-9111	218	44	.	.	PROPN
cblr-9111	218	45	,	,	PUNCT
cblr-9111	218	46	enhancing	enhance	VERB
cblr-9111	218	47	competition	competition	NOUN
cblr-9111	218	48	,	,	PUNCT
cblr-9111	218	49	transparency	transparency	NOUN
cblr-9111	218	50	,	,	PUNCT
cblr-9111	218	51	and	and	CCONJ
cblr-9111	218	52	resiliency	resiliency	NOUN
cblr-9111	218	53	in	in	ADP
cblr-9111	218	54	u.s	u.s	PROPN
cblr-9111	218	55	.	.	PROPN
cblr-9111	218	56	financial	financial	ADJ
cblr-9111	218	57	markets	market	NOUN
cblr-9111	218	58	:	:	PUNCT
cblr-9111	218	59	policy	policy	NOUN
cblr-9111	218	60	recommendations	recommendation	NOUN
cblr-9111	218	61	for	for	ADP
cblr-9111	218	62	the	the	DET
cblr-9111	218	63	u.s	u.s	PROPN
cblr-9111	218	64	.	.	PROPN
cblr-9111	218	65	securities	securities	PROPN
cblr-9111	218	66	and	and	CCONJ
cblr-9111	218	67	exchange	exchange	PROPN
cblr-9111	218	68	commission	commission	PROPN
cblr-9111	218	69	,	,	PUNCT
cblr-9111	218	70	9	9	NUM
cblr-9111	218	71	(	(	PUNCT
cblr-9111	218	72	2021	2021	NUM
cblr-9111	218	73	)	)	PUNCT
cblr-9111	218	74	,	,	PUNCT
cblr-9111	218	75	https://s3.amazonaws.com/citadel-wordpress-prd101/wpcontent/uploads/sites/2/2021/05/03130457/enhancingcompetitiontranspar	https://s3.amazonaws.com/citadel-wordpress-prd101/wpcontent/uploads/sites/2/2021/05/03130457/enhancingcompetitiontranspar	ADV
cblr-9111	218	76	encyandresiliencyinusfinancialmarkets.pdf	encyandresiliencyinusfinancialmarkets.pdf	X
cblr-9111	219	1	[	[	X
cblr-9111	219	2	https://perma.cc/6533zp3	https://perma.cc/6533zp3	X
cblr-9111	219	3	g	g	NOUN
cblr-9111	219	4	]	]	PUNCT
cblr-9111	219	5	.	.	PUNCT
cblr-9111	220	1	80	80	NUM
cblr-9111	221	1	i	i	PRON
cblr-9111	221	2	d.	d.	PROPN
cblr-9111	221	3	81	81	NUM
cblr-9111	221	4	see	see	VERB
cblr-9111	221	5	group	group	NOUN
cblr-9111	221	6	of	of	ADP
cblr-9111	221	7	thirty	thirty	NUM
cblr-9111	221	8	working	work	VERB
cblr-9111	221	9	group	group	NOUN
cblr-9111	221	10	on	on	ADP
cblr-9111	221	11	treasury	treasury	PROPN
cblr-9111	221	12	market	market	NOUN
cblr-9111	221	13	liquidity	liquidity	NOUN
cblr-9111	221	14	,	,	PUNCT
cblr-9111	221	15	supra	supra	PROPN
cblr-9111	221	16	note	note	NOUN
cblr-9111	221	17	1	1	NUM
cblr-9111	221	18	,	,	PUNCT
cblr-9111	221	19	at	at	ADP
cblr-9111	221	20	16	16	NUM
cblr-9111	221	21	;	;	PUNCT
cblr-9111	221	22	citadel	citadel	PROPN
cblr-9111	221	23	sec	sec	PROPN
cblr-9111	221	24	.	.	PROPN
cblr-9111	221	25	,	,	PUNCT
cblr-9111	221	26	supra	supra	PROPN
cblr-9111	221	27	note	note	PROPN
cblr-9111	221	28	79	79	NUM
cblr-9111	221	29	;	;	PUNCT
cblr-9111	221	30	see	see	VERB
cblr-9111	221	31	also	also	ADV
cblr-9111	221	32	griffin	griffin	PROPN
cblr-9111	221	33	,	,	PUNCT
cblr-9111	221	34	supra	supra	PROPN
cblr-9111	221	35	note	note	NOUN
cblr-9111	221	36	39	39	NUM
cblr-9111	221	37	,	,	PUNCT
cblr-9111	221	38	at	at	ADP
cblr-9111	221	39	6	6	NUM
cblr-9111	221	40	(	(	PUNCT
cblr-9111	221	41	“	"	PUNCT
cblr-9111	221	42	post	post	ADJ
cblr-9111	221	43	-	-	ADJ
cblr-9111	221	44	trade	trade	ADJ
cblr-9111	221	45	transparency	transparency	NOUN
cblr-9111	221	46	is	be	AUX
cblr-9111	221	47	critical	critical	ADJ
cblr-9111	221	48	to	to	ADP
cblr-9111	221	49	healthy	healthy	ADJ
cblr-9111	221	50	,	,	PUNCT
cblr-9111	221	51	functioning	function	VERB
cblr-9111	221	52	markets	market	NOUN
cblr-9111	221	53	.	.	PUNCT
cblr-9111	221	54	”	"	PUNCT
cblr-9111	221	55	)	)	PUNCT
cblr-9111	221	56	;	;	PUNCT
cblr-9111	221	57	luis	luis	PROPN
cblr-9111	221	58	a.	a.	PROPN
cblr-9111	221	59	aguilar	aguilar	PROPN
cblr-9111	221	60	,	,	PUNCT
cblr-9111	221	61	statement	statement	NOUN
cblr-9111	221	62	on	on	ADP
cblr-9111	221	63	making	make	VERB
cblr-9111	221	64	the	the	DET
cblr-9111	221	65	municipal	municipal	ADJ
cblr-9111	221	66	securities	security	NOUN
cblr-9111	221	67	market	market	NOUN
cblr-9111	221	68	more	more	ADV
cblr-9111	221	69	transparent	transparent	ADJ
cblr-9111	221	70	,	,	PUNCT
cblr-9111	221	71	liquid	liquid	NOUN
cblr-9111	221	72	,	,	PUNCT
cblr-9111	221	73	and	and	CCONJ
cblr-9111	221	74	fair	fair	ADJ
cblr-9111	221	75	,	,	PUNCT
cblr-9111	221	76	sec	sec	PROPN
cblr-9111	221	77	.	.	PROPN
cblr-9111	221	78	&	&	CCONJ
cblr-9111	221	79	exch	exch	PROPN
cblr-9111	221	80	.	.	PUNCT
cblr-9111	222	1	comm’n	comm’n	PROPN
cblr-9111	222	2	(	(	PUNCT
cblr-9111	222	3	feb	feb	X
cblr-9111	222	4	.	.	PROPN
cblr-9111	222	5	13	13	NUM
cblr-9111	222	6	,	,	PUNCT
cblr-9111	222	7	2015	2015	NUM
cblr-9111	222	8	)	)	PUNCT
cblr-9111	222	9	,	,	PUNCT
cblr-9111	222	10	https://www.sec.gov/news/statement/makingmunicipal-securities-market-more-transparent-liquid-fair.html	https://www.sec.gov/news/statement/makingmunicipal-securities-market-more-transparent-liquid-fair.html	PROPN
cblr-9111	222	11	[	[	X
cblr-9111	222	12	https://perma.cc/9jqr-qxwn	https://perma.cc/9jqr-qxwn	X
cblr-9111	222	13	]	]	X
cblr-9111	222	14	(	(	PUNCT
cblr-9111	222	15	stating	state	VERB
cblr-9111	222	16	that	that	SCONJ
cblr-9111	222	17	relatively	relatively	ADV
cblr-9111	222	18	low	low	ADJ
cblr-9111	222	19	transparency	transparency	NOUN
cblr-9111	222	20	in	in	ADP
cblr-9111	222	21	municipal	municipal	ADJ
cblr-9111	222	22	securities	security	NOUN
cblr-9111	222	23	markets	market	NOUN
cblr-9111	222	24	has	have	AUX
cblr-9111	222	25	reduced	reduce	VERB
cblr-9111	222	26	liquidity	liquidity	NOUN
cblr-9111	222	27	)	)	PUNCT
cblr-9111	222	28	;	;	PUNCT
cblr-9111	222	29	michael	michael	PROPN
cblr-9111	222	30	a.	a.	PROPN
cblr-9111	222	31	goldstein	goldstein	PROPN
cblr-9111	222	32	,	,	PUNCT
cblr-9111	222	33	no	no	INTJ
cblr-9111	222	34	.	.	PUNCT
cblr-9111	223	1	3:1368	3:1368	NUM
cblr-9111	223	2	]	]	X
cblr-9111	223	3	strenghtening	strenghtene	VERB
cblr-9111	223	4	the	the	DET
cblr-9111	223	5	treasury	treasury	NOUN
cblr-9111	223	6	market	market	NOUN
cblr-9111	223	7	1383	1383	NUM
cblr-9111	223	8	systemic	systemic	ADJ
cblr-9111	223	9	risk	risk	NOUN
cblr-9111	223	10	and	and	CCONJ
cblr-9111	223	11	fortify	fortify	VERB
cblr-9111	223	12	markets.82	markets.82	NOUN
cblr-9111	223	13	establishing	establish	VERB
cblr-9111	223	14	robust	robust	ADJ
cblr-9111	223	15	public	public	ADJ
cblr-9111	223	16	reporting	reporting	NOUN
cblr-9111	223	17	requirements	requirement	NOUN
cblr-9111	223	18	for	for	ADP
cblr-9111	223	19	the	the	DET
cblr-9111	223	20	treasury	treasury	PROPN
cblr-9111	223	21	securities	security	NOUN
cblr-9111	223	22	and	and	CCONJ
cblr-9111	223	23	repo	repo	VERB
cblr-9111	223	24	markets	market	NOUN
cblr-9111	223	25	would	would	AUX
cblr-9111	223	26	thus	thus	ADV
cblr-9111	223	27	“	"	PUNCT
cblr-9111	223	28	allow	allow	VERB
cblr-9111	223	29	new	new	ADJ
cblr-9111	223	30	information	information	NOUN
cblr-9111	223	31	to	to	PART
cblr-9111	223	32	be	be	AUX
cblr-9111	223	33	efficiently	efficiently	ADV
cblr-9111	223	34	assimilated	assimilate	VERB
cblr-9111	223	35	”	"	PUNCT
cblr-9111	223	36	and	and	CCONJ
cblr-9111	223	37	“	"	PUNCT
cblr-9111	223	38	contribut[e	contribut[e	PROPN
cblr-9111	223	39	]	]	PUNCT
cblr-9111	223	40	to	to	ADP
cblr-9111	223	41	resiliency	resiliency	NOUN
cblr-9111	223	42	in	in	ADP
cblr-9111	223	43	times	time	NOUN
cblr-9111	223	44	of	of	ADP
cblr-9111	223	45	stress	stress	NOUN
cblr-9111	223	46	.	.	PUNCT
cblr-9111	224	1	”83	”83	NOUN
cblr-9111	224	2	this	this	PRON
cblr-9111	224	3	would	would	AUX
cblr-9111	224	4	not	not	PART
cblr-9111	224	5	be	be	AUX
cblr-9111	224	6	a	a	DET
cblr-9111	224	7	heavy	heavy	ADJ
cblr-9111	224	8	lift	lift	NOUN
cblr-9111	224	9	.	.	PUNCT
cblr-9111	225	1	in	in	ADP
cblr-9111	225	2	fact	fact	NOUN
cblr-9111	225	3	,	,	PUNCT
cblr-9111	225	4	the	the	DET
cblr-9111	225	5	infrastructure	infrastructure	NOUN
cblr-9111	225	6	necessary	necessary	ADJ
cblr-9111	225	7	to	to	PART
cblr-9111	225	8	create	create	VERB
cblr-9111	225	9	a	a	DET
cblr-9111	225	10	robust	robust	ADJ
cblr-9111	225	11	public	public	ADJ
cblr-9111	225	12	reporting	reporting	NOUN
cblr-9111	225	13	system	system	NOUN
cblr-9111	225	14	for	for	ADP
cblr-9111	225	15	the	the	DET
cblr-9111	225	16	cash	cash	NOUN
cblr-9111	225	17	treasury	treasury	NOUN
cblr-9111	225	18	market	market	NOUN
cblr-9111	225	19	has	have	AUX
cblr-9111	225	20	been	be	AUX
cblr-9111	225	21	in	in	ADP
cblr-9111	225	22	place	place	NOUN
cblr-9111	225	23	for	for	ADP
cblr-9111	225	24	years.84	years.84	PRON
cblr-9111	225	25	since	since	SCONJ
cblr-9111	225	26	july	july	PROPN
cblr-9111	225	27	2017	2017	NUM
cblr-9111	225	28	,	,	PUNCT
cblr-9111	225	29	finra	finra	NOUN
cblr-9111	225	30	members	member	NOUN
cblr-9111	225	31	have	have	AUX
cblr-9111	225	32	been	be	AUX
cblr-9111	225	33	required	require	VERB
cblr-9111	225	34	to	to	PART
cblr-9111	225	35	report	report	VERB
cblr-9111	225	36	their	their	PRON
cblr-9111	225	37	trades	trade	NOUN
cblr-9111	225	38	in	in	ADP
cblr-9111	225	39	“	"	PUNCT
cblr-9111	225	40	all	all	DET
cblr-9111	225	41	marketable	marketable	ADJ
cblr-9111	225	42	u.s	u.s	PROPN
cblr-9111	225	43	.	.	PROPN
cblr-9111	225	44	treasury	treasury	PROPN
cblr-9111	225	45	securities	security	NOUN
cblr-9111	225	46	”	"	PUNCT
cblr-9111	225	47	to	to	ADP
cblr-9111	225	48	finra	finra	PROPN
cblr-9111	225	49	’s	’s	PART
cblr-9111	225	50	trade	trade	NOUN
cblr-9111	225	51	reporting	reporting	NOUN
cblr-9111	225	52	and	and	CCONJ
cblr-9111	225	53	compliance	compliance	NOUN
cblr-9111	225	54	engine	engine	NOUN
cblr-9111	225	55	(	(	PUNCT
cblr-9111	225	56	trace).85	trace).85	PROPN
cblr-9111	225	57	while	while	SCONJ
cblr-9111	225	58	treasury	treasury	PROPN
cblr-9111	225	59	trade	trade	NOUN
cblr-9111	225	60	data	datum	NOUN
cblr-9111	225	61	that	that	PRON
cblr-9111	225	62	is	be	AUX
cblr-9111	225	63	reported	report	VERB
cblr-9111	225	64	to	to	ADP
cblr-9111	225	65	trace	trace	NOUN
cblr-9111	225	66	is	be	AUX
cblr-9111	225	67	not	not	PART
cblr-9111	225	68	currently	currently	ADV
cblr-9111	225	69	made	make	VERB
cblr-9111	225	70	public,86	public,86	NOUN
cblr-9111	225	71	in	in	ADP
cblr-9111	225	72	march	march	PROPN
cblr-9111	225	73	of	of	ADP
cblr-9111	225	74	2020	2020	NUM
cblr-9111	225	75	,	,	PUNCT
cblr-9111	225	76	finra	finra	PROPN
cblr-9111	225	77	began	begin	VERB
cblr-9111	225	78	publicly	publicly	ADV
cblr-9111	225	79	disclosing	disclose	VERB
cblr-9111	225	80	the	the	DET
cblr-9111	225	81	aggregated	aggregate	VERB
cblr-9111	225	82	volume	volume	NOUN
cblr-9111	225	83	of	of	ADP
cblr-9111	225	84	treasury	treasury	PROPN
cblr-9111	225	85	trades	trade	NOUN
cblr-9111	225	86	submitted	submit	VERB
cblr-9111	225	87	to	to	ADP
cblr-9111	225	88	trace	trace	NOUN
cblr-9111	225	89	during	during	ADP
cblr-9111	225	90	the	the	DET
cblr-9111	225	91	prior	prior	ADJ
cblr-9111	225	92	week.87	week.87	NOUN
cblr-9111	225	93	in	in	ADP
cblr-9111	225	94	addition	addition	NOUN
cblr-9111	225	95	,	,	PUNCT
cblr-9111	225	96	trace	trace	NOUN
cblr-9111	225	97	already	already	ADV
cblr-9111	225	98	facilitates	facilitate	VERB
cblr-9111	225	99	the	the	DET
cblr-9111	225	100	public	public	ADJ
cblr-9111	225	101	reporting	reporting	NOUN
cblr-9111	225	102	of	of	ADP
cblr-9111	225	103	corporate	corporate	ADJ
cblr-9111	225	104	edith	edith	PROPN
cblr-9111	225	105	s.	s.	PROPN
cblr-9111	225	106	hotchkiss	hotchkiss	PROPN
cblr-9111	225	107	&	&	CCONJ
cblr-9111	225	108	erik	erik	PROPN
cblr-9111	225	109	r.	r.	PROPN
cblr-9111	225	110	sirri	sirri	PROPN
cblr-9111	225	111	,	,	PUNCT
cblr-9111	225	112	transparency	transparency	NOUN
cblr-9111	225	113	and	and	CCONJ
cblr-9111	225	114	liquidity	liquidity	NOUN
cblr-9111	225	115	:	:	PUNCT
cblr-9111	225	116	a	a	DET
cblr-9111	225	117	controlled	control	VERB
cblr-9111	225	118	experiment	experiment	NOUN
cblr-9111	225	119	on	on	ADP
cblr-9111	225	120	corporate	corporate	ADJ
cblr-9111	225	121	bonds	bond	NOUN
cblr-9111	225	122	,	,	PUNCT
cblr-9111	225	123	20	20	NUM
cblr-9111	225	124	rev	rev	X
cblr-9111	225	125	.	.	PROPN
cblr-9111	225	126	fin	fin	NOUN
cblr-9111	225	127	.	.	PUNCT
cblr-9111	226	1	studies	study	NOUN
cblr-9111	226	2	235	235	NUM
cblr-9111	226	3	,	,	PUNCT
cblr-9111	226	4	237	237	NUM
cblr-9111	226	5	(	(	PUNCT
cblr-9111	226	6	2007	2007	NUM
cblr-9111	226	7	)	)	PUNCT
cblr-9111	226	8	(	(	PUNCT
cblr-9111	226	9	discussing	discuss	VERB
cblr-9111	226	10	positive	positive	ADJ
cblr-9111	226	11	effects	effect	NOUN
cblr-9111	226	12	of	of	ADP
cblr-9111	226	13	transparency	transparency	NOUN
cblr-9111	226	14	in	in	ADP
cblr-9111	226	15	corporate	corporate	ADJ
cblr-9111	226	16	-	-	PUNCT
cblr-9111	226	17	bond	bond	NOUN
cblr-9111	226	18	market	market	NOUN
cblr-9111	226	19	bid	bid	NOUN
cblr-9111	226	20	-	-	PUNCT
cblr-9111	226	21	ask	ask	VERB
cblr-9111	226	22	spreads	spread	NOUN
cblr-9111	226	23	and	and	CCONJ
cblr-9111	226	24	liquidity	liquidity	NOUN
cblr-9111	226	25	)	)	PUNCT
cblr-9111	226	26	.	.	PUNCT
cblr-9111	227	1	82	82	NUM
cblr-9111	227	2	see	see	VERB
cblr-9111	227	3	heath	heath	PROPN
cblr-9111	227	4	p.	p.	PROPN
cblr-9111	227	5	tarbert	tarbert	PROPN
cblr-9111	227	6	&	&	CCONJ
cblr-9111	227	7	daniel	daniel	PROPN
cblr-9111	227	8	j.	j.	PROPN
cblr-9111	227	9	grimm	grimm	PROPN
cblr-9111	227	10	,	,	PUNCT
cblr-9111	227	11	the	the	DET
cblr-9111	227	12	cftc	cftc	PROPN
cblr-9111	227	13	’s	’s	PART
cblr-9111	227	14	swap	swap	PROPN
cblr-9111	227	15	data	datum	NOUN
cblr-9111	227	16	overhaul	overhaul	NOUN
cblr-9111	227	17	,	,	PUNCT
cblr-9111	227	18	20	20	NUM
cblr-9111	227	19	fla	fla	NOUN
cblr-9111	227	20	.	.	PUNCT
cblr-9111	228	1	st	st	PROPN
cblr-9111	228	2	.	.	PROPN
cblr-9111	228	3	u.	u.	PROPN
cblr-9111	228	4	bus	bus	PROPN
cblr-9111	228	5	.	.	PUNCT
cblr-9111	229	1	rev	rev	PROPN
cblr-9111	229	2	.	.	PROPN
cblr-9111	229	3	1	1	NUM
cblr-9111	229	4	,	,	PUNCT
cblr-9111	229	5	25–26	25–26	NUM
cblr-9111	229	6	(	(	PUNCT
cblr-9111	229	7	2021	2021	NUM
cblr-9111	229	8	)	)	PUNCT
cblr-9111	229	9	(	(	PUNCT
cblr-9111	229	10	describing	describe	VERB
cblr-9111	229	11	the	the	DET
cblr-9111	229	12	importance	importance	NOUN
cblr-9111	229	13	of	of	ADP
cblr-9111	229	14	public	public	ADJ
cblr-9111	229	15	transparency	transparency	NOUN
cblr-9111	229	16	in	in	ADP
cblr-9111	229	17	reducing	reduce	VERB
cblr-9111	229	18	systemic	systemic	ADJ
cblr-9111	229	19	risk	risk	NOUN
cblr-9111	229	20	in	in	ADP
cblr-9111	229	21	otc	otc	PROPN
cblr-9111	229	22	swaps	swap	NOUN
cblr-9111	229	23	markets	market	NOUN
cblr-9111	229	24	)	)	PUNCT
cblr-9111	229	25	.	.	PUNCT
cblr-9111	230	1	83	83	NUM
cblr-9111	230	2	cooper	cooper	NOUN
cblr-9111	230	3	,	,	PUNCT
cblr-9111	230	4	supra	supra	PROPN
cblr-9111	230	5	note	note	PROPN
cblr-9111	230	6	57	57	NUM
cblr-9111	230	7	,	,	PUNCT
cblr-9111	230	8	at	at	ADP
cblr-9111	230	9	12	12	NUM
cblr-9111	230	10	.	.	PUNCT
cblr-9111	230	11	84	84	NUM
cblr-9111	230	12	see	see	VERB
cblr-9111	230	13	,	,	PUNCT
cblr-9111	230	14	e.g.	e.g.	ADV
cblr-9111	230	15	,	,	PUNCT
cblr-9111	231	1	michael	michael	PROPN
cblr-9111	231	2	j.	j.	PROPN
cblr-9111	231	3	fleming	fleming	PROPN
cblr-9111	231	4	,	,	PUNCT
cblr-9111	231	5	advent	advent	NOUN
cblr-9111	231	6	of	of	ADP
cblr-9111	231	7	trade	trade	NOUN
cblr-9111	231	8	reporting	reporting	NOUN
cblr-9111	231	9	for	for	ADP
cblr-9111	231	10	u.s	u.s	PROPN
cblr-9111	231	11	.	.	PROPN
cblr-9111	231	12	treasury	treasury	PROPN
cblr-9111	231	13	securities	securities	PROPN
cblr-9111	231	14	,	,	PUNCT
cblr-9111	231	15	liberty	liberty	PROPN
cblr-9111	231	16	st	st	PROPN
cblr-9111	231	17	.	.	PROPN
cblr-9111	231	18	econ	econ	PROPN
cblr-9111	231	19	.	.	PUNCT
cblr-9111	232	1	(	(	PUNCT
cblr-9111	232	2	jan	jan	PROPN
cblr-9111	232	3	.	.	PROPN
cblr-9111	232	4	18	18	NUM
cblr-9111	232	5	,	,	PUNCT
cblr-9111	232	6	2017	2017	NUM
cblr-9111	232	7	)	)	PUNCT
cblr-9111	232	8	,	,	PUNCT
cblr-9111	232	9	https://libertystreeteconomics.newyorkfed.org/2017/01/advent-of-tradereporting-for-us-treasury-securities/	https://libertystreeteconomics.newyorkfed.org/2017/01/advent-of-tradereporting-for-us-treasury-securities/	PROPN
cblr-9111	233	1	[	[	X
cblr-9111	233	2	https://perma.cc/8xtb-xjg3	https://perma.cc/8xtb-xjg3	PROPN
cblr-9111	233	3	]	]	PUNCT
cblr-9111	233	4	.	.	PUNCT
cblr-9111	233	5	85	85	NUM
cblr-9111	233	6	frequently	frequently	ADV
cblr-9111	233	7	asked	ask	VERB
cblr-9111	233	8	questions	question	NOUN
cblr-9111	233	9	(	(	PUNCT
cblr-9111	233	10	faq	faq	NOUN
cblr-9111	233	11	)	)	PUNCT
cblr-9111	233	12	about	about	ADP
cblr-9111	233	13	the	the	DET
cblr-9111	233	14	trade	trade	NOUN
cblr-9111	233	15	reporting	reporting	NOUN
cblr-9111	233	16	and	and	CCONJ
cblr-9111	233	17	compliance	compliance	NOUN
cblr-9111	233	18	engine	engine	NOUN
cblr-9111	233	19	(	(	PUNCT
cblr-9111	233	20	trace	trace	NOUN
cblr-9111	233	21	)	)	PUNCT
cblr-9111	233	22	,	,	PUNCT
cblr-9111	233	23	finra	finra	NOUN
cblr-9111	233	24	,	,	PUNCT
cblr-9111	233	25	https://www.finra.org/filingreporting/trace/faq	https://www.finra.org/filingreporting/trace/faq	NOUN
cblr-9111	233	26	[	[	X
cblr-9111	233	27	https://perma.cc/f9md-gcbq	https://perma.cc/f9md-gcbq	NOUN
cblr-9111	233	28	]	]	X
cblr-9111	233	29	(	(	PUNCT
cblr-9111	233	30	last	last	ADV
cblr-9111	233	31	visited	visit	VERB
cblr-9111	233	32	dec	dec	PROPN
cblr-9111	233	33	.	.	PROPN
cblr-9111	233	34	2	2	NUM
cblr-9111	233	35	,	,	PUNCT
cblr-9111	233	36	2021	2021	NUM
cblr-9111	233	37	)	)	PUNCT
cblr-9111	233	38	.	.	PUNCT
cblr-9111	234	1	marketable	marketable	ADJ
cblr-9111	234	2	treasury	treasury	PROPN
cblr-9111	234	3	securities	security	NOUN
cblr-9111	234	4	are	be	AUX
cblr-9111	234	5	those	those	PRON
cblr-9111	234	6	that	that	PRON
cblr-9111	234	7	can	can	AUX
cblr-9111	234	8	be	be	AUX
cblr-9111	234	9	traded	trade	VERB
cblr-9111	234	10	on	on	ADP
cblr-9111	234	11	secondary	secondary	ADJ
cblr-9111	234	12	markets	market	NOUN
cblr-9111	234	13	after	after	ADP
cblr-9111	234	14	issuance	issuance	NOUN
cblr-9111	234	15	.	.	PUNCT
cblr-9111	235	1	dupont	dupont	PROPN
cblr-9111	235	2	&	&	CCONJ
cblr-9111	235	3	sack	sack	PROPN
cblr-9111	235	4	,	,	PUNCT
cblr-9111	235	5	supra	supra	PROPN
cblr-9111	235	6	note	note	NOUN
cblr-9111	235	7	22	22	NUM
cblr-9111	235	8	,	,	PUNCT
cblr-9111	235	9	at	at	ADP
cblr-9111	235	10	795	795	NUM
cblr-9111	235	11	.	.	PUNCT
cblr-9111	236	1	86	86	NUM
cblr-9111	236	2	see	see	VERB
cblr-9111	236	3	yadav	yadav	PROPN
cblr-9111	236	4	,	,	PUNCT
cblr-9111	236	5	supra	supra	PROPN
cblr-9111	236	6	note	note	PROPN
cblr-9111	236	7	4	4	NUM
cblr-9111	236	8	,	,	PUNCT
cblr-9111	236	9	at	at	ADP
cblr-9111	236	10	1223	1223	NUM
cblr-9111	236	11	.	.	PUNCT
cblr-9111	237	1	87	87	NUM
cblr-9111	237	2	press	press	NOUN
cblr-9111	237	3	release	release	NOUN
cblr-9111	237	4	,	,	PUNCT
cblr-9111	237	5	finra	finra	PROPN
cblr-9111	237	6	,	,	PUNCT
cblr-9111	237	7	finra	finra	PROPN
cblr-9111	237	8	launches	launch	VERB
cblr-9111	237	9	new	new	ADJ
cblr-9111	237	10	data	datum	NOUN
cblr-9111	237	11	on	on	ADP
cblr-9111	237	12	treasury	treasury	PROPN
cblr-9111	237	13	securities	security	NOUN
cblr-9111	237	14	trade	trade	NOUN
cblr-9111	237	15	volume	volume	NOUN
cblr-9111	237	16	(	(	PUNCT
cblr-9111	237	17	mar	mar	PROPN
cblr-9111	237	18	.	.	PROPN
cblr-9111	237	19	10	10	NUM
cblr-9111	237	20	,	,	PUNCT
cblr-9111	237	21	2020	2020	NUM
cblr-9111	237	22	)	)	PUNCT
cblr-9111	237	23	,	,	PUNCT
cblr-9111	237	24	https://www.finra.org/mediacenter/newsreleases/2020/finra-launches-new-data-treasury-securitiestrading-volume	https://www.finra.org/mediacenter/newsreleases/2020/finra-launches-new-data-treasury-securitiestrading-volume	PROPN
cblr-9111	237	25	[	[	X
cblr-9111	237	26	https://perma.cc/ze4k-ranm	https://perma.cc/ze4k-ranm	PROPN
cblr-9111	237	27	]	]	PUNCT
cblr-9111	237	28	.	.	PUNCT
cblr-9111	238	1	1384	1384	NUM
cblr-9111	238	2	columbia	columbia	PROPN
cblr-9111	238	3	business	business	PROPN
cblr-9111	238	4	law	law	PROPN
cblr-9111	238	5	review	review	NOUN
cblr-9111	238	6	[	[	X
cblr-9111	238	7	vol	vol	NOUN
cblr-9111	238	8	.	.	NOUN
cblr-9111	238	9	2021	2021	NUM
cblr-9111	238	10	bond	bond	NOUN
cblr-9111	238	11	trades	trade	NOUN
cblr-9111	238	12	within	within	ADP
cblr-9111	238	13	fifteen	fifteen	ADJ
cblr-9111	238	14	minutes.88	minutes.88	NOUN
cblr-9111	238	15	robust	robust	ADJ
cblr-9111	238	16	public	public	ADJ
cblr-9111	238	17	reporting	reporting	NOUN
cblr-9111	238	18	of	of	ADP
cblr-9111	238	19	all	all	DET
cblr-9111	238	20	treasury	treasury	NOUN
cblr-9111	238	21	trades	trade	NOUN
cblr-9111	238	22	would	would	AUX
cblr-9111	238	23	require	require	VERB
cblr-9111	238	24	only	only	ADV
cblr-9111	238	25	a	a	DET
cblr-9111	238	26	modest	modest	ADJ
cblr-9111	238	27	extension.89	extension.89	NOUN
cblr-9111	238	28	and	and	CCONJ
cblr-9111	238	29	taking	take	VERB
cblr-9111	238	30	that	that	DET
cblr-9111	238	31	small	small	ADJ
cblr-9111	238	32	step	step	NOUN
cblr-9111	238	33	beyond	beyond	ADP
cblr-9111	238	34	the	the	DET
cblr-9111	238	35	existing	exist	VERB
cblr-9111	238	36	infrastructure	infrastructure	NOUN
cblr-9111	238	37	to	to	PART
cblr-9111	238	38	increase	increase	VERB
cblr-9111	238	39	the	the	DET
cblr-9111	238	40	scope	scope	NOUN
cblr-9111	238	41	and	and	CCONJ
cblr-9111	238	42	speed	speed	NOUN
cblr-9111	238	43	of	of	ADP
cblr-9111	238	44	treasury	treasury	NOUN
cblr-9111	238	45	market	market	NOUN
cblr-9111	238	46	reporting	reporting	NOUN
cblr-9111	238	47	would	would	AUX
cblr-9111	238	48	significantly	significantly	ADV
cblr-9111	238	49	improve	improve	VERB
cblr-9111	238	50	transparency	transparency	NOUN
cblr-9111	238	51	at	at	ADP
cblr-9111	238	52	relatively	relatively	ADV
cblr-9111	238	53	low	low	ADJ
cblr-9111	238	54	cost	cost	NOUN
cblr-9111	238	55	.	.	PUNCT
cblr-9111	239	1	financial	financial	ADJ
cblr-9111	239	2	regulators	regulator	NOUN
cblr-9111	239	3	should	should	AUX
cblr-9111	239	4	likewise	likewise	ADV
cblr-9111	239	5	consider	consider	VERB
cblr-9111	239	6	building	build	VERB
cblr-9111	239	7	a	a	DET
cblr-9111	239	8	public	public	ADJ
cblr-9111	239	9	reporting	reporting	NOUN
cblr-9111	239	10	system	system	NOUN
cblr-9111	239	11	for	for	ADP
cblr-9111	239	12	treasury	treasury	NOUN
cblr-9111	239	13	repos.90	repos.90	ADJ
cblr-9111	239	14	such	such	DET
cblr-9111	239	15	a	a	DET
cblr-9111	239	16	system	system	NOUN
cblr-9111	239	17	would	would	AUX
cblr-9111	239	18	yield	yield	VERB
cblr-9111	239	19	benefits	benefit	NOUN
cblr-9111	239	20	similar	similar	ADJ
cblr-9111	239	21	to	to	ADP
cblr-9111	239	22	those	those	PRON
cblr-9111	239	23	arising	arise	VERB
cblr-9111	239	24	from	from	ADP
cblr-9111	239	25	public	public	ADJ
cblr-9111	239	26	reporting	reporting	NOUN
cblr-9111	239	27	of	of	ADP
cblr-9111	239	28	cash	cash	NOUN
cblr-9111	239	29	treasuries	treasury	NOUN
cblr-9111	239	30	,	,	PUNCT
cblr-9111	239	31	and	and	CCONJ
cblr-9111	239	32	further	far	ADV
cblr-9111	239	33	mitigate	mitigate	VERB
cblr-9111	239	34	situations	situation	NOUN
cblr-9111	239	35	in	in	ADP
cblr-9111	239	36	which	which	PRON
cblr-9111	239	37	“	"	PUNCT
cblr-9111	239	38	regulators	regulator	NOUN
cblr-9111	239	39	do	do	AUX
cblr-9111	239	40	not	not	PART
cblr-9111	239	41	have	have	VERB
cblr-9111	239	42	comprehensive	comprehensive	ADJ
cblr-9111	239	43	data	datum	NOUN
cblr-9111	239	44	”	"	PUNCT
cblr-9111	239	45	on	on	ADP
cblr-9111	239	46	treasury	treasury	PROPN
cblr-9111	239	47	repo	repo	ADP
cblr-9111	239	48	trades.91	trades.91	PROPN
cblr-9111	239	49	b.	b.	PROPN
cblr-9111	239	50	trading	trading	PROPN
cblr-9111	239	51	-	-	PUNCT
cblr-9111	239	52	venue	venue	NOUN
cblr-9111	239	53	oversight	oversight	NOUN
cblr-9111	239	54	over	over	ADP
cblr-9111	239	55	the	the	DET
cblr-9111	239	56	past	past	ADJ
cblr-9111	239	57	two	two	NUM
cblr-9111	239	58	decades	decade	NOUN
cblr-9111	239	59	,	,	PUNCT
cblr-9111	239	60	the	the	DET
cblr-9111	239	61	interdealer	interdealer	ADJ
cblr-9111	239	62	market	market	NOUN
cblr-9111	239	63	for	for	ADP
cblr-9111	239	64	u.s	u.s	PROPN
cblr-9111	239	65	.	.	PROPN
cblr-9111	239	66	treasury	treasury	PROPN
cblr-9111	239	67	securities	security	NOUN
cblr-9111	239	68	has	have	AUX
cblr-9111	239	69	experienced	experience	VERB
cblr-9111	239	70	a	a	DET
cblr-9111	239	71	significant	significant	ADJ
cblr-9111	239	72	increase	increase	NOUN
cblr-9111	239	73	in	in	ADP
cblr-9111	239	74	electronic	electronic	ADJ
cblr-9111	239	75	trading	trading	NOUN
cblr-9111	239	76	,	,	PUNCT
cblr-9111	239	77	“	"	PUNCT
cblr-9111	239	78	leading	lead	VERB
cblr-9111	239	79	to	to	ADP
cblr-9111	239	80	better	well	ADJ
cblr-9111	239	81	pricing	pricing	NOUN
cblr-9111	239	82	and	and	CCONJ
cblr-9111	239	83	deeper	deep	ADJ
cblr-9111	239	84	liquidity	liquidity	NOUN
cblr-9111	239	85	.	.	PUNCT
cblr-9111	240	1	”92	”92	VERB
cblr-9111	240	2	the	the	DET
cblr-9111	240	3	rise	rise	NOUN
cblr-9111	240	4	in	in	ADP
cblr-9111	240	5	electronic	electronic	ADJ
cblr-9111	240	6	trading	trading	NOUN
cblr-9111	240	7	has	have	AUX
cblr-9111	240	8	also	also	ADV
cblr-9111	240	9	“	"	PUNCT
cblr-9111	240	10	contributed	contribute	VERB
cblr-9111	240	11	to	to	ADP
cblr-9111	240	12	a	a	DET
cblr-9111	240	13	marked	mark	VERB
cblr-9111	240	14	shift	shift	NOUN
cblr-9111	240	15	in	in	ADP
cblr-9111	240	16	the	the	DET
cblr-9111	240	17	composition	composition	NOUN
cblr-9111	240	18	of	of	ADP
cblr-9111	240	19	participants	participant	NOUN
cblr-9111	240	20	in	in	ADP
cblr-9111	240	21	the	the	DET
cblr-9111	240	22	interdealer	interdealer	NOUN
cblr-9111	240	23	”	"	PUNCT
cblr-9111	240	24	market,93	market,93	NOUN
cblr-9111	240	25	increasing	increase	VERB
cblr-9111	240	26	competition.94	competition.94	NOUN
cblr-9111	240	27	prior	prior	ADV
cblr-9111	240	28	to	to	ADP
cblr-9111	240	29	1992	1992	NUM
cblr-9111	240	30	,	,	PUNCT
cblr-9111	240	31	only	only	ADV
cblr-9111	240	32	primary	primary	ADJ
cblr-9111	240	33	dealers	dealer	NOUN
cblr-9111	240	34	could	could	AUX
cblr-9111	240	35	participate	participate	VERB
cblr-9111	240	36	in	in	ADP
cblr-9111	240	37	the	the	DET
cblr-9111	240	38	interdealer	interdealer	ADJ
cblr-9111	240	39	market.95	market.95	NOUN
cblr-9111	240	40	from	from	ADP
cblr-9111	240	41	1992	1992	NUM
cblr-9111	240	42	onward	onward	NOUN
cblr-9111	240	43	,	,	PUNCT
cblr-9111	240	44	netting	net	VERB
cblr-9111	240	45	members96	members96	NOUN
cblr-9111	240	46	of	of	ADP
cblr-9111	240	47	the	the	DET
cblr-9111	240	48	government	government	NOUN
cblr-9111	240	49	securities	security	NOUN
cblr-9111	240	50	clearing	clear	VERB
cblr-9111	240	51	88	88	NUM
cblr-9111	240	52	see	see	NOUN
cblr-9111	240	53	group	group	NOUN
cblr-9111	240	54	of	of	ADP
cblr-9111	240	55	thirty	thirty	NUM
cblr-9111	240	56	working	work	VERB
cblr-9111	240	57	group	group	NOUN
cblr-9111	240	58	on	on	ADP
cblr-9111	240	59	treasury	treasury	PROPN
cblr-9111	240	60	market	market	NOUN
cblr-9111	240	61	liquidity	liquidity	NOUN
cblr-9111	240	62	,	,	PUNCT
cblr-9111	240	63	supra	supra	PROPN
cblr-9111	240	64	note	note	NOUN
cblr-9111	240	65	1	1	NUM
cblr-9111	240	66	,	,	PUNCT
cblr-9111	240	67	at	at	ADP
cblr-9111	240	68	16	16	NUM
cblr-9111	240	69	.	.	PUNCT
cblr-9111	240	70	89	89	NUM
cblr-9111	240	71	see	see	VERB
cblr-9111	240	72	i	i	PRON
cblr-9111	240	73	d.	d.	PROPN
cblr-9111	240	74	90	90	NUM
cblr-9111	240	75	mary	mary	PROPN
cblr-9111	240	76	jo	jo	PROPN
cblr-9111	240	77	white	white	PROPN
cblr-9111	240	78	,	,	PUNCT
cblr-9111	240	79	chair	chair	NOUN
cblr-9111	240	80	,	,	PUNCT
cblr-9111	240	81	sec	sec	PROPN
cblr-9111	240	82	.	.	PROPN
cblr-9111	240	83	&	&	CCONJ
cblr-9111	240	84	exch	exch	PROPN
cblr-9111	240	85	.	.	PUNCT
cblr-9111	241	1	comm’n	comm’n	PROPN
cblr-9111	241	2	,	,	PUNCT
cblr-9111	241	3	prioritizing	prioritize	VERB
cblr-9111	241	4	regulatory	regulatory	ADJ
cblr-9111	241	5	enhancements	enhancement	NOUN
cblr-9111	241	6	for	for	ADP
cblr-9111	241	7	the	the	DET
cblr-9111	241	8	u.s	u.s	PROPN
cblr-9111	241	9	.	.	PROPN
cblr-9111	241	10	treasury	treasury	PROPN
cblr-9111	241	11	market	market	NOUN
cblr-9111	241	12	,	,	PUNCT
cblr-9111	241	13	keynote	keynote	PROPN
cblr-9111	241	14	address	address	NOUN
cblr-9111	241	15	,	,	PUNCT
cblr-9111	241	16	the	the	DET
cblr-9111	241	17	evolving	evolve	VERB
cblr-9111	241	18	structure	structure	NOUN
cblr-9111	241	19	of	of	ADP
cblr-9111	241	20	the	the	DET
cblr-9111	241	21	u.s	u.s	PROPN
cblr-9111	241	22	.	.	PROPN
cblr-9111	241	23	treasury	treasury	PROPN
cblr-9111	241	24	market	market	NOUN
cblr-9111	241	25	second	second	ADJ
cblr-9111	241	26	annual	annual	ADJ
cblr-9111	241	27	conference	conference	NOUN
cblr-9111	241	28	(	(	PUNCT
cblr-9111	241	29	oct	oct	PROPN
cblr-9111	241	30	.	.	PROPN
cblr-9111	241	31	24	24	NUM
cblr-9111	241	32	,	,	PUNCT
cblr-9111	241	33	2016	2016	NUM
cblr-9111	241	34	)	)	PUNCT
cblr-9111	242	1	,	,	PUNCT
cblr-9111	242	2	https://www.sec.gov/news/speech/white-keynote-ustreasury-market-conference-102416.html	https://www.sec.gov/news/speech/white-keynote-ustreasury-market-conference-102416.html	PROPN
cblr-9111	242	3	[	[	X
cblr-9111	242	4	https://perma.cc/f9hy-4zu2	https://perma.cc/f9hy-4zu2	PROPN
cblr-9111	242	5	]	]	PUNCT
cblr-9111	242	6	.	.	PUNCT
cblr-9111	243	1	91	91	NUM
cblr-9111	244	1	i	i	PRON
cblr-9111	244	2	d.	d.	PROPN
cblr-9111	244	3	92	92	NUM
cblr-9111	244	4	cooper	cooper	NOUN
cblr-9111	244	5	,	,	PUNCT
cblr-9111	244	6	supra	supra	PROPN
cblr-9111	244	7	note	note	PROPN
cblr-9111	244	8	57	57	NUM
cblr-9111	244	9	,	,	PUNCT
cblr-9111	244	10	at	at	ADP
cblr-9111	244	11	2	2	NUM
cblr-9111	244	12	.	.	PUNCT
cblr-9111	244	13	93	93	NUM
cblr-9111	244	14	u.s	u.s	PROPN
cblr-9111	244	15	.	.	PROPN
cblr-9111	244	16	dep’t	dep’t	NOUN
cblr-9111	244	17	of	of	ADP
cblr-9111	244	18	the	the	DET
cblr-9111	244	19	treasury	treasury	PROPN
cblr-9111	244	20	et	et	PROPN
cblr-9111	244	21	al	al	PROPN
cblr-9111	244	22	.	.	PROPN
cblr-9111	244	23	,	,	PUNCT
cblr-9111	244	24	supra	supra	PROPN
cblr-9111	244	25	note	note	PROPN
cblr-9111	244	26	51	51	NUM
cblr-9111	244	27	,	,	PUNCT
cblr-9111	244	28	at	at	ADP
cblr-9111	244	29	36	36	NUM
cblr-9111	244	30	.	.	PUNCT
cblr-9111	245	1	94	94	NUM
cblr-9111	245	2	cooper	cooper	NOUN
cblr-9111	245	3	,	,	PUNCT
cblr-9111	245	4	supra	supra	PROPN
cblr-9111	245	5	note	note	PROPN
cblr-9111	245	6	57	57	NUM
cblr-9111	245	7	,	,	PUNCT
cblr-9111	245	8	at	at	ADP
cblr-9111	245	9	2	2	NUM
cblr-9111	245	10	.	.	SYM
cblr-9111	245	11	95	95	NUM
cblr-9111	245	12	u.s	u.s	PROPN
cblr-9111	245	13	.	.	PROPN
cblr-9111	245	14	dep’t	dep’t	NOUN
cblr-9111	245	15	of	of	ADP
cblr-9111	245	16	the	the	DET
cblr-9111	245	17	treasury	treasury	PROPN
cblr-9111	245	18	et	et	PROPN
cblr-9111	245	19	al	al	PROPN
cblr-9111	245	20	.	.	PROPN
cblr-9111	245	21	,	,	PUNCT
cblr-9111	245	22	supra	supra	PROPN
cblr-9111	245	23	note	note	PROPN
cblr-9111	245	24	51	51	NUM
cblr-9111	245	25	,	,	PUNCT
cblr-9111	245	26	at	at	ADP
cblr-9111	245	27	36	36	NUM
cblr-9111	245	28	.	.	PUNCT
cblr-9111	245	29	96	96	NUM
cblr-9111	246	1	“	"	PUNCT
cblr-9111	246	2	‘	'	PUNCT
cblr-9111	246	3	netting	netting	NOUN
cblr-9111	246	4	’	'	PUNCT
cblr-9111	246	5	is	be	AUX
cblr-9111	246	6	a	a	DET
cblr-9111	246	7	process	process	NOUN
cblr-9111	246	8	by	by	ADP
cblr-9111	246	9	which	which	PRON
cblr-9111	246	10	an	an	DET
cblr-9111	246	11	exposure	exposure	NOUN
cblr-9111	246	12	or	or	CCONJ
cblr-9111	246	13	obligation	obligation	NOUN
cblr-9111	246	14	is	be	AUX
cblr-9111	246	15	reduced	reduce	VERB
cblr-9111	246	16	by	by	ADP
cblr-9111	246	17	combining	combine	VERB
cblr-9111	246	18	two	two	NUM
cblr-9111	246	19	or	or	CCONJ
cblr-9111	246	20	more	more	ADJ
cblr-9111	246	21	positions	position	NOUN
cblr-9111	246	22	.	.	PUNCT
cblr-9111	246	23	”	"	PUNCT
cblr-9111	247	1	netting	netting	PROPN
cblr-9111	247	2	,	,	PUNCT
cblr-9111	247	3	corp	corp	PROPN
cblr-9111	247	4	.	.	PROPN
cblr-9111	247	5	fin	fin	PROPN
cblr-9111	247	6	.	.	PUNCT
cblr-9111	247	7	inst	inst	PROPN
cblr-9111	247	8	.	.	PROPN
cblr-9111	247	9	,	,	PUNCT
cblr-9111	247	10	https://corporatefinanceinstitute.com/resources/knowledge/deals/netting/	https://corporatefinanceinstitute.com/resources/knowledge/deals/netting/	VERB
cblr-9111	248	1	[	[	X
cblr-9111	248	2	https://perma.cc/25fd-2t5h	https://perma.cc/25fd-2t5h	X
cblr-9111	248	3	]	]	X
cblr-9111	248	4	(	(	PUNCT
cblr-9111	248	5	last	last	ADV
cblr-9111	248	6	visited	visit	VERB
cblr-9111	248	7	dec	dec	PROPN
cblr-9111	248	8	.	.	PROPN
cblr-9111	248	9	2	2	NUM
cblr-9111	248	10	,	,	PUNCT
cblr-9111	248	11	2021	2021	NUM
cblr-9111	248	12	)	)	PUNCT
cblr-9111	248	13	.	.	PUNCT
cblr-9111	249	1	netting	net	VERB
cblr-9111	249	2	is	be	AUX
cblr-9111	249	3	often	often	ADV
cblr-9111	249	4	performed	perform	VERB
cblr-9111	249	5	by	by	ADP
cblr-9111	249	6	clearinghouses	clearinghouse	NOUN
cblr-9111	249	7	and	and	CCONJ
cblr-9111	249	8	can	can	AUX
cblr-9111	249	9	provide	provide	VERB
cblr-9111	249	10	liquidity	liquidity	NOUN
cblr-9111	249	11	by	by	ADP
cblr-9111	249	12	making	make	VERB
cblr-9111	249	13	no	no	NOUN
cblr-9111	249	14	.	.	PUNCT
cblr-9111	250	1	3:1368	3:1368	NUM
cblr-9111	250	2	]	]	X
cblr-9111	250	3	strenghtening	strenghtene	VERB
cblr-9111	250	4	the	the	DET
cblr-9111	250	5	treasury	treasury	NOUN
cblr-9111	250	6	market	market	NOUN
cblr-9111	250	7	1385	1385	NUM
cblr-9111	250	8	corporation	corporation	NOUN
cblr-9111	250	9	(	(	PUNCT
cblr-9111	250	10	now	now	ADV
cblr-9111	250	11	called	call	VERB
cblr-9111	250	12	the	the	DET
cblr-9111	250	13	fixed	fix	VERB
cblr-9111	250	14	income	income	NOUN
cblr-9111	250	15	clearing	clearing	NOUN
cblr-9111	250	16	corporation	corporation	NOUN
cblr-9111	250	17	,	,	PUNCT
cblr-9111	250	18	or	or	CCONJ
cblr-9111	250	19	ficc)97	ficc)97	PROPN
cblr-9111	250	20	were	be	AUX
cblr-9111	250	21	given	give	VERB
cblr-9111	250	22	access	access	NOUN
cblr-9111	250	23	to	to	ADP
cblr-9111	250	24	the	the	DET
cblr-9111	250	25	interdealer	interdealer	NOUN
cblr-9111	250	26	markets.98	markets.98	NOUN
cblr-9111	250	27	in	in	ADP
cblr-9111	250	28	the	the	DET
cblr-9111	250	29	mid-2000s	mid-2000s	PROPN
cblr-9111	250	30	,	,	PUNCT
cblr-9111	250	31	market	market	NOUN
cblr-9111	250	32	-	-	PUNCT
cblr-9111	250	33	access	access	NOUN
cblr-9111	250	34	liberalization	liberalization	NOUN
cblr-9111	250	35	continued	continue	VERB
cblr-9111	250	36	,	,	PUNCT
cblr-9111	250	37	with	with	ADP
cblr-9111	250	38	ptfs	ptfs	ADJ
cblr-9111	250	39	entering	enter	VERB
cblr-9111	250	40	interdealer	interdealer	NOUN
cblr-9111	250	41	platforms	platform	NOUN
cblr-9111	250	42	as	as	ADP
cblr-9111	250	43	new	new	ADJ
cblr-9111	250	44	liquidity	liquidity	NOUN
cblr-9111	250	45	providers99	providers99	NOUN
cblr-9111	250	46	and	and	CCONJ
cblr-9111	250	47	growing	grow	VERB
cblr-9111	250	48	to	to	PART
cblr-9111	250	49	play	play	VERB
cblr-9111	250	50	a	a	DET
cblr-9111	250	51	dominant	dominant	ADJ
cblr-9111	250	52	role	role	NOUN
cblr-9111	250	53	on	on	ADP
cblr-9111	250	54	electronic	electronic	ADJ
cblr-9111	250	55	interdealer	interdealer	NOUN
cblr-9111	250	56	platforms.100	platforms.100	PROPN
cblr-9111	250	57	that	that	PRON
cblr-9111	250	58	expansion	expansion	NOUN
cblr-9111	250	59	in	in	ADP
cblr-9111	250	60	the	the	DET
cblr-9111	250	61	market	market	NOUN
cblr-9111	250	62	has	have	AUX
cblr-9111	250	63	brought	bring	VERB
cblr-9111	250	64	a	a	DET
cblr-9111	250	65	host	host	NOUN
cblr-9111	250	66	of	of	ADP
cblr-9111	250	67	benefits	benefit	NOUN
cblr-9111	250	68	to	to	ADP
cblr-9111	250	69	treasury	treasury	NOUN
cblr-9111	250	70	investors	investor	NOUN
cblr-9111	250	71	:	:	PUNCT
cblr-9111	250	72	for	for	ADP
cblr-9111	250	73	example	example	NOUN
cblr-9111	250	74	,	,	PUNCT
cblr-9111	250	75	by	by	ADP
cblr-9111	250	76	acting	act	VERB
cblr-9111	250	77	as	as	ADP
cblr-9111	250	78	liquidity	liquidity	NOUN
cblr-9111	250	79	providers	provider	NOUN
cblr-9111	250	80	,	,	PUNCT
cblr-9111	250	81	ptfs	ptfs	ADJ
cblr-9111	250	82	help	help	NOUN
cblr-9111	250	83	reduce	reduce	VERB
cblr-9111	250	84	bid	bid	NOUN
cblr-9111	250	85	/	/	SYM
cblr-9111	250	86	ask	ask	VERB
cblr-9111	250	87	spreads	spread	NOUN
cblr-9111	250	88	and	and	CCONJ
cblr-9111	250	89	lower	low	ADJ
cblr-9111	250	90	prices.101	prices.101	NOUN
cblr-9111	250	91	although	although	SCONJ
cblr-9111	250	92	the	the	DET
cblr-9111	250	93	treasury	treasury	NOUN
cblr-9111	250	94	markets	market	NOUN
cblr-9111	250	95	have	have	AUX
cblr-9111	250	96	made	make	VERB
cblr-9111	250	97	significant	significant	ADJ
cblr-9111	250	98	progress	progress	NOUN
cblr-9111	250	99	in	in	ADP
cblr-9111	250	100	liberalizing	liberalize	VERB
cblr-9111	250	101	market	market	NOUN
cblr-9111	250	102	access	access	NOUN
cblr-9111	250	103	,	,	PUNCT
cblr-9111	250	104	that	that	DET
cblr-9111	250	105	progress	progress	NOUN
cblr-9111	250	106	has	have	AUX
cblr-9111	250	107	not	not	PART
cblr-9111	250	108	been	be	AUX
cblr-9111	250	109	universally	universally	ADV
cblr-9111	250	110	embraced	embrace	VERB
cblr-9111	250	111	.	.	PUNCT
cblr-9111	251	1	instead	instead	ADV
cblr-9111	251	2	,	,	PUNCT
cblr-9111	251	3	certain	certain	ADJ
cblr-9111	251	4	trading	trading	NOUN
cblr-9111	251	5	platforms	platform	NOUN
cblr-9111	251	6	remained	remained	AUX
cblr-9111	251	7	designed	design	VERB
cblr-9111	251	8	to	to	PART
cblr-9111	251	9	protect	protect	VERB
cblr-9111	251	10	entrenched	entrenched	ADJ
cblr-9111	251	11	interests.102	interests.102	NOUN
cblr-9111	251	12	in	in	ADP
cblr-9111	251	13	contrast	contrast	NOUN
cblr-9111	251	14	,	,	PUNCT
cblr-9111	251	15	other	other	ADJ
cblr-9111	251	16	advanced	advanced	ADJ
cblr-9111	251	17	financial	financial	ADJ
cblr-9111	251	18	markets	market	NOUN
cblr-9111	251	19	offer	offer	VERB
cblr-9111	251	20	important	important	ADJ
cblr-9111	251	21	lessons	lesson	NOUN
cblr-9111	251	22	on	on	ADP
cblr-9111	251	23	the	the	DET
cblr-9111	251	24	value	value	NOUN
cblr-9111	251	25	of	of	ADP
cblr-9111	251	26	openness	openness	NOUN
cblr-9111	251	27	.	.	PUNCT
cblr-9111	252	1	to	to	PART
cblr-9111	252	2	ensure	ensure	VERB
cblr-9111	252	3	ample	ample	ADJ
cblr-9111	252	4	liquidity	liquidity	NOUN
cblr-9111	252	5	(	(	PUNCT
cblr-9111	252	6	and	and	CCONJ
cblr-9111	252	7	reduce	reduce	VERB
cblr-9111	252	8	volatility	volatility	NOUN
cblr-9111	252	9	)	)	PUNCT
cblr-9111	252	10	,	,	PUNCT
cblr-9111	252	11	trading	trading	NOUN
cblr-9111	252	12	venues	venue	NOUN
cblr-9111	252	13	for	for	ADP
cblr-9111	252	14	other	other	ADJ
cblr-9111	252	15	major	major	ADJ
cblr-9111	252	16	u.s	u.s	PROPN
cblr-9111	252	17	.	.	PROPN
cblr-9111	252	18	securities	security	NOUN
cblr-9111	252	19	and	and	CCONJ
cblr-9111	252	20	derivatives	derivative	NOUN
cblr-9111	252	21	markets	market	NOUN
cblr-9111	252	22	are	be	AUX
cblr-9111	252	23	subject	subject	ADJ
cblr-9111	252	24	to	to	ADP
cblr-9111	252	25	nondiscriminatory	nondiscriminatory	ADJ
cblr-9111	252	26	access	access	NOUN
cblr-9111	252	27	requirements	requirement	NOUN
cblr-9111	252	28	that	that	PRON
cblr-9111	252	29	preclude	preclude	VERB
cblr-9111	252	30	similar	similar	ADJ
cblr-9111	252	31	settlement	settlement	NOUN
cblr-9111	252	32	processes	process	NOUN
cblr-9111	252	33	more	more	ADV
cblr-9111	252	34	efficient	efficient	ADJ
cblr-9111	252	35	and	and	CCONJ
cblr-9111	252	36	less	less	ADJ
cblr-9111	252	37	cash	cash	NOUN
cblr-9111	252	38	-	-	PUNCT
cblr-9111	252	39	dependent	dependent	ADJ
cblr-9111	252	40	.	.	PUNCT
cblr-9111	253	1	see	see	VERB
cblr-9111	253	2	michael	michael	PROPN
cblr-9111	253	3	fleming	fleming	PROPN
cblr-9111	253	4	&	&	CCONJ
cblr-9111	253	5	frank	frank	PROPN
cblr-9111	253	6	keane	keane	PROPN
cblr-9111	253	7	,	,	PUNCT
cblr-9111	253	8	the	the	DET
cblr-9111	253	9	netting	net	VERB
cblr-9111	253	10	efficiencies	efficiency	NOUN
cblr-9111	253	11	of	of	ADP
cblr-9111	253	12	marketwide	marketwide	NOUN
cblr-9111	253	13	central	central	ADJ
cblr-9111	253	14	clearing	clearing	NOUN
cblr-9111	253	15	2	2	NUM
cblr-9111	253	16	,	,	PUNCT
cblr-9111	253	17	5	5	NUM
cblr-9111	253	18	(	(	PUNCT
cblr-9111	253	19	fed	fed	PROPN
cblr-9111	253	20	.	.	PUNCT
cblr-9111	253	21	rsrv	rsrv	PROPN
cblr-9111	253	22	.	.	PUNCT
cblr-9111	254	1	bank	bank	PROPN
cblr-9111	254	2	of	of	ADP
cblr-9111	254	3	n.y	n.y	PROPN
cblr-9111	254	4	.	.	PROPN
cblr-9111	254	5	,	,	PUNCT
cblr-9111	254	6	working	work	VERB
cblr-9111	254	7	paper	paper	NOUN
cblr-9111	254	8	no	no	INTJ
cblr-9111	254	9	.	.	PROPN
cblr-9111	254	10	964	964	NUM
cblr-9111	254	11	,	,	PUNCT
cblr-9111	254	12	2021	2021	NUM
cblr-9111	254	13	)	)	PUNCT
cblr-9111	254	14	.	.	PUNCT
cblr-9111	255	1	97	97	NUM
cblr-9111	256	1	the	the	DET
cblr-9111	256	2	present	present	ADJ
cblr-9111	256	3	-	-	PUNCT
cblr-9111	256	4	day	day	NOUN
cblr-9111	256	5	ficc	ficc	NOUN
cblr-9111	256	6	was	be	AUX
cblr-9111	256	7	established	establish	VERB
cblr-9111	256	8	in	in	ADP
cblr-9111	256	9	2003	2003	NUM
cblr-9111	256	10	as	as	ADP
cblr-9111	256	11	a	a	DET
cblr-9111	256	12	subsidiary	subsidiary	NOUN
cblr-9111	256	13	of	of	ADP
cblr-9111	256	14	the	the	DET
cblr-9111	256	15	depository	depository	PROPN
cblr-9111	256	16	trust	trust	PROPN
cblr-9111	256	17	&	&	CCONJ
cblr-9111	256	18	clearing	clearing	PROPN
cblr-9111	256	19	corporation	corporation	NOUN
cblr-9111	256	20	(	(	PUNCT
cblr-9111	256	21	“	"	PUNCT
cblr-9111	256	22	dtcc	dtcc	PROPN
cblr-9111	256	23	”	"	PUNCT
cblr-9111	256	24	)	)	PUNCT
cblr-9111	256	25	,	,	PUNCT
cblr-9111	256	26	and	and	CCONJ
cblr-9111	256	27	acts	act	VERB
cblr-9111	256	28	as	as	ADP
cblr-9111	256	29	the	the	DET
cblr-9111	256	30	central	central	ADJ
cblr-9111	256	31	counterparty	counterparty	NOUN
cblr-9111	256	32	for	for	ADP
cblr-9111	256	33	trading	trading	NOUN
cblr-9111	256	34	in	in	ADP
cblr-9111	256	35	u.s	u.s	PROPN
cblr-9111	256	36	.	.	PROPN
cblr-9111	256	37	government	government	NOUN
cblr-9111	256	38	securities	security	NOUN
cblr-9111	256	39	.	.	PUNCT
cblr-9111	257	1	dtcc	dtcc	PROPN
cblr-9111	257	2	,	,	PUNCT
cblr-9111	257	3	more	more	ADJ
cblr-9111	257	4	clearing	clearing	NOUN
cblr-9111	257	5	,	,	PUNCT
cblr-9111	257	6	less	less	ADJ
cblr-9111	257	7	risk	risk	NOUN
cblr-9111	257	8	:	:	PUNCT
cblr-9111	257	9	increasingly	increasingly	ADV
cblr-9111	257	10	centrally	centrally	ADV
cblr-9111	257	11	cleared	clear	VERB
cblr-9111	257	12	activity	activity	NOUN
cblr-9111	257	13	in	in	ADP
cblr-9111	257	14	the	the	DET
cblr-9111	257	15	u.s	u.s	PROPN
cblr-9111	257	16	.	.	PROPN
cblr-9111	257	17	treasury	treasury	PROPN
cblr-9111	257	18	cash	cash	NOUN
cblr-9111	257	19	market	market	NOUN
cblr-9111	257	20	5	5	NUM
cblr-9111	257	21	(	(	PUNCT
cblr-9111	257	22	2021	2021	NUM
cblr-9111	257	23	)	)	PUNCT
cblr-9111	257	24	,	,	PUNCT
cblr-9111	257	25	https://www.dtcc.com//media/files/pdfs/dtcc-us-treasury-whitepaper.pdf	https://www.dtcc.com//media/files/pdfs/dtcc-us-treasury-whitepaper.pdf	VERB
cblr-9111	257	26	4	4	NUM
cblr-9111	257	27	[	[	X
cblr-9111	257	28	https://perma.cc/t6m3-s3v2	https://perma.cc/t6m3-s3v2	NOUN
cblr-9111	257	29	]	]	PUNCT
cblr-9111	257	30	.	.	PUNCT
cblr-9111	258	1	following	follow	VERB
cblr-9111	258	2	the	the	DET
cblr-9111	258	3	2007	2007	NUM
cblr-9111	258	4	-	-	SYM
cblr-9111	258	5	2009	2009	NUM
cblr-9111	258	6	financial	financial	ADJ
cblr-9111	258	7	crisis	crisis	NOUN
cblr-9111	258	8	,	,	PUNCT
cblr-9111	258	9	ficc	ficc	NOUN
cblr-9111	258	10	was	be	AUX
cblr-9111	258	11	designated	designate	VERB
cblr-9111	258	12	as	as	ADP
cblr-9111	258	13	a	a	DET
cblr-9111	258	14	systemically	systemically	ADV
cblr-9111	258	15	important	important	ADJ
cblr-9111	258	16	financial	financial	ADJ
cblr-9111	258	17	market	market	NOUN
cblr-9111	258	18	utility	utility	NOUN
cblr-9111	258	19	under	under	ADP
cblr-9111	258	20	title	title	NOUN
cblr-9111	258	21	viii	viii	NOUN
cblr-9111	258	22	of	of	ADP
cblr-9111	258	23	the	the	DET
cblr-9111	258	24	dodd	dodd	PROPN
cblr-9111	258	25	-	-	PUNCT
cblr-9111	258	26	frank	frank	PROPN
cblr-9111	258	27	wall	wall	PROPN
cblr-9111	258	28	street	street	PROPN
cblr-9111	258	29	reform	reform	PROPN
cblr-9111	258	30	and	and	CCONJ
cblr-9111	258	31	consumer	consumer	NOUN
cblr-9111	258	32	protection	protection	PROPN
cblr-9111	258	33	act	act	PROPN
cblr-9111	258	34	.	.	PUNCT
cblr-9111	259	1	see	see	VERB
cblr-9111	259	2	systemically	systemically	ADV
cblr-9111	259	3	important	important	ADJ
cblr-9111	259	4	financial	financial	ADJ
cblr-9111	259	5	market	market	NOUN
cblr-9111	259	6	utilities	utility	NOUN
cblr-9111	259	7	(	(	PUNCT
cblr-9111	259	8	sifmus	sifmus	ADJ
cblr-9111	259	9	)	)	PUNCT
cblr-9111	259	10	.	.	PUNCT
cblr-9111	260	1	dtcc	dtcc	PROPN
cblr-9111	260	2	,	,	PUNCT
cblr-9111	260	3	https://www.dtcc.com/about/managing-risk/sifmu	https://www.dtcc.com/about/managing-risk/sifmu	PROPN
cblr-9111	261	1	[	[	X
cblr-9111	261	2	https://perma.cc/u4jx-2xzm	https://perma.cc/u4jx-2xzm	X
cblr-9111	261	3	]	]	X
cblr-9111	261	4	(	(	PUNCT
cblr-9111	261	5	last	last	ADV
cblr-9111	261	6	visited	visit	VERB
cblr-9111	261	7	dec	dec	PROPN
cblr-9111	261	8	.	.	PROPN
cblr-9111	261	9	2	2	NUM
cblr-9111	261	10	,	,	PUNCT
cblr-9111	261	11	2021	2021	NUM
cblr-9111	261	12	)	)	PUNCT
cblr-9111	261	13	.	.	PUNCT
cblr-9111	262	1	98	98	NUM
cblr-9111	262	2	u.s	u.s	PROPN
cblr-9111	262	3	.	.	PROPN
cblr-9111	262	4	dep’t	dep’t	NOUN
cblr-9111	262	5	of	of	ADP
cblr-9111	262	6	the	the	DET
cblr-9111	262	7	treasury	treasury	PROPN
cblr-9111	262	8	et	et	PROPN
cblr-9111	262	9	al	al	PROPN
cblr-9111	262	10	.	.	PROPN
cblr-9111	262	11	,	,	PUNCT
cblr-9111	262	12	supra	supra	PROPN
cblr-9111	262	13	note	note	PROPN
cblr-9111	262	14	51	51	NUM
cblr-9111	262	15	,	,	PUNCT
cblr-9111	262	16	at	at	ADP
cblr-9111	262	17	36	36	NUM
cblr-9111	262	18	.	.	PUNCT
cblr-9111	263	1	99	99	NUM
cblr-9111	264	1	i	i	PROPN
cblr-9111	264	2	d.	d.	PROPN
cblr-9111	264	3	100	100	NUM
cblr-9111	264	4	wittall	wittall	PROPN
cblr-9111	264	5	,	,	PUNCT
cblr-9111	264	6	supra	supra	PROPN
cblr-9111	264	7	note	note	NOUN
cblr-9111	264	8	48	48	NUM
cblr-9111	264	9	.	.	PUNCT
cblr-9111	265	1	101	101	NUM
cblr-9111	265	2	see	see	VERB
cblr-9111	265	3	griffin	griffin	NOUN
cblr-9111	265	4	,	,	PUNCT
cblr-9111	265	5	supra	supra	PROPN
cblr-9111	265	6	note	note	NOUN
cblr-9111	265	7	39	39	NUM
cblr-9111	265	8	,	,	PUNCT
cblr-9111	265	9	at	at	ADP
cblr-9111	265	10	5	5	NUM
cblr-9111	265	11	(	(	PUNCT
cblr-9111	265	12	discussing	discuss	VERB
cblr-9111	265	13	the	the	DET
cblr-9111	265	14	rise	rise	NOUN
cblr-9111	265	15	of	of	ADP
cblr-9111	265	16	electronic	electronic	ADJ
cblr-9111	265	17	trading	trading	NOUN
cblr-9111	265	18	and	and	CCONJ
cblr-9111	265	19	noting	note	VERB
cblr-9111	265	20	that	that	SCONJ
cblr-9111	265	21	it	it	PRON
cblr-9111	265	22	has	have	AUX
cblr-9111	265	23	“	"	PUNCT
cblr-9111	265	24	revolutionized	revolutionize	VERB
cblr-9111	265	25	the	the	DET
cblr-9111	265	26	end	end	NOUN
cblr-9111	265	27	investor	investor	NOUN
cblr-9111	265	28	’s	’s	PART
cblr-9111	265	29	ability	ability	NOUN
cblr-9111	265	30	to	to	PART
cblr-9111	265	31	transact	transact	VERB
cblr-9111	265	32	at	at	ADP
cblr-9111	265	33	far	far	ADV
cblr-9111	265	34	lower	low	ADJ
cblr-9111	265	35	prices	price	NOUN
cblr-9111	265	36	.	.	PUNCT
cblr-9111	266	1	this	this	PRON
cblr-9111	266	2	.	.	PUNCT
cblr-9111	266	3	.	.	PUNCT
cblr-9111	266	4	.	.	PUNCT
cblr-9111	267	1	drives	drive	VERB
cblr-9111	267	2	down	down	ADP
cblr-9111	267	3	the	the	DET
cblr-9111	267	4	cost	cost	NOUN
cblr-9111	267	5	of	of	ADP
cblr-9111	267	6	capital	capital	NOUN
cblr-9111	267	7	and	and	CCONJ
cblr-9111	267	8	,	,	PUNCT
cblr-9111	267	9	in	in	ADP
cblr-9111	267	10	the	the	DET
cblr-9111	267	11	case	case	NOUN
cblr-9111	267	12	of	of	ADP
cblr-9111	267	13	the	the	DET
cblr-9111	267	14	treasury	treasury	NOUN
cblr-9111	267	15	market	market	NOUN
cblr-9111	267	16	,	,	PUNCT
cblr-9111	267	17	drives	drive	VERB
cblr-9111	267	18	down	down	ADP
cblr-9111	267	19	the	the	DET
cblr-9111	267	20	cost	cost	NOUN
cblr-9111	267	21	of	of	ADP
cblr-9111	267	22	issuance	issuance	NOUN
cblr-9111	267	23	.	.	PUNCT
cblr-9111	267	24	”	"	PUNCT
cblr-9111	267	25	)	)	PUNCT
cblr-9111	267	26	.	.	PUNCT
cblr-9111	268	1	102	102	NUM
cblr-9111	268	2	cooper	cooper	NOUN
cblr-9111	268	3	,	,	PUNCT
cblr-9111	268	4	supra	supra	PROPN
cblr-9111	268	5	note	note	PROPN
cblr-9111	268	6	57	57	NUM
cblr-9111	268	7	,	,	PUNCT
cblr-9111	268	8	at	at	ADP
cblr-9111	268	9	7	7	NUM
cblr-9111	268	10	.	.	NOUN
cblr-9111	268	11	1386	1386	NUM
cblr-9111	268	12	columbia	columbia	PROPN
cblr-9111	268	13	business	business	PROPN
cblr-9111	268	14	law	law	PROPN
cblr-9111	268	15	review	review	NOUN
cblr-9111	268	16	[	[	X
cblr-9111	268	17	vol	vol	NOUN
cblr-9111	268	18	.	.	PUNCT
cblr-9111	268	19	2021	2021	NUM
cblr-9111	268	20	impediments	impediment	NOUN
cblr-9111	268	21	to	to	PART
cblr-9111	268	22	competition.103	competition.103	VERB
cblr-9111	268	23	for	for	ADP
cblr-9111	268	24	example	example	NOUN
cblr-9111	268	25	,	,	PUNCT
cblr-9111	268	26	evidence	evidence	NOUN
cblr-9111	268	27	gathered	gather	VERB
cblr-9111	268	28	by	by	ADP
cblr-9111	268	29	the	the	DET
cblr-9111	268	30	bank	bank	PROPN
cblr-9111	268	31	of	of	ADP
cblr-9111	268	32	england	england	PROPN
cblr-9111	268	33	suggests	suggest	VERB
cblr-9111	268	34	that	that	SCONJ
cblr-9111	268	35	improving	improve	VERB
cblr-9111	268	36	access	access	NOUN
cblr-9111	268	37	to	to	ADP
cblr-9111	268	38	trading	trading	NOUN
cblr-9111	268	39	venues	venue	NOUN
cblr-9111	268	40	in	in	ADP
cblr-9111	268	41	u.s	u.s	PROPN
cblr-9111	268	42	.	.	PROPN
cblr-9111	268	43	interest	interest	NOUN
cblr-9111	268	44	-	-	PUNCT
cblr-9111	268	45	rate	rate	NOUN
cblr-9111	268	46	swap	swap	NOUN
cblr-9111	268	47	markets	market	NOUN
cblr-9111	268	48	is	be	AUX
cblr-9111	268	49	“	"	PUNCT
cblr-9111	268	50	the	the	DET
cblr-9111	268	51	cornerstone	cornerstone	NOUN
cblr-9111	268	52	of	of	ADP
cblr-9111	268	53	real	real	ADJ
cblr-9111	268	54	market	market	NOUN
cblr-9111	268	55	structure	structure	NOUN
cblr-9111	268	56	change,”104	change,”104	NOUN
cblr-9111	268	57	resulting	result	VERB
cblr-9111	268	58	in	in	ADP
cblr-9111	268	59	swap	swap	NOUN
cblr-9111	268	60	-	-	PUNCT
cblr-9111	268	61	market	market	NOUN
cblr-9111	268	62	end	end	NOUN
cblr-9111	268	63	-	-	PUNCT
cblr-9111	268	64	users	user	NOUN
cblr-9111	268	65	saving	save	VERB
cblr-9111	268	66	million	million	NUM
cblr-9111	268	67	per	per	ADP
cblr-9111	268	68	day	day	NOUN
cblr-9111	268	69	on	on	ADP
cblr-9111	268	70	transaction	transaction	NOUN
cblr-9111	268	71	costs.105	costs.105	PROPN
cblr-9111	268	72	building	build	VERB
cblr-9111	268	73	the	the	DET
cblr-9111	268	74	treasury	treasury	NOUN
cblr-9111	268	75	market	market	NOUN
cblr-9111	268	76	of	of	ADP
cblr-9111	268	77	the	the	DET
cblr-9111	268	78	future	future	NOUN
cblr-9111	268	79	requires	require	VERB
cblr-9111	268	80	continued	continue	VERB
cblr-9111	268	81	progress	progress	NOUN
cblr-9111	268	82	on	on	ADP
cblr-9111	268	83	non	non	ADJ
cblr-9111	268	84	-	-	ADJ
cblr-9111	268	85	discriminatory	discriminatory	ADJ
cblr-9111	268	86	access	access	NOUN
cblr-9111	268	87	to	to	ADP
cblr-9111	268	88	trading	trading	NOUN
cblr-9111	268	89	venues	venue	NOUN
cblr-9111	268	90	.	.	PUNCT
cblr-9111	269	1	at	at	ADV
cblr-9111	269	2	least	least	ADV
cblr-9111	269	3	two	two	NUM
cblr-9111	269	4	straightforward	straightforward	ADJ
cblr-9111	269	5	reforms	reform	NOUN
cblr-9111	269	6	are	be	AUX
cblr-9111	269	7	needed	need	VERB
cblr-9111	269	8	.	.	PUNCT
cblr-9111	270	1	first	first	ADV
cblr-9111	270	2	,	,	PUNCT
cblr-9111	270	3	an	an	DET
cblr-9111	270	4	important	important	ADJ
cblr-9111	270	5	step	step	NOUN
cblr-9111	270	6	toward	toward	ADP
cblr-9111	270	7	non	non	ADJ
cblr-9111	270	8	-	-	ADJ
cblr-9111	270	9	discriminatory	discriminatory	ADJ
cblr-9111	270	10	access	access	NOUN
cblr-9111	270	11	is	be	AUX
cblr-9111	270	12	simply	simply	ADV
cblr-9111	270	13	to	to	PART
cblr-9111	270	14	require	require	VERB
cblr-9111	270	15	venues	venue	NOUN
cblr-9111	270	16	to	to	PART
cblr-9111	270	17	disclose	disclose	VERB
cblr-9111	270	18	their	their	PRON
cblr-9111	270	19	access	access	NOUN
cblr-9111	270	20	requirements	requirement	NOUN
cblr-9111	270	21	,	,	PUNCT
cblr-9111	270	22	which	which	PRON
cblr-9111	270	23	will	will	AUX
cblr-9111	270	24	force	force	VERB
cblr-9111	270	25	anti	anti	ADJ
cblr-9111	270	26	-	-	ADJ
cblr-9111	270	27	competitive	competitive	ADJ
cblr-9111	270	28	measures	measure	NOUN
cblr-9111	270	29	out	out	ADP
cblr-9111	270	30	into	into	ADP
cblr-9111	270	31	the	the	DET
cblr-9111	270	32	open.106	open.106	PROPN
cblr-9111	270	33	justice	justice	PROPN
cblr-9111	270	34	brandeis	brandeis	PROPN
cblr-9111	270	35	famously	famously	ADV
cblr-9111	270	36	wrote	write	VERB
cblr-9111	270	37	that	that	SCONJ
cblr-9111	270	38	“	"	PUNCT
cblr-9111	270	39	sunlight	sunlight	NOUN
cblr-9111	270	40	is	be	AUX
cblr-9111	270	41	.	.	PUNCT
cblr-9111	270	42	.	.	PUNCT
cblr-9111	270	43	.	.	PUNCT
cblr-9111	271	1	the	the	DET
cblr-9111	271	2	best	good	ADJ
cblr-9111	271	3	of	of	ADP
cblr-9111	271	4	disinfectants	disinfectant	NOUN
cblr-9111	271	5	.	.	PUNCT
cblr-9111	271	6	”107	”107	PUNCT
cblr-9111	272	1	that	that	DET
cblr-9111	272	2	adage	adage	NOUN
cblr-9111	272	3	holds	hold	VERB
cblr-9111	272	4	true	true	ADJ
cblr-9111	272	5	for	for	ADP
cblr-9111	272	6	today	today	NOUN
cblr-9111	272	7	’s	’s	PART
cblr-9111	272	8	treasury	treasury	NOUN
cblr-9111	272	9	market	market	NOUN
cblr-9111	272	10	,	,	PUNCT
cblr-9111	272	11	and	and	CCONJ
cblr-9111	272	12	merely	merely	ADV
cblr-9111	272	13	revealing	reveal	VERB
cblr-9111	272	14	discriminatory	discriminatory	ADJ
cblr-9111	272	15	policies	policy	NOUN
cblr-9111	272	16	may	may	AUX
cblr-9111	272	17	lead	lead	VERB
cblr-9111	272	18	to	to	ADP
cblr-9111	272	19	their	their	PRON
cblr-9111	272	20	elimination	elimination	NOUN
cblr-9111	272	21	.	.	PUNCT
cblr-9111	273	1	second	second	ADJ
cblr-9111	273	2	,	,	PUNCT
cblr-9111	273	3	all	all	DET
cblr-9111	273	4	trading	trading	NOUN
cblr-9111	273	5	venues	venue	NOUN
cblr-9111	273	6	for	for	ADP
cblr-9111	273	7	treasury	treasury	PROPN
cblr-9111	273	8	securities	security	NOUN
cblr-9111	273	9	that	that	PRON
cblr-9111	273	10	function	function	VERB
cblr-9111	273	11	as	as	ADP
cblr-9111	273	12	alternative	alternative	ADJ
cblr-9111	273	13	trading	trading	NOUN
cblr-9111	273	14	systems	system	NOUN
cblr-9111	273	15	(	(	PUNCT
cblr-9111	273	16	atss	atss	NOUN
cblr-9111	273	17	)	)	PUNCT
cblr-9111	273	18	should	should	AUX
cblr-9111	273	19	be	be	AUX
cblr-9111	273	20	required	require	VERB
cblr-9111	273	21	to	to	PART
cblr-9111	273	22	register	register	VERB
cblr-9111	273	23	with	with	ADP
cblr-9111	273	24	the	the	DET
cblr-9111	273	25	securities	security	NOUN
cblr-9111	273	26	and	and	CCONJ
cblr-9111	273	27	exchange	exchange	PROPN
cblr-9111	273	28	commission	commission	PROPN
cblr-9111	273	29	(	(	PUNCT
cblr-9111	273	30	sec)—just	sec)—just	ADV
cblr-9111	273	31	as	as	ADP
cblr-9111	273	32	atss	atss	NOUN
cblr-9111	273	33	for	for	ADP
cblr-9111	273	34	equities	equity	NOUN
cblr-9111	273	35	and	and	CCONJ
cblr-9111	273	36	other	other	ADJ
cblr-9111	273	37	instruments	instrument	NOUN
cblr-9111	273	38	do	do	AUX
cblr-9111	273	39	—	—	PUNCT
cblr-9111	273	40	which	which	PRON
cblr-9111	273	41	will	will	AUX
cblr-9111	273	42	subject	subject	VERB
cblr-9111	273	43	them	they	PRON
cblr-9111	273	44	to	to	ADP
cblr-9111	273	45	fair	fair	ADJ
cblr-9111	273	46	-	-	PUNCT
cblr-9111	273	47	access	access	NOUN
cblr-9111	273	48	and	and	CCONJ
cblr-9111	273	49	related	related	ADJ
cblr-9111	273	50	requirements	requirement	NOUN
cblr-9111	273	51	under	under	ADP
cblr-9111	273	52	what	what	PRON
cblr-9111	273	53	is	be	AUX
cblr-9111	273	54	known	know	VERB
cblr-9111	273	55	as	as	ADP
cblr-9111	273	56	regulation	regulation	NOUN
cblr-9111	273	57	103	103	NUM
cblr-9111	273	58	i	i	PRON
cblr-9111	273	59	d.	d.	NOUN
cblr-9111	273	60	at	at	ADP
cblr-9111	273	61	8	8	NUM
cblr-9111	273	62	(	(	PUNCT
cblr-9111	273	63	discussing	discuss	VERB
cblr-9111	273	64	impartial	impartial	ADJ
cblr-9111	273	65	access	access	NOUN
cblr-9111	273	66	requirements	requirement	NOUN
cblr-9111	273	67	imposed	impose	VERB
cblr-9111	273	68	by	by	ADP
cblr-9111	273	69	the	the	DET
cblr-9111	273	70	securities	securities	PROPN
cblr-9111	273	71	and	and	CCONJ
cblr-9111	273	72	exchange	exchange	PROPN
cblr-9111	273	73	commission	commission	PROPN
cblr-9111	273	74	and	and	CCONJ
cblr-9111	273	75	the	the	DET
cblr-9111	273	76	cftc	cftc	PROPN
cblr-9111	273	77	)	)	PUNCT
cblr-9111	273	78	.	.	PUNCT
cblr-9111	274	1	104	104	NUM
cblr-9111	274	2	mark	mark	NOUN
cblr-9111	274	3	spanbroek	spanbroek	NOUN
cblr-9111	274	4	,	,	PUNCT
cblr-9111	274	5	non	non	ADJ
cblr-9111	274	6	-	-	ADJ
cblr-9111	274	7	discriminatory	discriminatory	ADJ
cblr-9111	274	8	access	access	NOUN
cblr-9111	274	9	to	to	ADP
cblr-9111	274	10	mifid	mifid	ADJ
cblr-9111	274	11	ii	ii	NOUN
cblr-9111	274	12	derivatives	derivative	NOUN
cblr-9111	274	13	trading	trading	NOUN
cblr-9111	274	14	venues	venue	NOUN
cblr-9111	274	15	:	:	PUNCT
cblr-9111	274	16	critical	critical	ADJ
cblr-9111	274	17	for	for	ADP
cblr-9111	274	18	market	market	NOUN
cblr-9111	274	19	transparency	transparency	NOUN
cblr-9111	274	20	and	and	CCONJ
cblr-9111	274	21	competition	competition	NOUN
cblr-9111	274	22	,	,	PUNCT
cblr-9111	274	23	futures	future	NOUN
cblr-9111	274	24	indus	indus	NOUN
cblr-9111	274	25	.	.	PUNCT
cblr-9111	275	1	ass’n	ass’n	PROPN
cblr-9111	275	2	(	(	PUNCT
cblr-9111	275	3	feb	feb	PROPN
cblr-9111	275	4	.	.	PROPN
cblr-9111	275	5	18	18	NUM
cblr-9111	275	6	,	,	PUNCT
cblr-9111	275	7	2016	2016	NUM
cblr-9111	275	8	)	)	PUNCT
cblr-9111	275	9	,	,	PUNCT
cblr-9111	276	1	https://www.fia.org/epta/resources/non-discriminatory-access-mifid-iiderivatives-trading-venues-critical-market	https://www.fia.org/epta/resources/non-discriminatory-access-mifid-iiderivatives-trading-venues-critical-market	NOUN
cblr-9111	277	1	[	[	X
cblr-9111	277	2	https://perma.cc/jp5n-3yqf	https://perma.cc/jp5n-3yqf	X
cblr-9111	277	3	]	]	X
cblr-9111	277	4	.	.	PUNCT
cblr-9111	278	1	105	105	NUM
cblr-9111	278	2	evangelos	evangelo	NOUN
cblr-9111	278	3	benos	benos	PROPN
cblr-9111	278	4	,	,	PUNCT
cblr-9111	278	5	richard	richard	PROPN
cblr-9111	278	6	payne	payne	PROPN
cblr-9111	278	7	&	&	CCONJ
cblr-9111	278	8	michalis	michalis	PROPN
cblr-9111	278	9	vasios	vasio	NOUN
cblr-9111	278	10	,	,	PUNCT
cblr-9111	278	11	centralized	centralized	ADJ
cblr-9111	278	12	trading	trading	NOUN
cblr-9111	278	13	,	,	PUNCT
cblr-9111	278	14	transparency	transparency	NOUN
cblr-9111	278	15	and	and	CCONJ
cblr-9111	278	16	interest	interest	NOUN
cblr-9111	278	17	rate	rate	NOUN
cblr-9111	278	18	swap	swap	NOUN
cblr-9111	278	19	market	market	NOUN
cblr-9111	278	20	liquidity	liquidity	NOUN
cblr-9111	278	21	:	:	PUNCT
cblr-9111	278	22	evidence	evidence	NOUN
cblr-9111	278	23	from	from	ADP
cblr-9111	278	24	the	the	DET
cblr-9111	278	25	implementation	implementation	NOUN
cblr-9111	278	26	of	of	ADP
cblr-9111	278	27	the	the	DET
cblr-9111	278	28	dodd	dodd	PROPN
cblr-9111	278	29	-	-	PUNCT
cblr-9111	278	30	frank	frank	PROPN
cblr-9111	278	31	act	act	PROPN
cblr-9111	278	32	23	23	NUM
cblr-9111	278	33	(	(	PUNCT
cblr-9111	278	34	bank	bank	NOUN
cblr-9111	278	35	of	of	ADP
cblr-9111	278	36	england	england	PROPN
cblr-9111	278	37	,	,	PUNCT
cblr-9111	278	38	staff	staff	NOUN
cblr-9111	278	39	working	work	VERB
cblr-9111	278	40	paper	paper	NOUN
cblr-9111	279	1	no	no	INTJ
cblr-9111	279	2	.	.	PROPN
cblr-9111	280	1	580	580	NUM
cblr-9111	280	2	,	,	PUNCT
cblr-9111	280	3	2018	2018	NUM
cblr-9111	280	4	)	)	PUNCT
cblr-9111	280	5	.	.	PUNCT
cblr-9111	281	1	106	106	NUM
cblr-9111	281	2	see	see	VERB
cblr-9111	281	3	griffin	griffin	NOUN
cblr-9111	281	4	,	,	PUNCT
cblr-9111	281	5	supra	supra	PROPN
cblr-9111	281	6	note	note	NOUN
cblr-9111	281	7	39	39	NUM
cblr-9111	281	8	,	,	PUNCT
cblr-9111	281	9	at	at	ADP
cblr-9111	281	10	5	5	NUM
cblr-9111	281	11	(	(	PUNCT
cblr-9111	281	12	“	"	PUNCT
cblr-9111	281	13	all	all	DET
cblr-9111	281	14	access	access	NOUN
cblr-9111	281	15	arrangements	arrangement	NOUN
cblr-9111	281	16	should	should	AUX
cblr-9111	281	17	be	be	AUX
cblr-9111	281	18	public	public	ADJ
cblr-9111	281	19	,	,	PUNCT
cblr-9111	281	20	all	all	DET
cblr-9111	281	21	fee	fee	NOUN
cblr-9111	281	22	arrangements	arrangement	NOUN
cblr-9111	281	23	should	should	AUX
cblr-9111	281	24	be	be	AUX
cblr-9111	281	25	public	public	ADJ
cblr-9111	281	26	,	,	PUNCT
cblr-9111	281	27	and	and	CCONJ
cblr-9111	281	28	there	there	PRON
cblr-9111	281	29	should	should	AUX
cblr-9111	281	30	be	be	AUX
cblr-9111	281	31	a	a	DET
cblr-9111	281	32	level	level	NOUN
cblr-9111	281	33	and	and	CCONJ
cblr-9111	281	34	open	open	ADJ
cblr-9111	281	35	playing	playing	NOUN
cblr-9111	281	36	field	field	NOUN
cblr-9111	281	37	for	for	ADP
cblr-9111	281	38	all	all	PRON
cblr-9111	281	39	.	.	PUNCT
cblr-9111	281	40	”	"	PUNCT
cblr-9111	281	41	)	)	PUNCT
cblr-9111	281	42	;	;	PUNCT
cblr-9111	281	43	cooper	cooper	NOUN
cblr-9111	281	44	,	,	PUNCT
cblr-9111	281	45	supra	supra	PROPN
cblr-9111	281	46	note	note	NOUN
cblr-9111	281	47	44	44	NUM
cblr-9111	281	48	,	,	PUNCT
cblr-9111	281	49	at	at	ADP
cblr-9111	281	50	8	8	NUM
cblr-9111	281	51	,	,	PUNCT
cblr-9111	281	52	13–14	13–14	NUM
cblr-9111	281	53	(	(	PUNCT
cblr-9111	281	54	“	"	PUNCT
cblr-9111	281	55	[	[	X
cblr-9111	281	56	e]ach	e]ach	NOUN
cblr-9111	281	57	trading	trading	NOUN
cblr-9111	281	58	venue	venue	NOUN
cblr-9111	281	59	should	should	AUX
cblr-9111	281	60	be	be	AUX
cblr-9111	281	61	required	require	VERB
cblr-9111	281	62	to	to	PART
cblr-9111	281	63	have	have	VERB
cblr-9111	281	64	a	a	DET
cblr-9111	281	65	publicly	publicly	ADV
cblr-9111	281	66	available	available	ADJ
cblr-9111	281	67	rulebook	rulebook	NOUN
cblr-9111	281	68	that	that	PRON
cblr-9111	281	69	clearly	clearly	ADV
cblr-9111	281	70	describes	describe	VERB
cblr-9111	281	71	order	order	NOUN
cblr-9111	281	72	types	type	NOUN
cblr-9111	281	73	and	and	CCONJ
cblr-9111	281	74	trading	trading	NOUN
cblr-9111	281	75	protocols	protocol	NOUN
cblr-9111	281	76	”	"	PUNCT
cblr-9111	281	77	)	)	PUNCT
cblr-9111	281	78	.	.	PUNCT
cblr-9111	282	1	107	107	NUM
cblr-9111	282	2	louis	louis	PROPN
cblr-9111	282	3	d.	d.	PROPN
cblr-9111	282	4	brandeis	brandeis	PROPN
cblr-9111	282	5	,	,	PUNCT
cblr-9111	282	6	other	other	ADJ
cblr-9111	282	7	people	people	NOUN
cblr-9111	282	8	’s	’s	PART
cblr-9111	282	9	money	money	NOUN
cblr-9111	282	10	and	and	CCONJ
cblr-9111	282	11	how	how	SCONJ
cblr-9111	282	12	the	the	DET
cblr-9111	282	13	bankers	banker	NOUN
cblr-9111	282	14	use	use	VERB
cblr-9111	282	15	it	it	PRON
cblr-9111	282	16	92	92	NUM
cblr-9111	282	17	(	(	PUNCT
cblr-9111	282	18	1914	1914	NUM
cblr-9111	282	19	)	)	PUNCT
cblr-9111	282	20	.	.	PUNCT
cblr-9111	283	1	no	no	INTJ
cblr-9111	283	2	.	.	PUNCT
cblr-9111	284	1	3:1368	3:1368	NUM
cblr-9111	284	2	]	]	X
cblr-9111	284	3	strenghtening	strenghtene	VERB
cblr-9111	284	4	the	the	DET
cblr-9111	284	5	treasury	treasury	NOUN
cblr-9111	284	6	market	market	NOUN
cblr-9111	284	7	1387	1387	NUM
cblr-9111	284	8	ats.108	ats.108	ADV
cblr-9111	284	9	while	while	SCONJ
cblr-9111	284	10	the	the	DET
cblr-9111	284	11	sec	sec	PROPN
cblr-9111	284	12	has	have	AUX
cblr-9111	284	13	recently	recently	ADV
cblr-9111	284	14	proposed	propose	VERB
cblr-9111	284	15	a	a	DET
cblr-9111	284	16	rulemaking	rulemaking	NOUN
cblr-9111	284	17	to	to	PART
cblr-9111	284	18	close	close	VERB
cblr-9111	284	19	existing	exist	VERB
cblr-9111	284	20	exemptions	exemption	NOUN
cblr-9111	284	21	from	from	ADP
cblr-9111	284	22	regulation	regulation	NOUN
cblr-9111	284	23	ats	at	NOUN
cblr-9111	284	24	for	for	ADP
cblr-9111	284	25	trading	trading	NOUN
cblr-9111	284	26	venues	venue	NOUN
cblr-9111	284	27	that	that	PRON
cblr-9111	284	28	handle	handle	VERB
cblr-9111	284	29	only	only	ADJ
cblr-9111	284	30	government	government	NOUN
cblr-9111	284	31	securities,109	securities,109	AUX
cblr-9111	284	32	the	the	DET
cblr-9111	284	33	proposed	propose	VERB
cblr-9111	284	34	rule	rule	NOUN
cblr-9111	284	35	as	as	SCONJ
cblr-9111	284	36	presently	presently	ADV
cblr-9111	284	37	conceived	conceive	VERB
cblr-9111	284	38	may	may	AUX
cblr-9111	284	39	not	not	PART
cblr-9111	284	40	cover	cover	VERB
cblr-9111	284	41	trading	trading	NOUN
cblr-9111	284	42	venues	venue	NOUN
cblr-9111	284	43	that	that	PRON
cblr-9111	284	44	rely	rely	VERB
cblr-9111	284	45	on	on	ADP
cblr-9111	284	46	request	request	NOUN
cblr-9111	284	47	-	-	PUNCT
cblr-9111	284	48	for	for	ADP
cblr-9111	284	49	-	-	PUNCT
cblr-9111	284	50	quote	quote	NOUN
cblr-9111	284	51	(	(	PUNCT
cblr-9111	284	52	rfq	rfq	NOUN
cblr-9111	284	53	)	)	PUNCT
cblr-9111	284	54	or	or	CCONJ
cblr-9111	284	55	streaming	streaming	NOUN
cblr-9111	284	56	quote	quote	INTJ
cblr-9111	284	57	systems.110	systems.110	VERB
cblr-9111	284	58	if	if	SCONJ
cblr-9111	284	59	finalized	finalize	VERB
cblr-9111	284	60	in	in	ADP
cblr-9111	284	61	its	its	PRON
cblr-9111	284	62	current	current	ADJ
cblr-9111	284	63	form	form	NOUN
cblr-9111	284	64	,	,	PUNCT
cblr-9111	284	65	then	then	ADV
cblr-9111	284	66	,	,	PUNCT
cblr-9111	284	67	the	the	DET
cblr-9111	284	68	rule	rule	NOUN
cblr-9111	284	69	will	will	AUX
cblr-9111	284	70	retain	retain	VERB
cblr-9111	284	71	exemptions	exemption	NOUN
cblr-9111	284	72	from	from	ADP
cblr-9111	284	73	ats	ats	PROPN
cblr-9111	284	74	registration	registration	NOUN
cblr-9111	284	75	for	for	ADP
cblr-9111	284	76	many	many	ADJ
cblr-9111	284	77	treasury	treasury	NOUN
cblr-9111	284	78	market	market	NOUN
cblr-9111	284	79	dealer	dealer	NOUN
cblr-9111	284	80	-	-	PUNCT
cblr-9111	284	81	to	to	ADP
cblr-9111	284	82	-	-	PUNCT
cblr-9111	284	83	client	client	NOUN
cblr-9111	284	84	trading	trading	NOUN
cblr-9111	284	85	venues.111	venues.111	NOUN
cblr-9111	284	86	instead	instead	ADV
cblr-9111	284	87	,	,	PUNCT
cblr-9111	284	88	the	the	DET
cblr-9111	284	89	final	final	ADJ
cblr-9111	284	90	rule	rule	NOUN
cblr-9111	284	91	should	should	AUX
cblr-9111	284	92	be	be	AUX
cblr-9111	284	93	fortified	fortify	VERB
cblr-9111	284	94	to	to	PART
cblr-9111	284	95	ensure	ensure	VERB
cblr-9111	284	96	that	that	SCONJ
cblr-9111	284	97	those	those	DET
cblr-9111	284	98	venues	venue	NOUN
cblr-9111	284	99	are	be	AUX
cblr-9111	284	100	also	also	ADV
cblr-9111	284	101	subject	subject	ADJ
cblr-9111	284	102	to	to	ADP
cblr-9111	284	103	regulation	regulation	NOUN
cblr-9111	284	104	ats.112	ats.112	NOUN
cblr-9111	284	105	doing	do	VERB
cblr-9111	284	106	so	so	ADV
cblr-9111	284	107	will	will	AUX
cblr-9111	284	108	lead	lead	VERB
cblr-9111	284	109	to	to	ADP
cblr-9111	284	110	better	well	ADJ
cblr-9111	284	111	execution	execution	NOUN
cblr-9111	284	112	and	and	CCONJ
cblr-9111	284	113	lower	low	ADJ
cblr-9111	284	114	costs	cost	NOUN
cblr-9111	284	115	,	,	PUNCT
cblr-9111	284	116	not	not	PART
cblr-9111	284	117	only	only	ADV
cblr-9111	284	118	for	for	ADP
cblr-9111	284	119	market	market	NOUN
cblr-9111	284	120	participants	participant	NOUN
cblr-9111	284	121	but	but	CCONJ
cblr-9111	284	122	also	also	ADV
cblr-9111	284	123	for	for	ADP
cblr-9111	284	124	end	end	NOUN
cblr-9111	284	125	users	user	NOUN
cblr-9111	284	126	such	such	ADJ
cblr-9111	284	127	as	as	ADP
cblr-9111	284	128	pension	pension	NOUN
cblr-9111	284	129	funds	fund	NOUN
cblr-9111	284	130	,	,	PUNCT
cblr-9111	284	131	401(k	401(k	NOUN
cblr-9111	284	132	)	)	PUNCT
cblr-9111	284	133	managers	manager	NOUN
cblr-9111	284	134	,	,	PUNCT
cblr-9111	284	135	and	and	CCONJ
cblr-9111	284	136	other	other	ADJ
cblr-9111	284	137	interests.113	interests.113	PROPN
cblr-9111	284	138	108	108	NUM
cblr-9111	284	139	group	group	NOUN
cblr-9111	284	140	of	of	ADP
cblr-9111	284	141	thirty	thirty	NUM
cblr-9111	284	142	working	work	VERB
cblr-9111	284	143	group	group	NOUN
cblr-9111	284	144	on	on	ADP
cblr-9111	284	145	treasury	treasury	PROPN
cblr-9111	284	146	market	market	NOUN
cblr-9111	284	147	liquidity	liquidity	NOUN
cblr-9111	284	148	,	,	PUNCT
cblr-9111	284	149	supra	supra	PROPN
cblr-9111	284	150	note	note	NOUN
cblr-9111	284	151	1	1	NUM
cblr-9111	284	152	,	,	PUNCT
cblr-9111	284	153	at	at	ADP
cblr-9111	284	154	17	17	NUM
cblr-9111	284	155	.	.	PUNCT
cblr-9111	285	1	109	109	NUM
cblr-9111	285	2	see	see	VERB
cblr-9111	285	3	regulation	regulation	NOUN
cblr-9111	285	4	ats	at	NOUN
cblr-9111	285	5	for	for	ADP
cblr-9111	285	6	atss	atss	NOUN
cblr-9111	285	7	that	that	SCONJ
cblr-9111	285	8	trade	trade	NOUN
cblr-9111	285	9	u.s	u.s	PROPN
cblr-9111	285	10	.	.	PROPN
cblr-9111	285	11	government	government	NOUN
cblr-9111	285	12	securities	security	NOUN
cblr-9111	285	13	,	,	PUNCT
cblr-9111	285	14	nms	nms	NOUN
cblr-9111	285	15	stock	stock	NOUN
cblr-9111	285	16	,	,	PUNCT
cblr-9111	285	17	and	and	CCONJ
cblr-9111	285	18	other	other	ADJ
cblr-9111	285	19	securities	security	NOUN
cblr-9111	285	20	;	;	PUNCT
cblr-9111	285	21	regulation	regulation	NOUN
cblr-9111	285	22	sci	sci	PROPN
cblr-9111	285	23	for	for	ADP
cblr-9111	285	24	atss	atss	NOUN
cblr-9111	285	25	that	that	SCONJ
cblr-9111	285	26	trade	trade	NOUN
cblr-9111	285	27	u.s	u.s	PROPN
cblr-9111	285	28	.	.	PROPN
cblr-9111	285	29	treasury	treasury	PROPN
cblr-9111	285	30	securities	securities	PROPN
cblr-9111	285	31	and	and	CCONJ
cblr-9111	285	32	agency	agency	NOUN
cblr-9111	285	33	securities	security	NOUN
cblr-9111	285	34	;	;	PUNCT
cblr-9111	285	35	and	and	CCONJ
cblr-9111	285	36	electronic	electronic	ADJ
cblr-9111	285	37	corporate	corporate	ADJ
cblr-9111	285	38	bond	bond	NOUN
cblr-9111	285	39	and	and	CCONJ
cblr-9111	285	40	municipal	municipal	ADJ
cblr-9111	285	41	securities	security	NOUN
cblr-9111	285	42	markets	market	NOUN
cblr-9111	285	43	,	,	PUNCT
cblr-9111	285	44	exchange	exchange	NOUN
cblr-9111	285	45	act	act	NOUN
cblr-9111	285	46	release	release	VERB
cblr-9111	285	47	no	no	NOUN
cblr-9111	285	48	.	.	NOUN
cblr-9111	285	49	90,019	90,019	NUM
cblr-9111	285	50	,	,	PUNCT
cblr-9111	285	51	85	85	NUM
cblr-9111	285	52	fed	feed	VERB
cblr-9111	285	53	.	.	PUNCT
cblr-9111	286	1	reg	reg	PROPN
cblr-9111	286	2	.	.	PUNCT
cblr-9111	286	3	87,106	87,106	NUM
cblr-9111	286	4	,	,	PUNCT
cblr-9111	286	5	87,106	87,106	NUM
cblr-9111	286	6	(	(	PUNCT
cblr-9111	286	7	proposed	propose	VERB
cblr-9111	286	8	dec	dec	PROPN
cblr-9111	286	9	.	.	PROPN
cblr-9111	286	10	31	31	NUM
cblr-9111	286	11	,	,	PUNCT
cblr-9111	286	12	2020	2020	NUM
cblr-9111	286	13	)	)	PUNCT
cblr-9111	286	14	(	(	PUNCT
cblr-9111	286	15	to	to	PART
cblr-9111	286	16	be	be	AUX
cblr-9111	286	17	codified	codify	VERB
cblr-9111	286	18	at	at	ADP
cblr-9111	286	19	17	17	NUM
cblr-9111	286	20	c.f.r	c.f.r	NOUN
cblr-9111	286	21	.	.	PUNCT
cblr-9111	287	1	pts	pts	PROPN
cblr-9111	287	2	.	.	PROPN
cblr-9111	287	3	240	240	NUM
cblr-9111	287	4	,	,	PUNCT
cblr-9111	287	5	242	242	NUM
cblr-9111	287	6	,	,	PUNCT
cblr-9111	287	7	249	249	NUM
cblr-9111	287	8	)	)	PUNCT
cblr-9111	287	9	.	.	PUNCT
cblr-9111	288	1	the	the	DET
cblr-9111	288	2	proposal	proposal	NOUN
cblr-9111	288	3	also	also	ADV
cblr-9111	288	4	addresses	address	VERB
cblr-9111	288	5	exemptions	exemption	NOUN
cblr-9111	288	6	to	to	ADP
cblr-9111	288	7	sec	sec	PROPN
cblr-9111	288	8	regulation	regulation	NOUN
cblr-9111	288	9	systems	system	NOUN
cblr-9111	288	10	compliance	compliance	NOUN
cblr-9111	288	11	and	and	CCONJ
cblr-9111	288	12	integrity	integrity	NOUN
cblr-9111	288	13	(	(	PUNCT
cblr-9111	288	14	“	"	PUNCT
cblr-9111	288	15	sci	sci	PROPN
cblr-9111	288	16	”	"	PUNCT
cblr-9111	288	17	)	)	PUNCT
cblr-9111	288	18	.	.	PUNCT
cblr-9111	289	1	see	see	VERB
cblr-9111	289	2	i	i	PRON
cblr-9111	289	3	d.	d.	PROPN
cblr-9111	289	4	at	at	ADP
cblr-9111	289	5	87,106–07	87,106–07	PROPN
cblr-9111	289	6	(	(	PUNCT
cblr-9111	289	7	proposed	propose	VERB
cblr-9111	289	8	dec	dec	PROPN
cblr-9111	289	9	.	.	PROPN
cblr-9111	289	10	31	31	NUM
cblr-9111	289	11	,	,	PUNCT
cblr-9111	289	12	2020	2020	NUM
cblr-9111	289	13	)	)	PUNCT
cblr-9111	289	14	(	(	PUNCT
cblr-9111	289	15	to	to	PART
cblr-9111	289	16	be	be	AUX
cblr-9111	289	17	codified	codify	VERB
cblr-9111	289	18	at	at	ADP
cblr-9111	289	19	17	17	NUM
cblr-9111	289	20	c.f.r	c.f.r	NOUN
cblr-9111	289	21	.	.	PUNCT
cblr-9111	290	1	pts	pts	PROPN
cblr-9111	290	2	.	.	PROPN
cblr-9111	290	3	240	240	NUM
cblr-9111	290	4	,	,	PUNCT
cblr-9111	290	5	242	242	NUM
cblr-9111	290	6	,	,	PUNCT
cblr-9111	290	7	249	249	NUM
cblr-9111	290	8	)	)	PUNCT
cblr-9111	290	9	.	.	PUNCT
cblr-9111	291	1	110	110	NUM
cblr-9111	291	2	see	see	VERB
cblr-9111	291	3	elad	elad	PROPN
cblr-9111	291	4	l.	l.	PROPN
cblr-9111	291	5	roisman	roisman	PROPN
cblr-9111	291	6	,	,	PUNCT
cblr-9111	291	7	comm’n	comm’n	PRON
cblr-9111	291	8	,	,	PUNCT
cblr-9111	291	9	sec	sec	PROPN
cblr-9111	291	10	&	&	CCONJ
cblr-9111	291	11	exch	exch	PROPN
cblr-9111	291	12	.	.	PUNCT
cblr-9111	292	1	comm’n	comm’n	NOUN
cblr-9111	292	2	,	,	PUNCT
cblr-9111	292	3	remarks	remark	NOUN
cblr-9111	292	4	at	at	ADP
cblr-9111	292	5	u.s	u.s	PROPN
cblr-9111	292	6	.	.	PROPN
cblr-9111	292	7	treasury	treasury	PROPN
cblr-9111	292	8	market	market	NOUN
cblr-9111	292	9	conference	conference	NOUN
cblr-9111	292	10	,	,	PUNCT
cblr-9111	292	11	(	(	PUNCT
cblr-9111	292	12	sept	sept	PROPN
cblr-9111	292	13	.	.	PROPN
cblr-9111	292	14	29	29	NUM
cblr-9111	292	15	,	,	PUNCT
cblr-9111	292	16	2020	2020	NUM
cblr-9111	292	17	)	)	PUNCT
cblr-9111	292	18	,	,	PUNCT
cblr-9111	292	19	https://www.sec.gov/news/speech/roisman-us-treasury-conference-2020-0929	https://www.sec.gov/news/speech/roisman-us-treasury-conference-2020-0929	PROPN
cblr-9111	293	1	[	[	X
cblr-9111	293	2	https://perma.cc/97xr-tc87	https://perma.cc/97xr-tc87	X
cblr-9111	293	3	]	]	X
cblr-9111	293	4	(	(	PUNCT
cblr-9111	293	5	“	"	PUNCT
cblr-9111	293	6	while	while	SCONJ
cblr-9111	293	7	our	our	PRON
cblr-9111	293	8	ats	ats	PROPN
cblr-9111	293	9	proposal	proposal	NOUN
cblr-9111	293	10	is	be	AUX
cblr-9111	293	11	an	an	DET
cblr-9111	293	12	important	important	ADJ
cblr-9111	293	13	step	step	NOUN
cblr-9111	293	14	in	in	ADP
cblr-9111	293	15	strengthening	strengthen	VERB
cblr-9111	293	16	the	the	DET
cblr-9111	293	17	oversight	oversight	NOUN
cblr-9111	293	18	of	of	ADP
cblr-9111	293	19	certain	certain	ADJ
cblr-9111	293	20	treasury	treasury	NOUN
cblr-9111	293	21	trading	trading	NOUN
cblr-9111	293	22	venues	venue	NOUN
cblr-9111	293	23	,	,	PUNCT
cblr-9111	293	24	this	this	DET
cblr-9111	293	25	oversight	oversight	NOUN
cblr-9111	293	26	framework	framework	NOUN
cblr-9111	293	27	may	may	AUX
cblr-9111	293	28	not	not	PART
cblr-9111	293	29	extend	extend	VERB
cblr-9111	293	30	to	to	ADP
cblr-9111	293	31	all	all	DET
cblr-9111	293	32	trading	trading	NOUN
cblr-9111	293	33	venues	venue	NOUN
cblr-9111	293	34	that	that	PRON
cblr-9111	293	35	utilize	utilize	VERB
cblr-9111	293	36	.	.	PUNCT
cblr-9111	293	37	.	.	PUNCT
cblr-9111	293	38	.	.	PUNCT
cblr-9111	294	1	[	[	X
cblr-9111	294	2	]	]	X
cblr-9111	294	3	rfq	rfq	NOUN
cblr-9111	294	4	[	[	X
cblr-9111	294	5	]	]	X
cblr-9111	294	6	or	or	CCONJ
cblr-9111	294	7	streaming	streaming	NOUN
cblr-9111	294	8	quote	quote	INTJ
cblr-9111	294	9	protocols	protocol	NOUN
cblr-9111	294	10	.	.	PUNCT
cblr-9111	295	1	this	this	PRON
cblr-9111	295	2	is	be	AUX
cblr-9111	295	3	obviously	obviously	ADV
cblr-9111	295	4	a	a	DET
cblr-9111	295	5	gap	gap	NOUN
cblr-9111	295	6	.	.	PUNCT
cblr-9111	295	7	”	"	PUNCT
cblr-9111	295	8	)	)	PUNCT
cblr-9111	295	9	;	;	PUNCT
cblr-9111	295	10	see	see	VERB
cblr-9111	295	11	also	also	ADV
cblr-9111	295	12	g30	g30	PROPN
cblr-9111	295	13	,	,	PUNCT
cblr-9111	295	14	treasury	treasury	NOUN
cblr-9111	295	15	market	market	NOUN
cblr-9111	295	16	,	,	PUNCT
cblr-9111	295	17	supra	supra	PROPN
cblr-9111	295	18	note	note	NOUN
cblr-9111	295	19	1	1	NUM
cblr-9111	295	20	,	,	PUNCT
cblr-9111	295	21	at	at	ADP
cblr-9111	295	22	17	17	NUM
cblr-9111	295	23	(	(	PUNCT
cblr-9111	295	24	“	"	PUNCT
cblr-9111	295	25	[	[	X
cblr-9111	295	26	t]he	t]he	X
cblr-9111	295	27	proposal	proposal	NOUN
cblr-9111	295	28	evidently	evidently	ADV
cblr-9111	295	29	would	would	AUX
cblr-9111	295	30	not	not	PART
cblr-9111	295	31	cover	cover	VERB
cblr-9111	295	32	multidealer	multidealer	NOUN
cblr-9111	295	33	platforms	platform	NOUN
cblr-9111	295	34	that	that	PRON
cblr-9111	295	35	use	use	VERB
cblr-9111	295	36	.	.	PUNCT
cblr-9111	295	37	.	.	PUNCT
cblr-9111	295	38	.	.	PUNCT
cblr-9111	296	1	(	(	PUNCT
cblr-9111	296	2	rfq	rfq	NOUN
cblr-9111	296	3	)	)	PUNCT
cblr-9111	296	4	or	or	CCONJ
cblr-9111	296	5	streaming	streaming	NOUN
cblr-9111	296	6	quote	quote	INTJ
cblr-9111	296	7	protocols	protocol	NOUN
cblr-9111	296	8	[	[	X
cblr-9111	296	9	.	.	X
cblr-9111	296	10	]	]	X
cblr-9111	296	11	”	"	PUNCT
cblr-9111	296	12	)	)	PUNCT
cblr-9111	296	13	.	.	PUNCT
cblr-9111	297	1	111	111	NUM
cblr-9111	297	2	group	group	NOUN
cblr-9111	297	3	of	of	ADP
cblr-9111	297	4	thirty	thirty	NUM
cblr-9111	297	5	working	work	VERB
cblr-9111	297	6	group	group	NOUN
cblr-9111	297	7	on	on	ADP
cblr-9111	297	8	treasury	treasury	PROPN
cblr-9111	297	9	market	market	NOUN
cblr-9111	297	10	liquidity	liquidity	NOUN
cblr-9111	297	11	,	,	PUNCT
cblr-9111	297	12	supra	supra	PROPN
cblr-9111	297	13	note	note	NOUN
cblr-9111	297	14	1	1	NUM
cblr-9111	297	15	,	,	PUNCT
cblr-9111	297	16	at	at	ADP
cblr-9111	297	17	17	17	NUM
cblr-9111	297	18	.	.	PUNCT
cblr-9111	298	1	112	112	NUM
cblr-9111	298	2	see	see	VERB
cblr-9111	298	3	griffin	griffin	NOUN
cblr-9111	298	4	,	,	PUNCT
cblr-9111	298	5	supra	supra	PROPN
cblr-9111	298	6	note	note	NOUN
cblr-9111	298	7	39	39	NUM
cblr-9111	298	8	,	,	PUNCT
cblr-9111	298	9	at	at	ADP
cblr-9111	298	10	5	5	NUM
cblr-9111	298	11	;	;	PUNCT
cblr-9111	298	12	see	see	VERB
cblr-9111	298	13	also	also	ADV
cblr-9111	298	14	cooper	cooper	PROPN
cblr-9111	298	15	,	,	PUNCT
cblr-9111	298	16	supra	supra	PROPN
cblr-9111	298	17	note	note	PROPN
cblr-9111	298	18	57	57	NUM
cblr-9111	298	19	,	,	PUNCT
cblr-9111	298	20	at	at	ADP
cblr-9111	298	21	8	8	NUM
cblr-9111	298	22	.	.	NOUN
cblr-9111	298	23	113	113	NUM
cblr-9111	298	24	see	see	VERB
cblr-9111	298	25	benos	benos	PROPN
cblr-9111	298	26	et	et	PROPN
cblr-9111	298	27	al	al	PROPN
cblr-9111	298	28	.	.	PROPN
cblr-9111	298	29	,	,	PUNCT
cblr-9111	298	30	supra	supra	PROPN
cblr-9111	298	31	note	note	PROPN
cblr-9111	298	32	105	105	NUM
cblr-9111	298	33	,	,	PUNCT
cblr-9111	298	34	at	at	ADP
cblr-9111	298	35	2	2	NUM
cblr-9111	298	36	,	,	PUNCT
cblr-9111	298	37	23	23	NUM
cblr-9111	298	38	.	.	SYM
cblr-9111	298	39	1388	1388	NUM
cblr-9111	299	1	columbia	columbia	PROPN
cblr-9111	299	2	business	business	PROPN
cblr-9111	299	3	law	law	PROPN
cblr-9111	299	4	review	review	NOUN
cblr-9111	299	5	[	[	X
cblr-9111	299	6	vol	vol	NOUN
cblr-9111	299	7	.	.	NOUN
cblr-9111	299	8	2021	2021	NUM
cblr-9111	299	9	c.	c.	NOUN
cblr-9111	299	10	safeguards	safeguard	NOUN
cblr-9111	299	11	for	for	ADP
cblr-9111	299	12	operational	operational	ADJ
cblr-9111	299	13	resiliency	resiliency	NOUN
cblr-9111	299	14	as	as	SCONJ
cblr-9111	299	15	prior	prior	ADJ
cblr-9111	299	16	market	market	NOUN
cblr-9111	299	17	dislocations	dislocation	NOUN
cblr-9111	299	18	reveal	reveal	VERB
cblr-9111	299	19	,	,	PUNCT
cblr-9111	299	20	there	there	PRON
cblr-9111	299	21	is	be	VERB
cblr-9111	299	22	a	a	DET
cblr-9111	299	23	strong	strong	ADJ
cblr-9111	299	24	need	need	NOUN
cblr-9111	299	25	to	to	PART
cblr-9111	299	26	ensure	ensure	VERB
cblr-9111	299	27	the	the	DET
cblr-9111	299	28	appropriate	appropriate	ADJ
cblr-9111	299	29	operational	operational	ADJ
cblr-9111	299	30	resiliency	resiliency	NOUN
cblr-9111	299	31	to	to	PART
cblr-9111	299	32	protect	protect	VERB
cblr-9111	299	33	treasury	treasury	PROPN
cblr-9111	299	34	investors	investor	NOUN
cblr-9111	299	35	from	from	ADP
cblr-9111	299	36	the	the	DET
cblr-9111	299	37	risk	risk	NOUN
cblr-9111	299	38	of	of	ADP
cblr-9111	299	39	market	market	NOUN
cblr-9111	299	40	shocks	shock	NOUN
cblr-9111	299	41	.	.	PUNCT
cblr-9111	300	1	adoption	adoption	NOUN
cblr-9111	300	2	of	of	ADP
cblr-9111	300	3	the	the	DET
cblr-9111	300	4	prior	prior	ADJ
cblr-9111	300	5	proposal	proposal	NOUN
cblr-9111	300	6	—	—	PUNCT
cblr-9111	300	7	requiring	require	VERB
cblr-9111	300	8	trading	trading	NOUN
cblr-9111	300	9	venues	venue	NOUN
cblr-9111	300	10	that	that	PRON
cblr-9111	300	11	function	function	VERB
cblr-9111	300	12	as	as	ADP
cblr-9111	300	13	alternative	alternative	ADJ
cblr-9111	300	14	trading	trading	NOUN
cblr-9111	300	15	systems	system	NOUN
cblr-9111	300	16	to	to	PART
cblr-9111	300	17	register	register	VERB
cblr-9111	300	18	with	with	ADP
cblr-9111	300	19	the	the	DET
cblr-9111	300	20	sec	sec	PROPN
cblr-9111	300	21	—	—	PUNCT
cblr-9111	300	22	would	would	AUX
cblr-9111	300	23	subject	subject	VERB
cblr-9111	300	24	such	such	ADJ
cblr-9111	300	25	trading	trading	NOUN
cblr-9111	300	26	venues	venue	NOUN
cblr-9111	300	27	to	to	ADP
cblr-9111	300	28	market	market	NOUN
cblr-9111	300	29	-	-	PUNCT
cblr-9111	300	30	resiliency	resiliency	NOUN
cblr-9111	300	31	requirements	requirement	NOUN
cblr-9111	300	32	,	,	PUNCT
cblr-9111	300	33	in	in	ADP
cblr-9111	300	34	addition	addition	NOUN
cblr-9111	300	35	to	to	ADP
cblr-9111	300	36	the	the	DET
cblr-9111	300	37	fair	fair	ADJ
cblr-9111	300	38	-	-	PUNCT
cblr-9111	300	39	access	access	NOUN
cblr-9111	300	40	rules	rule	NOUN
cblr-9111	300	41	discussed	discuss	VERB
cblr-9111	300	42	above.114	above.114	NOUN
cblr-9111	300	43	but	but	CCONJ
cblr-9111	300	44	that	that	PRON
cblr-9111	300	45	is	be	AUX
cblr-9111	300	46	only	only	ADV
cblr-9111	300	47	part	part	NOUN
cblr-9111	300	48	of	of	ADP
cblr-9111	300	49	the	the	DET
cblr-9111	300	50	solution	solution	NOUN
cblr-9111	300	51	for	for	ADP
cblr-9111	300	52	improving	improve	VERB
cblr-9111	300	53	operational	operational	ADJ
cblr-9111	300	54	resiliency	resiliency	NOUN
cblr-9111	300	55	.	.	PUNCT
cblr-9111	301	1	trading	trading	NOUN
cblr-9111	301	2	venues	venue	NOUN
cblr-9111	301	3	for	for	ADP
cblr-9111	301	4	treasury	treasury	PROPN
cblr-9111	301	5	securities	security	NOUN
cblr-9111	301	6	must	must	AUX
cblr-9111	301	7	also	also	ADV
cblr-9111	301	8	adopt	adopt	VERB
cblr-9111	301	9	safeguards	safeguard	NOUN
cblr-9111	301	10	against	against	ADP
cblr-9111	301	11	new	new	ADJ
cblr-9111	301	12	types	type	NOUN
cblr-9111	301	13	of	of	ADP
cblr-9111	301	14	risk	risk	NOUN
cblr-9111	301	15	,	,	PUNCT
cblr-9111	301	16	including	include	VERB
cblr-9111	301	17	the	the	DET
cblr-9111	301	18	risk	risk	NOUN
cblr-9111	301	19	of	of	ADP
cblr-9111	301	20	technological	technological	ADJ
cblr-9111	301	21	errors	error	NOUN
cblr-9111	301	22	.	.	PUNCT
cblr-9111	302	1	while	while	SCONJ
cblr-9111	302	2	the	the	DET
cblr-9111	302	3	growth	growth	NOUN
cblr-9111	302	4	of	of	ADP
cblr-9111	302	5	electronic	electronic	ADJ
cblr-9111	302	6	trading	trading	NOUN
cblr-9111	302	7	has	have	AUX
cblr-9111	302	8	significantly	significantly	ADV
cblr-9111	302	9	increased	increase	VERB
cblr-9111	302	10	treasury	treasury	NOUN
cblr-9111	302	11	market	market	NOUN
cblr-9111	302	12	liquidity	liquidity	NOUN
cblr-9111	302	13	,	,	PUNCT
cblr-9111	302	14	it	it	PRON
cblr-9111	302	15	also	also	ADV
cblr-9111	302	16	comes	come	VERB
cblr-9111	302	17	with	with	ADP
cblr-9111	302	18	risks	risk	NOUN
cblr-9111	302	19	that	that	PRON
cblr-9111	302	20	must	must	AUX
cblr-9111	302	21	be	be	AUX
cblr-9111	302	22	addressed	address	VERB
cblr-9111	302	23	responsibly.115	responsibly.115	PROPN
cblr-9111	302	24	chief	chief	NOUN
cblr-9111	302	25	among	among	ADP
cblr-9111	302	26	those	those	PRON
cblr-9111	302	27	is	be	AUX
cblr-9111	302	28	the	the	DET
cblr-9111	302	29	risk	risk	NOUN
cblr-9111	302	30	of	of	ADP
cblr-9111	302	31	erroneous	erroneous	ADJ
cblr-9111	302	32	order	order	NOUN
cblr-9111	302	33	placement	placement	NOUN
cblr-9111	302	34	.	.	PUNCT
cblr-9111	303	1	it	it	PRON
cblr-9111	303	2	is	be	AUX
cblr-9111	303	3	critical	critical	ADJ
cblr-9111	303	4	that	that	SCONJ
cblr-9111	303	5	electronic	electronic	ADJ
cblr-9111	303	6	trading	trading	NOUN
cblr-9111	303	7	venues	venue	NOUN
cblr-9111	303	8	be	be	VERB
cblr-9111	303	9	able	able	ADJ
cblr-9111	303	10	to	to	PART
cblr-9111	303	11	cancel	cancel	VERB
cblr-9111	303	12	erroneous	erroneous	ADJ
cblr-9111	303	13	orders	order	NOUN
cblr-9111	303	14	quickly	quickly	ADV
cblr-9111	303	15	upon	upon	SCONJ
cblr-9111	303	16	receipt	receipt	NOUN
cblr-9111	303	17	,	,	PUNCT
cblr-9111	303	18	in	in	ADP
cblr-9111	303	19	order	order	NOUN
cblr-9111	303	20	to	to	PART
cblr-9111	303	21	prevent	prevent	VERB
cblr-9111	303	22	spillover	spillover	NOUN
cblr-9111	303	23	effects	effect	NOUN
cblr-9111	303	24	that	that	PRON
cblr-9111	303	25	can	can	AUX
cblr-9111	303	26	follow	follow	VERB
cblr-9111	303	27	if	if	SCONJ
cblr-9111	303	28	those	those	DET
cblr-9111	303	29	erroneous	erroneous	ADJ
cblr-9111	303	30	orders	order	NOUN
cblr-9111	303	31	enter	enter	VERB
cblr-9111	303	32	the	the	DET
cblr-9111	303	33	market.116	market.116	NOUN
cblr-9111	303	34	for	for	ADP
cblr-9111	303	35	example	example	NOUN
cblr-9111	303	36	,	,	PUNCT
cblr-9111	303	37	in	in	ADP
cblr-9111	303	38	2012	2012	NUM
cblr-9111	303	39	,	,	PUNCT
cblr-9111	303	40	the	the	DET
cblr-9111	303	41	electronic	electronic	ADJ
cblr-9111	303	42	-	-	PUNCT
cblr-9111	303	43	trading	trading	NOUN
cblr-9111	303	44	firm	firm	NOUN
cblr-9111	303	45	knight	knight	NOUN
cblr-9111	303	46	capital	capital	PROPN
cblr-9111	303	47	experienced	experience	VERB
cblr-9111	303	48	a	a	DET
cblr-9111	303	49	“	"	PUNCT
cblr-9111	303	50	significant	significant	ADJ
cblr-9111	303	51	error	error	NOUN
cblr-9111	303	52	”	"	PUNCT
cblr-9111	303	53	in	in	ADP
cblr-9111	303	54	its	its	PRON
cblr-9111	303	55	electronic	electronic	ADJ
cblr-9111	303	56	order	order	NOUN
cblr-9111	303	57	-	-	PUNCT
cblr-9111	303	58	routing	route	VERB
cblr-9111	303	59	system	system	NOUN
cblr-9111	303	60	for	for	ADP
cblr-9111	303	61	equities	equity	NOUN
cblr-9111	303	62	,	,	PUNCT
cblr-9111	303	63	causing	cause	VERB
cblr-9111	303	64	knight	knight	NOUN
cblr-9111	303	65	to	to	PART
cblr-9111	303	66	acquire	acquire	VERB
cblr-9111	303	67	an	an	DET
cblr-9111	303	68	“	"	PUNCT
cblr-9111	303	69	unintended	unintended	ADJ
cblr-9111	303	70	multi	multi	ADJ
cblr-9111	303	71	-	-	ADJ
cblr-9111	303	72	billion	billion	NUM
cblr-9111	303	73	dollar	dollar	NOUN
cblr-9111	303	74	portfolio	portfolio	NOUN
cblr-9111	303	75	of	of	ADP
cblr-9111	303	76	securities	security	NOUN
cblr-9111	303	77	.	.	PUNCT
cblr-9111	304	1	”117	”117	VERB
cblr-9111	304	2	when	when	SCONJ
cblr-9111	304	3	the	the	DET
cblr-9111	304	4	dust	dust	NOUN
cblr-9111	304	5	settled	settle	VERB
cblr-9111	304	6	,	,	PUNCT
cblr-9111	304	7	knight	knight	PROPN
cblr-9111	304	8	had	have	AUX
cblr-9111	304	9	incurred	incur	VERB
cblr-9111	304	10	a	a	DET
cblr-9111	304	11	$	$	SYM
cblr-9111	304	12	460	460	NUM
cblr-9111	304	13	million	million	NUM
cblr-9111	304	14	loss.118	loss.118	ADJ
cblr-9111	305	1	but	but	CCONJ
cblr-9111	305	2	perhaps	perhaps	ADV
cblr-9111	305	3	even	even	ADV
cblr-9111	305	4	more	more	ADV
cblr-9111	305	5	importantly	importantly	ADV
cblr-9111	305	6	,	,	PUNCT
cblr-9111	305	7	the	the	DET
cblr-9111	305	8	errors	error	NOUN
cblr-9111	305	9	in	in	ADP
cblr-9111	305	10	knight	knight	PROPN
cblr-9111	305	11	’s	’s	PART
cblr-9111	305	12	technology	technology	NOUN
cblr-9111	305	13	systems	system	NOUN
cblr-9111	305	14	did	do	AUX
cblr-9111	305	15	not	not	PART
cblr-9111	305	16	merely	merely	ADV
cblr-9111	305	17	decimate	decimate	VERB
cblr-9111	305	18	the	the	DET
cblr-9111	305	19	firm	firm	NOUN
cblr-9111	305	20	;	;	PUNCT
cblr-9111	305	21	they	they	PRON
cblr-9111	305	22	imposed	impose	VERB
cblr-9111	305	23	instability	instability	NOUN
cblr-9111	305	24	and	and	CCONJ
cblr-9111	305	25	price	price	NOUN
cblr-9111	305	26	volatility	volatility	NOUN
cblr-9111	305	27	on	on	ADP
cblr-9111	305	28	the	the	DET
cblr-9111	305	29	broader	broad	ADJ
cblr-9111	305	30	stock	stock	NOUN
cblr-9111	305	31	market.119	market.119	PROPN
cblr-9111	305	32	114	114	NUM
cblr-9111	305	33	see	see	NOUN
cblr-9111	305	34	supra	supra	PROPN
cblr-9111	305	35	note	note	PROPN
cblr-9111	305	36	108	108	NUM
cblr-9111	305	37	and	and	CCONJ
cblr-9111	305	38	accompanying	accompany	VERB
cblr-9111	305	39	text	text	NOUN
cblr-9111	305	40	.	.	PUNCT
cblr-9111	306	1	115	115	NUM
cblr-9111	306	2	griffin	griffin	PROPN
cblr-9111	306	3	,	,	PUNCT
cblr-9111	306	4	supra	supra	PROPN
cblr-9111	306	5	note	note	NOUN
cblr-9111	306	6	39	39	NUM
cblr-9111	306	7	,	,	PUNCT
cblr-9111	306	8	at	at	ADP
cblr-9111	306	9	5	5	NUM
cblr-9111	306	10	(	(	PUNCT
cblr-9111	306	11	“	"	PUNCT
cblr-9111	306	12	there	there	PRON
cblr-9111	306	13	is	be	VERB
cblr-9111	306	14	no	no	PRON
cblr-9111	306	15	doubt	doubt	ADV
cblr-9111	306	16	operational	operational	ADJ
cblr-9111	306	17	risk	risk	NOUN
cblr-9111	306	18	exists	exist	VERB
cblr-9111	306	19	in	in	ADP
cblr-9111	306	20	a	a	DET
cblr-9111	306	21	world	world	NOUN
cblr-9111	306	22	of	of	ADP
cblr-9111	306	23	electronic	electronic	ADJ
cblr-9111	306	24	trading	trading	NOUN
cblr-9111	306	25	.	.	PUNCT
cblr-9111	306	26	”	"	PUNCT
cblr-9111	306	27	)	)	PUNCT
cblr-9111	306	28	.	.	PUNCT
cblr-9111	307	1	116	116	NUM
cblr-9111	308	1	i	i	PRON
cblr-9111	308	2	d.	d.	NOUN
cblr-9111	308	3	117	117	NUM
cblr-9111	308	4	knight	knight	NOUN
cblr-9111	308	5	cap	cap	NOUN
cblr-9111	308	6	.	.	PUNCT
cblr-9111	309	1	americas	americas	PROPN
cblr-9111	309	2	llc	llc	PROPN
cblr-9111	309	3	,	,	PUNCT
cblr-9111	309	4	exchange	exchange	PROPN
cblr-9111	309	5	act	act	PROPN
cblr-9111	309	6	release	release	VERB
cblr-9111	309	7	no	no	NOUN
cblr-9111	309	8	.	.	NOUN
cblr-9111	309	9	70694	70694	NUM
cblr-9111	309	10	,	,	PUNCT
cblr-9111	309	11	2013	2013	NUM
cblr-9111	309	12	wl	wl	NOUN
cblr-9111	309	13	5631976	5631976	NUM
cblr-9111	309	14	,	,	PUNCT
cblr-9111	309	15	at	at	ADP
cblr-9111	309	16	1	1	NUM
cblr-9111	309	17	,	,	PUNCT
cblr-9111	309	18	4	4	NUM
cblr-9111	309	19	(	(	PUNCT
cblr-9111	309	20	oct	oct	PROPN
cblr-9111	309	21	.	.	PROPN
cblr-9111	309	22	16	16	NUM
cblr-9111	309	23	,	,	PUNCT
cblr-9111	309	24	2013	2013	NUM
cblr-9111	309	25	)	)	PUNCT
cblr-9111	309	26	.	.	PUNCT
cblr-9111	310	1	118	118	NUM
cblr-9111	311	1	i	i	PRON
cblr-9111	311	2	d.	d.	PROPN
cblr-9111	311	3	at	at	ADP
cblr-9111	311	4	4	4	NUM
cblr-9111	311	5	.	.	X
cblr-9111	311	6	119	119	NUM
cblr-9111	312	1	i	i	PRON
cblr-9111	312	2	d.	d.	NOUN
cblr-9111	312	3	at	at	ADP
cblr-9111	312	4	6	6	NUM
cblr-9111	312	5	(	(	PUNCT
cblr-9111	312	6	stocks	stock	NOUN
cblr-9111	312	7	that	that	PRON
cblr-9111	312	8	knight	knight	NOUN
cblr-9111	312	9	was	be	AUX
cblr-9111	312	10	trading	trade	VERB
cblr-9111	312	11	experienced	experienced	ADJ
cblr-9111	312	12	price	price	NOUN
cblr-9111	312	13	swings	swing	NOUN
cblr-9111	312	14	exceeding	exceed	VERB
cblr-9111	312	15	ten	ten	NUM
cblr-9111	312	16	percent	percent	NOUN
cblr-9111	312	17	)	)	PUNCT
cblr-9111	312	18	.	.	PUNCT
cblr-9111	313	1	no	no	INTJ
cblr-9111	313	2	.	.	PUNCT
cblr-9111	314	1	3:1368	3:1368	NUM
cblr-9111	314	2	]	]	X
cblr-9111	314	3	strenghtening	strenghtene	VERB
cblr-9111	314	4	the	the	DET
cblr-9111	314	5	treasury	treasury	NOUN
cblr-9111	314	6	market	market	NOUN
cblr-9111	314	7	1389	1389	NUM
cblr-9111	314	8	the	the	DET
cblr-9111	314	9	sec	sec	PROPN
cblr-9111	314	10	has	have	AUX
cblr-9111	314	11	recognized	recognize	VERB
cblr-9111	314	12	the	the	DET
cblr-9111	314	13	detrimental	detrimental	ADJ
cblr-9111	314	14	effects	effect	NOUN
cblr-9111	314	15	of	of	ADP
cblr-9111	314	16	such	such	ADJ
cblr-9111	314	17	errors	error	NOUN
cblr-9111	314	18	in	in	ADP
cblr-9111	314	19	the	the	DET
cblr-9111	314	20	securities	security	NOUN
cblr-9111	314	21	markets	market	NOUN
cblr-9111	314	22	.	.	PUNCT
cblr-9111	315	1	since	since	SCONJ
cblr-9111	315	2	2014	2014	NUM
cblr-9111	315	3	,	,	PUNCT
cblr-9111	315	4	the	the	DET
cblr-9111	315	5	sec	sec	PROPN
cblr-9111	315	6	has	have	AUX
cblr-9111	315	7	required	require	VERB
cblr-9111	315	8	that	that	SCONJ
cblr-9111	315	9	electronic	electronic	ADJ
cblr-9111	315	10	trading	trading	NOUN
cblr-9111	315	11	venues	venue	NOUN
cblr-9111	315	12	for	for	ADP
cblr-9111	315	13	equity	equity	NOUN
cblr-9111	315	14	securities	security	NOUN
cblr-9111	315	15	have	have	VERB
cblr-9111	315	16	appropriate	appropriate	ADJ
cblr-9111	315	17	risk	risk	NOUN
cblr-9111	315	18	controls	control	NOUN
cblr-9111	315	19	geared	gear	VERB
cblr-9111	315	20	toward	toward	ADP
cblr-9111	315	21	markets	market	NOUN
cblr-9111	315	22	that	that	PRON
cblr-9111	315	23	are	be	AUX
cblr-9111	315	24	increasingly	increasingly	ADV
cblr-9111	315	25	electronic.120	electronic.120	ADJ
cblr-9111	315	26	for	for	ADP
cblr-9111	315	27	its	its	PRON
cblr-9111	315	28	part	part	NOUN
cblr-9111	315	29	,	,	PUNCT
cblr-9111	315	30	the	the	DET
cblr-9111	315	31	cftc	cftc	PROPN
cblr-9111	315	32	recently	recently	ADV
cblr-9111	315	33	finalized	finalize	VERB
cblr-9111	315	34	a	a	DET
cblr-9111	315	35	set	set	NOUN
cblr-9111	315	36	of	of	ADP
cblr-9111	315	37	risk	risk	NOUN
cblr-9111	315	38	principles	principle	NOUN
cblr-9111	315	39	for	for	ADP
cblr-9111	315	40	electronic	electronic	ADJ
cblr-9111	315	41	trading	trading	NOUN
cblr-9111	315	42	that	that	PRON
cblr-9111	315	43	require	require	VERB
cblr-9111	315	44	venues	venue	NOUN
cblr-9111	315	45	to	to	PART
cblr-9111	315	46	take	take	VERB
cblr-9111	315	47	steps	step	NOUN
cblr-9111	315	48	to	to	PART
cblr-9111	315	49	address	address	VERB
cblr-9111	315	50	market	market	NOUN
cblr-9111	315	51	disruptions	disruption	NOUN
cblr-9111	315	52	and	and	CCONJ
cblr-9111	315	53	system	system	NOUN
cblr-9111	315	54	anomalies.121	anomalies.121	VERB
cblr-9111	315	55	one	one	NUM
cblr-9111	315	56	example	example	NOUN
cblr-9111	315	57	is	be	AUX
cblr-9111	315	58	the	the	DET
cblr-9111	315	59	use	use	NOUN
cblr-9111	315	60	of	of	ADP
cblr-9111	315	61	“	"	PUNCT
cblr-9111	315	62	kill	kill	VERB
cblr-9111	315	63	switches	switch	NOUN
cblr-9111	315	64	,	,	PUNCT
cblr-9111	315	65	”	"	PUNCT
cblr-9111	315	66	which	which	PRON
cblr-9111	315	67	permit	permit	VERB
cblr-9111	315	68	electronic	electronic	ADJ
cblr-9111	315	69	trading	trading	NOUN
cblr-9111	315	70	venues	venue	NOUN
cblr-9111	315	71	to	to	PART
cblr-9111	315	72	quickly	quickly	ADV
cblr-9111	315	73	halt	halt	VERB
cblr-9111	315	74	trading	trading	NOUN
cblr-9111	315	75	when	when	SCONJ
cblr-9111	315	76	they	they	PRON
cblr-9111	315	77	receive	receive	VERB
cblr-9111	315	78	erroneous	erroneous	ADJ
cblr-9111	315	79	orders.122	orders.122	NOUN
cblr-9111	315	80	kill	kill	NOUN
cblr-9111	315	81	switches	switch	NOUN
cblr-9111	315	82	help	help	AUX
cblr-9111	315	83	prevent	prevent	VERB
cblr-9111	315	84	technological	technological	ADJ
cblr-9111	315	85	errors	error	NOUN
cblr-9111	315	86	from	from	ADP
cblr-9111	315	87	producing	produce	VERB
cblr-9111	315	88	widespread	widespread	ADJ
cblr-9111	315	89	market	market	NOUN
cblr-9111	315	90	disruption.123	disruption.123	NOUN
cblr-9111	315	91	if	if	SCONJ
cblr-9111	315	92	they	they	PRON
cblr-9111	315	93	had	have	AUX
cblr-9111	315	94	been	be	AUX
cblr-9111	315	95	in	in	ADP
cblr-9111	315	96	place	place	NOUN
cblr-9111	315	97	during	during	ADP
cblr-9111	315	98	2012	2012	NUM
cblr-9111	315	99	,	,	PUNCT
cblr-9111	315	100	they	they	PRON
cblr-9111	315	101	“	"	PUNCT
cblr-9111	315	102	would	would	AUX
cblr-9111	315	103	have	have	AUX
cblr-9111	315	104	promptly	promptly	ADV
cblr-9111	315	105	halted	halt	VERB
cblr-9111	315	106	the	the	DET
cblr-9111	315	107	erroneous	erroneous	ADJ
cblr-9111	315	108	trading	trading	NOUN
cblr-9111	315	109	by	by	ADP
cblr-9111	315	110	knight	knight	PROPN
cblr-9111	315	111	capital	capital	NOUN
cblr-9111	315	112	,	,	PUNCT
cblr-9111	315	113	”	"	PUNCT
cblr-9111	315	114	thus	thus	ADV
cblr-9111	315	115	avoiding	avoid	VERB
cblr-9111	315	116	or	or	CCONJ
cblr-9111	315	117	reducing	reduce	VERB
cblr-9111	315	118	the	the	DET
cblr-9111	315	119	turmoil	turmoil	NOUN
cblr-9111	315	120	that	that	DET
cblr-9111	315	121	followed.124	followed.124	PROPN
cblr-9111	315	122	although	although	SCONJ
cblr-9111	315	123	the	the	DET
cblr-9111	315	124	equities	equity	NOUN
cblr-9111	315	125	and	and	CCONJ
cblr-9111	315	126	derivatives	derivative	NOUN
cblr-9111	315	127	markets	market	NOUN
cblr-9111	315	128	now	now	ADV
cblr-9111	315	129	require	require	VERB
cblr-9111	315	130	such	such	ADJ
cblr-9111	315	131	measures,125	measures,125	NOUN
cblr-9111	315	132	there	there	PRON
cblr-9111	315	133	are	be	VERB
cblr-9111	315	134	no	no	DET
cblr-9111	315	135	comparable	comparable	ADJ
cblr-9111	315	136	requirements	requirement	NOUN
cblr-9111	315	137	for	for	ADP
cblr-9111	315	138	venues	venue	NOUN
cblr-9111	315	139	where	where	SCONJ
cblr-9111	315	140	treasury	treasury	PROPN
cblr-9111	315	141	securities	security	NOUN
cblr-9111	315	142	trade	trade	NOUN
cblr-9111	315	143	.	.	PUNCT
cblr-9111	316	1	risk	risk	NOUN
cblr-9111	316	2	control	control	NOUN
cblr-9111	316	3	mechanisms	mechanism	NOUN
cblr-9111	316	4	that	that	PRON
cblr-9111	316	5	can	can	AUX
cblr-9111	316	6	prevent	prevent	VERB
cblr-9111	316	7	or	or	CCONJ
cblr-9111	316	8	cancel	cancel	VERB
cblr-9111	316	9	errant	errant	ADJ
cblr-9111	316	10	orders	order	NOUN
cblr-9111	316	11	would	would	AUX
cblr-9111	316	12	seem	seem	VERB
cblr-9111	316	13	to	to	PART
cblr-9111	316	14	offer	offer	VERB
cblr-9111	316	15	the	the	DET
cblr-9111	316	16	same	same	ADJ
cblr-9111	316	17	considerable	considerable	ADJ
cblr-9111	316	18	benefits	benefit	NOUN
cblr-9111	316	19	in	in	ADP
cblr-9111	316	20	those	those	DET
cblr-9111	316	21	venues	venue	NOUN
cblr-9111	316	22	.	.	PUNCT
cblr-9111	317	1	and	and	CCONJ
cblr-9111	317	2	again	again	ADV
cblr-9111	317	3	,	,	PUNCT
cblr-9111	317	4	borrowing	borrow	VERB
cblr-9111	317	5	an	an	DET
cblr-9111	317	6	existing	exist	VERB
cblr-9111	317	7	,	,	PUNCT
cblr-9111	317	8	well	well	ADV
cblr-9111	317	9	-	-	PUNCT
cblr-9111	317	10	established	establish	VERB
cblr-9111	317	11	tool	tool	NOUN
cblr-9111	317	12	from	from	ADP
cblr-9111	317	13	the	the	DET
cblr-9111	317	14	equities	equity	NOUN
cblr-9111	317	15	and	and	CCONJ
cblr-9111	317	16	derivatives	derivative	NOUN
cblr-9111	317	17	markets	market	NOUN
cblr-9111	317	18	would	would	AUX
cblr-9111	317	19	be	be	AUX
cblr-9111	317	20	a	a	DET
cblr-9111	317	21	low	low	ADJ
cblr-9111	317	22	-	-	PUNCT
cblr-9111	317	23	cost	cost	NOUN
cblr-9111	317	24	reform	reform	NOUN
cblr-9111	317	25	to	to	PART
cblr-9111	317	26	help	help	VERB
cblr-9111	317	27	strengthen	strengthen	VERB
cblr-9111	317	28	and	and	CCONJ
cblr-9111	317	29	modernize	modernize	VERB
cblr-9111	317	30	the	the	DET
cblr-9111	317	31	treasury	treasury	NOUN
cblr-9111	317	32	market	market	NOUN
cblr-9111	317	33	.	.	PUNCT
cblr-9111	318	1	120	120	NUM
cblr-9111	318	2	see	see	VERB
cblr-9111	318	3	division	division	NOUN
cblr-9111	318	4	of	of	ADP
cblr-9111	318	5	trading	trading	NOUN
cblr-9111	318	6	and	and	CCONJ
cblr-9111	318	7	markets	market	NOUN
cblr-9111	318	8	:	:	PUNCT
cblr-9111	318	9	responses	response	NOUN
cblr-9111	318	10	to	to	PART
cblr-9111	318	11	frequently	frequently	ADV
cblr-9111	318	12	asked	ask	VERB
cblr-9111	318	13	questions	question	NOUN
cblr-9111	318	14	concerning	concern	VERB
cblr-9111	318	15	regulation	regulation	NOUN
cblr-9111	318	16	sci	sci	PROPN
cblr-9111	318	17	,	,	PUNCT
cblr-9111	318	18	sec	sec	PROPN
cblr-9111	318	19	.	.	PROPN
cblr-9111	318	20	&	&	CCONJ
cblr-9111	318	21	exch	exch	PROPN
cblr-9111	318	22	.	.	PUNCT
cblr-9111	319	1	comm’n	comm’n	PROPN
cblr-9111	319	2	(	(	PUNCT
cblr-9111	319	3	sept	sept	PROPN
cblr-9111	319	4	.	.	PROPN
cblr-9111	319	5	2	2	NUM
cblr-9111	319	6	,	,	PUNCT
cblr-9111	319	7	2015	2015	NUM
cblr-9111	319	8	)	)	PUNCT
cblr-9111	319	9	,	,	PUNCT
cblr-9111	319	10	https://www.sec.gov/divisions/marketreg/regulation-sci-faq.shtml	https://www.sec.gov/divisions/marketreg/regulation-sci-faq.shtml	VERB
cblr-9111	319	11	[	[	X
cblr-9111	319	12	https://perma.cc/x27w-deyq	https://perma.cc/x27w-deyq	NOUN
cblr-9111	319	13	]	]	PUNCT
cblr-9111	319	14	(	(	PUNCT
cblr-9111	319	15	last	last	ADJ
cblr-9111	319	16	updated	update	VERB
cblr-9111	319	17	aug	aug	PROPN
cblr-9111	319	18	.	.	PROPN
cblr-9111	319	19	21	21	NUM
cblr-9111	319	20	,	,	PUNCT
cblr-9111	319	21	2019	2019	NUM
cblr-9111	319	22	)	)	PUNCT
cblr-9111	319	23	.	.	PUNCT
cblr-9111	320	1	121	121	NUM
cblr-9111	320	2	see	see	VERB
cblr-9111	320	3	electronic	electronic	ADJ
cblr-9111	320	4	trading	trading	NOUN
cblr-9111	320	5	risk	risk	NOUN
cblr-9111	320	6	principles	principle	NOUN
cblr-9111	320	7	,	,	PUNCT
cblr-9111	320	8	86	86	NUM
cblr-9111	320	9	fed	feed	VERB
cblr-9111	320	10	.	.	PUNCT
cblr-9111	321	1	reg	reg	NOUN
cblr-9111	321	2	.	.	PUNCT
cblr-9111	322	1	2048	2048	NUM
cblr-9111	322	2	(	(	PUNCT
cblr-9111	322	3	jan	jan	PROPN
cblr-9111	322	4	.	.	PROPN
cblr-9111	322	5	11	11	NUM
cblr-9111	322	6	,	,	PUNCT
cblr-9111	322	7	2021	2021	NUM
cblr-9111	322	8	)	)	PUNCT
cblr-9111	323	1	(	(	PUNCT
cblr-9111	323	2	to	to	PART
cblr-9111	323	3	be	be	AUX
cblr-9111	323	4	codified	codify	VERB
cblr-9111	323	5	at	at	ADP
cblr-9111	323	6	17	17	NUM
cblr-9111	323	7	c.f.r	c.f.r	NOUN
cblr-9111	323	8	.	.	PUNCT
cblr-9111	324	1	pt	pt	PROPN
cblr-9111	324	2	.	.	PROPN
cblr-9111	324	3	38	38	NUM
cblr-9111	324	4	)	)	PUNCT
cblr-9111	324	5	.	.	PUNCT
cblr-9111	325	1	122	122	NUM
cblr-9111	325	2	griffin	griffin	NOUN
cblr-9111	325	3	,	,	PUNCT
cblr-9111	325	4	supra	supra	PROPN
cblr-9111	325	5	note	note	NOUN
cblr-9111	325	6	39	39	NUM
cblr-9111	325	7	,	,	PUNCT
cblr-9111	325	8	at	at	ADP
cblr-9111	325	9	5–6	5–6	NOUN
cblr-9111	325	10	.	.	PUNCT
cblr-9111	325	11	123	123	NUM
cblr-9111	325	12	see	see	VERB
cblr-9111	325	13	sarah	sarah	PROPN
cblr-9111	325	14	n.	n.	PROPN
cblr-9111	325	15	lynch	lynch	PROPN
cblr-9111	325	16	&	&	CCONJ
cblr-9111	325	17	herbert	herbert	PROPN
cblr-9111	325	18	lash	lash	PROPN
cblr-9111	325	19	,	,	PUNCT
cblr-9111	325	20	stock	stock	NOUN
cblr-9111	325	21	exchanges	exchange	NOUN
cblr-9111	325	22	are	be	AUX
cblr-9111	325	23	working	work	VERB
cblr-9111	325	24	on	on	ADP
cblr-9111	325	25	a	a	DET
cblr-9111	325	26	‘	'	PUNCT
cblr-9111	325	27	kill	kill	NOUN
cblr-9111	325	28	switch	switch	NOUN
cblr-9111	325	29	’	'	PUNCT
cblr-9111	325	30	to	to	PART
cblr-9111	325	31	stop	stop	VERB
cblr-9111	325	32	trading	trading	NOUN
cblr-9111	325	33	during	during	ADP
cblr-9111	325	34	emergencies	emergency	NOUN
cblr-9111	325	35	,	,	PUNCT
cblr-9111	325	36	bus	bus	NOUN
cblr-9111	325	37	.	.	PUNCT
cblr-9111	326	1	insider	insider	PROPN
cblr-9111	326	2	(	(	PUNCT
cblr-9111	326	3	sept	sept	PROPN
cblr-9111	326	4	.	.	PROPN
cblr-9111	326	5	12	12	NUM
cblr-9111	326	6	,	,	PUNCT
cblr-9111	326	7	2013	2013	NUM
cblr-9111	326	8	,	,	PUNCT
cblr-9111	326	9	6:43	6:43	NUM
cblr-9111	326	10	pm	pm	NOUN
cblr-9111	326	11	)	)	PUNCT
cblr-9111	326	12	,	,	PUNCT
cblr-9111	326	13	https://www.businessinsider.com/stock-exchanges-killswitch-2013-9	https://www.businessinsider.com/stock-exchanges-killswitch-2013-9	NOUN
cblr-9111	326	14	(	(	PUNCT
cblr-9111	326	15	on	on	ADP
cblr-9111	326	16	file	file	NOUN
cblr-9111	326	17	with	with	ADP
cblr-9111	326	18	the	the	DET
cblr-9111	326	19	columbia	columbia	PROPN
cblr-9111	326	20	business	business	PROPN
cblr-9111	326	21	law	law	PROPN
cblr-9111	326	22	review	review	PROPN
cblr-9111	326	23	)	)	PUNCT
cblr-9111	326	24	.	.	PUNCT
cblr-9111	327	1	124	124	NUM
cblr-9111	327	2	griffin	griffin	NOUN
cblr-9111	327	3	,	,	PUNCT
cblr-9111	327	4	supra	supra	PROPN
cblr-9111	327	5	note	note	NOUN
cblr-9111	327	6	39	39	NUM
cblr-9111	327	7	,	,	PUNCT
cblr-9111	327	8	at	at	ADP
cblr-9111	327	9	6	6	NUM
cblr-9111	327	10	.	.	SYM
cblr-9111	327	11	125	125	NUM
cblr-9111	327	12	see	see	NOUN
cblr-9111	327	13	division	division	NOUN
cblr-9111	327	14	of	of	ADP
cblr-9111	327	15	trading	trading	NOUN
cblr-9111	327	16	and	and	CCONJ
cblr-9111	327	17	markets	market	NOUN
cblr-9111	327	18	:	:	PUNCT
cblr-9111	327	19	responses	response	NOUN
cblr-9111	327	20	to	to	PART
cblr-9111	327	21	frequently	frequently	ADV
cblr-9111	327	22	asked	ask	VERB
cblr-9111	327	23	questions	question	NOUN
cblr-9111	327	24	concerning	concern	VERB
cblr-9111	327	25	regulation	regulation	NOUN
cblr-9111	327	26	sci	sci	PROPN
cblr-9111	327	27	,	,	PUNCT
cblr-9111	327	28	supra	supra	PROPN
cblr-9111	327	29	note	note	PROPN
cblr-9111	327	30	120	120	NUM
cblr-9111	327	31	;	;	PUNCT
cblr-9111	327	32	see	see	VERB
cblr-9111	327	33	also	also	ADV
cblr-9111	327	34	rulebook	rulebook	VERB
cblr-9111	327	35	§	§	PROPN
cblr-9111	327	36	6130	6130	NUM
cblr-9111	327	37	(	(	PUNCT
cblr-9111	327	38	the	the	DET
cblr-9111	327	39	nasdaq	nasdaq	PROPN
cblr-9111	327	40	stock	stock	PROPN
cblr-9111	327	41	mkt	mkt	PROPN
cblr-9111	327	42	.	.	PROPN
cblr-9111	327	43	2021	2021	NUM
cblr-9111	327	44	)	)	PUNCT
cblr-9111	327	45	;	;	PUNCT
cblr-9111	327	46	listed	list	VERB
cblr-9111	327	47	co.	co.	PROPN
cblr-9111	327	48	manual	manual	NOUN
cblr-9111	327	49	§	§	PROPN
cblr-9111	327	50	7.19	7.19	NUM
cblr-9111	327	51	(	(	PUNCT
cblr-9111	327	52	n.y	n.y	PROPN
cblr-9111	327	53	.	.	PROPN
cblr-9111	327	54	stock	stock	PROPN
cblr-9111	327	55	exch	exch	PROPN
cblr-9111	327	56	.	.	PUNCT
cblr-9111	327	57	2021	2021	NUM
cblr-9111	327	58	)	)	PUNCT
cblr-9111	327	59	.	.	PUNCT
cblr-9111	328	1	1390	1390	NUM
cblr-9111	328	2	columbia	columbia	PROPN
cblr-9111	328	3	business	business	NOUN
cblr-9111	328	4	law	law	PROPN
cblr-9111	328	5	review	review	NOUN
cblr-9111	328	6	[	[	X
cblr-9111	328	7	vol	vol	NOUN
cblr-9111	328	8	.	.	PUNCT
cblr-9111	328	9	2021	2021	NUM
cblr-9111	328	10	d.	d.	PROPN
cblr-9111	328	11	expanded	expand	VERB
cblr-9111	328	12	central	central	ADJ
cblr-9111	328	13	clearing	clearing	NOUN
cblr-9111	328	14	as	as	SCONJ
cblr-9111	328	15	the	the	DET
cblr-9111	328	16	complexity	complexity	NOUN
cblr-9111	328	17	and	and	CCONJ
cblr-9111	328	18	speed	speed	NOUN
cblr-9111	328	19	of	of	ADP
cblr-9111	328	20	financial	financial	ADJ
cblr-9111	328	21	transactions	transaction	NOUN
cblr-9111	328	22	have	have	AUX
cblr-9111	328	23	increased	increase	VERB
cblr-9111	328	24	,	,	PUNCT
cblr-9111	328	25	so	so	ADV
cblr-9111	328	26	have	have	VERB
cblr-9111	328	27	the	the	DET
cblr-9111	328	28	risks	risk	NOUN
cblr-9111	328	29	of	of	ADP
cblr-9111	328	30	a	a	DET
cblr-9111	328	31	defaulting	default	VERB
cblr-9111	328	32	counterparty	counterparty	NOUN
cblr-9111	328	33	to	to	ADP
cblr-9111	328	34	a	a	DET
cblr-9111	328	35	transaction	transaction	NOUN
cblr-9111	328	36	.	.	PUNCT
cblr-9111	329	1	counterparty	counterparty	NOUN
cblr-9111	329	2	credit	credit	NOUN
cblr-9111	329	3	risk	risk	NOUN
cblr-9111	329	4	is	be	AUX
cblr-9111	329	5	a	a	DET
cblr-9111	329	6	particularly	particularly	ADV
cblr-9111	329	7	serious	serious	ADJ
cblr-9111	329	8	concern	concern	NOUN
cblr-9111	329	9	in	in	ADP
cblr-9111	329	10	the	the	DET
cblr-9111	329	11	treasury	treasury	NOUN
cblr-9111	329	12	market	market	NOUN
cblr-9111	329	13	,	,	PUNCT
cblr-9111	329	14	and	and	CCONJ
cblr-9111	329	15	settlement	settlement	NOUN
cblr-9111	329	16	failures	failure	NOUN
cblr-9111	329	17	dramatically	dramatically	ADV
cblr-9111	329	18	increased	increase	VERB
cblr-9111	329	19	for	for	ADP
cblr-9111	329	20	uncleared	uncleared	ADJ
cblr-9111	329	21	positions	position	NOUN
cblr-9111	329	22	during	during	ADP
cblr-9111	329	23	the	the	DET
cblr-9111	329	24	market	market	NOUN
cblr-9111	329	25	turmoil	turmoil	NOUN
cblr-9111	329	26	of	of	ADP
cblr-9111	329	27	march	march	PROPN
cblr-9111	329	28	2020.126	2020.126	PROPN
cblr-9111	329	29	central	central	ADJ
cblr-9111	329	30	clearing	clearing	NOUN
cblr-9111	329	31	is	be	AUX
cblr-9111	329	32	critical	critical	ADJ
cblr-9111	329	33	to	to	ADP
cblr-9111	329	34	reducing	reduce	VERB
cblr-9111	329	35	systemic	systemic	ADJ
cblr-9111	329	36	risk	risk	NOUN
cblr-9111	329	37	—	—	PUNCT
cblr-9111	329	38	and	and	CCONJ
cblr-9111	329	39	is	be	AUX
cblr-9111	329	40	arguably	arguably	ADV
cblr-9111	329	41	the	the	DET
cblr-9111	329	42	most	most	ADV
cblr-9111	329	43	significant	significant	ADJ
cblr-9111	329	44	reform	reform	NOUN
cblr-9111	329	45	proposed	propose	VERB
cblr-9111	329	46	in	in	ADP
cblr-9111	329	47	this	this	DET
cblr-9111	329	48	article.127	article.127	ADJ
cblr-9111	329	49	central	central	ADJ
cblr-9111	329	50	clearing	clearing	NOUN
cblr-9111	329	51	occurs	occur	VERB
cblr-9111	329	52	when	when	SCONJ
cblr-9111	329	53	a	a	DET
cblr-9111	329	54	clearinghouse	clearinghouse	NOUN
cblr-9111	329	55	stands	stand	VERB
cblr-9111	329	56	between	between	ADP
cblr-9111	329	57	trading	trading	NOUN
cblr-9111	329	58	parties	party	NOUN
cblr-9111	329	59	and	and	CCONJ
cblr-9111	329	60	“	"	PUNCT
cblr-9111	329	61	acts	act	NOUN
cblr-9111	329	62	as	as	ADP
cblr-9111	329	63	the	the	DET
cblr-9111	329	64	buyer	buyer	NOUN
cblr-9111	329	65	for	for	ADP
cblr-9111	329	66	every	every	DET
cblr-9111	329	67	seller	seller	NOUN
cblr-9111	329	68	and	and	CCONJ
cblr-9111	329	69	the	the	DET
cblr-9111	329	70	seller	seller	NOUN
cblr-9111	329	71	for	for	ADP
cblr-9111	329	72	every	every	DET
cblr-9111	329	73	buyer	buyer	NOUN
cblr-9111	329	74	.	.	PUNCT
cblr-9111	329	75	”128	”128	PUNCT
cblr-9111	330	1	placing	place	VERB
cblr-9111	330	2	a	a	DET
cblr-9111	330	3	clearinghouse	clearinghouse	NOUN
cblr-9111	330	4	between	between	ADP
cblr-9111	330	5	trading	trading	NOUN
cblr-9111	330	6	parties	party	NOUN
cblr-9111	330	7	can	can	AUX
cblr-9111	330	8	prevent	prevent	VERB
cblr-9111	330	9	losses	loss	NOUN
cblr-9111	330	10	from	from	ADP
cblr-9111	330	11	“	"	PUNCT
cblr-9111	330	12	cascading	cascade	VERB
cblr-9111	330	13	through	through	ADP
cblr-9111	330	14	the	the	DET
cblr-9111	330	15	wider	wide	ADJ
cblr-9111	330	16	system	system	NOUN
cblr-9111	330	17	if	if	SCONJ
cblr-9111	330	18	one	one	NUM
cblr-9111	330	19	of	of	ADP
cblr-9111	330	20	the	the	DET
cblr-9111	330	21	counterparties	counterpartie	NOUN
cblr-9111	330	22	to	to	ADP
cblr-9111	330	23	a	a	DET
cblr-9111	330	24	transaction	transaction	NOUN
cblr-9111	330	25	defaults	default	NOUN
cblr-9111	330	26	before	before	SCONJ
cblr-9111	330	27	the	the	DET
cblr-9111	330	28	trade	trade	NOUN
cblr-9111	330	29	is	be	AUX
cblr-9111	330	30	completed	complete	VERB
cblr-9111	330	31	.	.	PUNCT
cblr-9111	331	1	”129	”129	NUM
cblr-9111	332	1	in	in	ADP
cblr-9111	332	2	many	many	ADJ
cblr-9111	332	3	other	other	ADJ
cblr-9111	332	4	advanced	advanced	ADJ
cblr-9111	332	5	financial	financial	ADJ
cblr-9111	332	6	markets	market	NOUN
cblr-9111	332	7	,	,	PUNCT
cblr-9111	332	8	central	central	ADJ
cblr-9111	332	9	clearing	clearing	NOUN
cblr-9111	332	10	of	of	ADP
cblr-9111	332	11	financial	financial	ADJ
cblr-9111	332	12	transactions	transaction	NOUN
cblr-9111	332	13	has	have	AUX
cblr-9111	332	14	long	long	ADV
cblr-9111	332	15	been	be	AUX
cblr-9111	332	16	instrumental	instrumental	ADJ
cblr-9111	332	17	in	in	ADP
cblr-9111	332	18	reducing	reduce	VERB
cblr-9111	332	19	counterparty	counterparty	NOUN
cblr-9111	332	20	credit	credit	NOUN
cblr-9111	332	21	risk.130	risk.130	NOUN
cblr-9111	332	22	this	this	DET
cblr-9111	332	23	core	core	NOUN
cblr-9111	332	24	benefit	benefit	NOUN
cblr-9111	332	25	was	be	AUX
cblr-9111	332	26	on	on	ADP
cblr-9111	332	27	full	full	ADJ
cblr-9111	332	28	display	display	NOUN
cblr-9111	332	29	in	in	ADP
cblr-9111	332	30	the	the	DET
cblr-9111	332	31	derivatives	derivative	NOUN
cblr-9111	332	32	markets	market	NOUN
cblr-9111	332	33	in	in	ADP
cblr-9111	332	34	march	march	PROPN
cblr-9111	332	35	2020	2020	NUM
cblr-9111	332	36	,	,	PUNCT
cblr-9111	332	37	when	when	SCONJ
cblr-9111	332	38	central	central	ADJ
cblr-9111	332	39	clearing	clearing	NOUN
cblr-9111	332	40	shored	shore	VERB
cblr-9111	332	41	up	up	ADP
cblr-9111	332	42	faith	faith	NOUN
cblr-9111	332	43	in	in	ADP
cblr-9111	332	44	the	the	DET
cblr-9111	332	45	markets	market	NOUN
cblr-9111	332	46	and	and	CCONJ
cblr-9111	332	47	126	126	NUM
cblr-9111	332	48	see	see	VERB
cblr-9111	332	49	duffie	duffie	NOUN
cblr-9111	332	50	,	,	PUNCT
cblr-9111	332	51	supra	supra	PROPN
cblr-9111	332	52	note	note	NOUN
cblr-9111	332	53	66	66	NUM
cblr-9111	332	54	,	,	PUNCT
cblr-9111	332	55	at	at	ADP
cblr-9111	332	56	15	15	NUM
cblr-9111	332	57	;	;	PUNCT
cblr-9111	332	58	see	see	VERB
cblr-9111	332	59	also	also	ADV
cblr-9111	332	60	supra	supra	ADJ
cblr-9111	332	61	,	,	PUNCT
cblr-9111	332	62	part	part	NOUN
cblr-9111	332	63	iii	iii	NOUN
cblr-9111	332	64	.	.	PROPN
cblr-9111	332	65	127	127	NUM
cblr-9111	332	66	see	see	VERB
cblr-9111	332	67	program	program	NOUN
cblr-9111	332	68	on	on	ADP
cblr-9111	332	69	int’l	int’l	NUM
cblr-9111	332	70	fin	fin	NOUN
cblr-9111	332	71	.	.	PUNCT
cblr-9111	333	1	sys	sys	PROPN
cblr-9111	333	2	.	.	PROPN
cblr-9111	333	3	,	,	PUNCT
cblr-9111	333	4	supra	supra	PROPN
cblr-9111	333	5	note	note	PROPN
cblr-9111	333	6	70	70	NUM
cblr-9111	333	7	,	,	PUNCT
cblr-9111	333	8	at	at	ADP
cblr-9111	333	9	28	28	NUM
cblr-9111	333	10	(	(	PUNCT
cblr-9111	333	11	stating	state	VERB
cblr-9111	333	12	that	that	SCONJ
cblr-9111	333	13	policymakers	policymaker	NOUN
cblr-9111	333	14	should	should	AUX
cblr-9111	333	15	focus	focus	VERB
cblr-9111	333	16	on	on	ADP
cblr-9111	333	17	establishing	establish	VERB
cblr-9111	333	18	mandatory	mandatory	ADJ
cblr-9111	333	19	central	central	ADJ
cblr-9111	333	20	clearing	clearing	NOUN
cblr-9111	333	21	for	for	ADP
cblr-9111	333	22	the	the	DET
cblr-9111	333	23	treasury	treasury	NOUN
cblr-9111	333	24	market	market	NOUN
cblr-9111	333	25	to	to	ADP
cblr-9111	333	26	“	"	PUNCT
cblr-9111	333	27	mitigate[e	mitigate[e	PROPN
cblr-9111	333	28	]	]	X
cblr-9111	333	29	the	the	DET
cblr-9111	333	30	risk	risk	NOUN
cblr-9111	333	31	of	of	ADP
cblr-9111	333	32	.	.	PUNCT
cblr-9111	333	33	.	.	PUNCT
cblr-9111	334	1	.	.	PUNCT
cblr-9111	335	1	cascading	cascade	VERB
cblr-9111	335	2	failures	failure	NOUN
cblr-9111	335	3	”	"	PUNCT
cblr-9111	335	4	given	give	VERB
cblr-9111	335	5	“	"	PUNCT
cblr-9111	335	6	the	the	DET
cblr-9111	335	7	systemic	systemic	ADJ
cblr-9111	335	8	importance	importance	NOUN
cblr-9111	335	9	of	of	ADP
cblr-9111	335	10	treasury	treasury	NOUN
cblr-9111	335	11	markets	market	NOUN
cblr-9111	335	12	.	.	PUNCT
cblr-9111	335	13	”	"	PUNCT
cblr-9111	335	14	)	)	PUNCT
cblr-9111	335	15	.	.	PUNCT
cblr-9111	336	1	128	128	NUM
cblr-9111	336	2	what	what	PRON
cblr-9111	336	3	is	be	AUX
cblr-9111	336	4	clearing	clear	VERB
cblr-9111	336	5	?	?	PUNCT
cblr-9111	336	6	,	,	PUNCT
cblr-9111	336	7	cme	cme	PROPN
cblr-9111	336	8	grp	grp	PROPN
cblr-9111	336	9	.	.	PROPN
cblr-9111	336	10	,	,	PUNCT
cblr-9111	336	11	https://www.cmegroup.com/education/courses/clearing/what-isclearing.html	https://www.cmegroup.com/education/courses/clearing/what-isclearing.html	PROPN
cblr-9111	336	12	.	.	PUNCT
cblr-9111	337	1	(	(	PUNCT
cblr-9111	337	2	on	on	ADP
cblr-9111	337	3	file	file	NOUN
cblr-9111	337	4	with	with	ADP
cblr-9111	337	5	columbia	columbia	PROPN
cblr-9111	337	6	business	business	PROPN
cblr-9111	337	7	law	law	PROPN
cblr-9111	337	8	review	review	PROPN
cblr-9111	337	9	)	)	PUNCT
cblr-9111	337	10	(	(	PUNCT
cblr-9111	337	11	last	last	ADV
cblr-9111	337	12	visited	visit	VERB
cblr-9111	337	13	dec	dec	PROPN
cblr-9111	337	14	.	.	PROPN
cblr-9111	337	15	2	2	NUM
cblr-9111	337	16	,	,	PUNCT
cblr-9111	337	17	2021	2021	NUM
cblr-9111	337	18	)	)	PUNCT
cblr-9111	337	19	.	.	PUNCT
cblr-9111	338	1	clearing	clearing	NOUN
cblr-9111	338	2	reduces	reduce	VERB
cblr-9111	338	3	counterparty	counterparty	NOUN
cblr-9111	338	4	credit	credit	NOUN
cblr-9111	338	5	risk	risk	NOUN
cblr-9111	338	6	because	because	SCONJ
cblr-9111	338	7	the	the	DET
cblr-9111	338	8	clearinghouse	clearinghouse	NOUN
cblr-9111	338	9	will	will	AUX
cblr-9111	338	10	step	step	VERB
cblr-9111	338	11	in	in	ADV
cblr-9111	338	12	to	to	PART
cblr-9111	338	13	ensure	ensure	VERB
cblr-9111	338	14	trades	trade	NOUN
cblr-9111	338	15	are	be	AUX
cblr-9111	338	16	competed	compete	VERB
cblr-9111	338	17	in	in	ADP
cblr-9111	338	18	the	the	DET
cblr-9111	338	19	event	event	NOUN
cblr-9111	338	20	of	of	ADP
cblr-9111	338	21	a	a	DET
cblr-9111	338	22	counterparty	counterparty	NOUN
cblr-9111	338	23	default	default	NOUN
cblr-9111	338	24	.	.	PUNCT
cblr-9111	339	1	see	see	VERB
cblr-9111	339	2	i	i	PRON
cblr-9111	339	3	d.	d.	PROPN
cblr-9111	339	4	129	129	NUM
cblr-9111	339	5	wittall	wittall	PROPN
cblr-9111	339	6	,	,	PUNCT
cblr-9111	339	7	supra	supra	PROPN
cblr-9111	339	8	note	note	NOUN
cblr-9111	339	9	48	48	NUM
cblr-9111	339	10	.	.	PUNCT
cblr-9111	340	1	130	130	NUM
cblr-9111	340	2	see	see	VERB
cblr-9111	340	3	u.s	u.s	PROPN
cblr-9111	340	4	.	.	PROPN
cblr-9111	340	5	dep’t	dep’t	NOUN
cblr-9111	340	6	of	of	ADP
cblr-9111	340	7	the	the	DET
cblr-9111	340	8	treasury	treasury	PROPN
cblr-9111	340	9	et	et	PROPN
cblr-9111	340	10	al	al	PROPN
cblr-9111	340	11	.	.	PROPN
cblr-9111	340	12	,	,	PUNCT
cblr-9111	340	13	supra	supra	PROPN
cblr-9111	340	14	note	note	NOUN
cblr-9111	340	15	2	2	NUM
cblr-9111	340	16	,	,	PUNCT
cblr-9111	340	17	at	at	ADP
cblr-9111	340	18	29	29	NUM
cblr-9111	340	19	(	(	PUNCT
cblr-9111	340	20	“	"	PUNCT
cblr-9111	340	21	central	central	ADJ
cblr-9111	340	22	clearing	clearing	NOUN
cblr-9111	340	23	is	be	AUX
cblr-9111	340	24	widely	widely	ADV
cblr-9111	340	25	used	use	VERB
cblr-9111	340	26	in	in	ADP
cblr-9111	340	27	financial	financial	ADJ
cblr-9111	340	28	markets	market	NOUN
cblr-9111	340	29	to	to	PART
cblr-9111	340	30	reduce	reduce	VERB
cblr-9111	340	31	risk	risk	NOUN
cblr-9111	340	32	and	and	CCONJ
cblr-9111	340	33	improve	improve	VERB
cblr-9111	340	34	efficiency	efficiency	NOUN
cblr-9111	340	35	,	,	PUNCT
cblr-9111	340	36	”	"	PUNCT
cblr-9111	340	37	including	include	VERB
cblr-9111	340	38	in	in	ADP
cblr-9111	340	39	u.s	u.s	PROPN
cblr-9111	340	40	.	.	PROPN
cblr-9111	340	41	markets	market	NOUN
cblr-9111	340	42	for	for	ADP
cblr-9111	340	43	“	"	PUNCT
cblr-9111	340	44	equities	equity	NOUN
cblr-9111	340	45	,	,	PUNCT
cblr-9111	340	46	exchange	exchange	NOUN
cblr-9111	340	47	-	-	PUNCT
cblr-9111	340	48	traded	trade	VERB
cblr-9111	340	49	derivatives	derivative	NOUN
cblr-9111	340	50	,	,	PUNCT
cblr-9111	340	51	and	and	CCONJ
cblr-9111	340	52	certain	certain	ADJ
cblr-9111	340	53	standardized	standardized	ADJ
cblr-9111	340	54	swaps	swap	NOUN
cblr-9111	340	55	.	.	PUNCT
cblr-9111	340	56	”	"	PUNCT
cblr-9111	340	57	)	)	PUNCT
cblr-9111	340	58	;	;	PUNCT
cblr-9111	340	59	see	see	VERB
cblr-9111	340	60	also	also	ADV
cblr-9111	340	61	financial	financial	ADJ
cblr-9111	340	62	clearing	clearing	NOUN
cblr-9111	340	63	houses	house	NOUN
cblr-9111	340	64	,	,	PUNCT
cblr-9111	340	65	cfa	cfa	PROPN
cblr-9111	340	66	inst	inst	PROPN
cblr-9111	340	67	.	.	PROPN
cblr-9111	340	68	,	,	PUNCT
cblr-9111	340	69	https://www.cfainstitute.org/en/advocacy/issues/centralclearing-houses	https://www.cfainstitute.org/en/advocacy/issues/centralclearing-house	VERB
cblr-9111	341	1	[	[	X
cblr-9111	341	2	https://perma.cc/s8ww-nsde	https://perma.cc/s8ww-nsde	X
cblr-9111	341	3	]	]	X
cblr-9111	341	4	(	(	PUNCT
cblr-9111	341	5	last	last	ADV
cblr-9111	341	6	visited	visit	VERB
cblr-9111	341	7	dec	dec	PROPN
cblr-9111	341	8	.	.	PROPN
cblr-9111	341	9	2	2	NUM
cblr-9111	341	10	,	,	PUNCT
cblr-9111	341	11	2021	2021	NUM
cblr-9111	341	12	)	)	PUNCT
cblr-9111	341	13	(	(	PUNCT
cblr-9111	341	14	describing	describe	VERB
cblr-9111	341	15	central	central	ADJ
cblr-9111	341	16	clearing	clearing	NOUN
cblr-9111	341	17	in	in	ADP
cblr-9111	341	18	stock	stock	NOUN
cblr-9111	341	19	,	,	PUNCT
cblr-9111	341	20	mutual	mutual	ADJ
cblr-9111	341	21	fund	fund	NOUN
cblr-9111	341	22	,	,	PUNCT
cblr-9111	341	23	etf	etf	NOUN
cblr-9111	341	24	,	,	PUNCT
cblr-9111	341	25	bond	bond	NOUN
cblr-9111	341	26	,	,	PUNCT
cblr-9111	341	27	option	option	NOUN
cblr-9111	341	28	,	,	PUNCT
cblr-9111	341	29	and	and	CCONJ
cblr-9111	341	30	futures	future	NOUN
cblr-9111	341	31	transactions	transaction	NOUN
cblr-9111	341	32	)	)	PUNCT
cblr-9111	341	33	.	.	PUNCT
cblr-9111	342	1	no	no	INTJ
cblr-9111	342	2	.	.	PUNCT
cblr-9111	343	1	3:1368	3:1368	NUM
cblr-9111	343	2	]	]	X
cblr-9111	343	3	strenghtening	strenghtene	VERB
cblr-9111	343	4	the	the	DET
cblr-9111	343	5	treasury	treasury	PROPN
cblr-9111	343	6	market	market	NOUN
cblr-9111	343	7	1391	1391	NUM
cblr-9111	343	8	helped	help	VERB
cblr-9111	343	9	cushion	cushion	VERB
cblr-9111	343	10	the	the	DET
cblr-9111	343	11	impact	impact	NOUN
cblr-9111	343	12	of	of	ADP
cblr-9111	343	13	historic	historic	ADJ
cblr-9111	343	14	volatility	volatility	NOUN
cblr-9111	343	15	sparked	spark	VERB
cblr-9111	343	16	by	by	ADP
cblr-9111	343	17	the	the	DET
cblr-9111	343	18	covid-19	covid-19	PROPN
cblr-9111	343	19	pandemic.131	pandemic.131	PROPN
cblr-9111	343	20	indeed	indeed	ADV
cblr-9111	343	21	,	,	PUNCT
cblr-9111	343	22	there	there	PRON
cblr-9111	343	23	is	be	VERB
cblr-9111	343	24	little	little	ADJ
cblr-9111	343	25	or	or	CCONJ
cblr-9111	343	26	no	no	PRON
cblr-9111	343	27	record	record	NOUN
cblr-9111	343	28	of	of	ADP
cblr-9111	343	29	any	any	DET
cblr-9111	343	30	major	major	ADJ
cblr-9111	343	31	clearing	clearing	NOUN
cblr-9111	343	32	member	member	NOUN
cblr-9111	343	33	defaults	default	NOUN
cblr-9111	343	34	during	during	ADP
cblr-9111	343	35	that	that	PRON
cblr-9111	343	36	period.132	period.132	VERB
cblr-9111	343	37	the	the	DET
cblr-9111	343	38	effectiveness	effectiveness	NOUN
cblr-9111	343	39	of	of	ADP
cblr-9111	343	40	clearinghouses	clearinghouse	NOUN
cblr-9111	343	41	in	in	ADP
cblr-9111	343	42	reducing	reduce	VERB
cblr-9111	343	43	systemic	systemic	ADJ
cblr-9111	343	44	risk	risk	NOUN
cblr-9111	343	45	in	in	ADP
cblr-9111	343	46	the	the	DET
cblr-9111	343	47	derivatives	derivative	NOUN
cblr-9111	343	48	market	market	NOUN
cblr-9111	343	49	during	during	ADP
cblr-9111	343	50	the	the	DET
cblr-9111	343	51	2020	2020	NUM
cblr-9111	343	52	pandemic	pandemic	ADJ
cblr-9111	343	53	-	-	PUNCT
cblr-9111	343	54	induced	induce	VERB
cblr-9111	343	55	crisis	crisis	NOUN
cblr-9111	343	56	stands	stand	VERB
cblr-9111	343	57	in	in	ADP
cblr-9111	343	58	contrast	contrast	NOUN
cblr-9111	343	59	with	with	ADP
cblr-9111	343	60	the	the	DET
cblr-9111	343	61	2008	2008	NUM
cblr-9111	343	62	financial	financial	ADJ
cblr-9111	343	63	crisis	crisis	NOUN
cblr-9111	343	64	,	,	PUNCT
cblr-9111	343	65	in	in	ADP
cblr-9111	343	66	which	which	PRON
cblr-9111	343	67	uncleared	uncleared	ADJ
cblr-9111	343	68	derivatives	derivative	NOUN
cblr-9111	343	69	amplified	amplify	VERB
cblr-9111	343	70	risk	risk	NOUN
cblr-9111	343	71	by	by	ADP
cblr-9111	343	72	,	,	PUNCT
cblr-9111	343	73	among	among	ADP
cblr-9111	343	74	other	other	ADJ
cblr-9111	343	75	things	thing	NOUN
cblr-9111	343	76	,	,	PUNCT
cblr-9111	343	77	making	make	VERB
cblr-9111	343	78	it	it	PRON
cblr-9111	343	79	difficult	difficult	ADJ
cblr-9111	343	80	to	to	PART
cblr-9111	343	81	assess	assess	VERB
cblr-9111	343	82	counterparty	counterparty	NOUN
cblr-9111	343	83	credit	credit	NOUN
cblr-9111	343	84	risk.133	risk.133	NOUN
cblr-9111	343	85	clearing	clearing	NOUN
cblr-9111	343	86	,	,	PUNCT
cblr-9111	343	87	by	by	ADP
cblr-9111	343	88	contrast	contrast	NOUN
cblr-9111	343	89	,	,	PUNCT
cblr-9111	343	90	supports	support	VERB
cblr-9111	343	91	“	"	PUNCT
cblr-9111	343	92	transparent	transparent	ADJ
cblr-9111	343	93	risk	risk	NOUN
cblr-9111	343	94	management	management	NOUN
cblr-9111	343	95	processes	process	NOUN
cblr-9111	343	96	”	"	PUNCT
cblr-9111	343	97	that	that	PRON
cblr-9111	343	98	reduce	reduce	VERB
cblr-9111	343	99	this	this	DET
cblr-9111	343	100	risk.134	risk.134	NOUN
cblr-9111	343	101	the	the	DET
cblr-9111	343	102	u.s	u.s	PROPN
cblr-9111	343	103	.	.	PROPN
cblr-9111	343	104	treasury	treasury	PROPN
cblr-9111	343	105	securities	security	NOUN
cblr-9111	343	106	market	market	NOUN
cblr-9111	343	107	lags	lag	VERB
cblr-9111	343	108	behind	behind	ADP
cblr-9111	343	109	its	its	PRON
cblr-9111	343	110	peers	peer	NOUN
cblr-9111	343	111	in	in	ADP
cblr-9111	343	112	this	this	DET
cblr-9111	343	113	regard	regard	NOUN
cblr-9111	343	114	.	.	PUNCT
cblr-9111	344	1	unlike	unlike	ADP
cblr-9111	344	2	many	many	ADJ
cblr-9111	344	3	equities	equity	NOUN
cblr-9111	344	4	,	,	PUNCT
cblr-9111	344	5	options	option	NOUN
cblr-9111	344	6	,	,	PUNCT
cblr-9111	344	7	futures	future	NOUN
cblr-9111	344	8	,	,	PUNCT
cblr-9111	344	9	and	and	CCONJ
cblr-9111	344	10	swaps	swap	VERB
cblr-9111	344	11	markets,135	markets,135	NOUN
cblr-9111	344	12	it	it	PRON
cblr-9111	344	13	does	do	AUX
cblr-9111	344	14	not	not	PART
cblr-9111	344	15	impose	impose	VERB
cblr-9111	344	16	any	any	DET
cblr-9111	344	17	broad	broad	ADV
cblr-9111	344	18	-	-	PUNCT
cblr-9111	344	19	based	base	VERB
cblr-9111	344	20	clearing	clearing	NOUN
cblr-9111	344	21	requirements.136	requirements.136	NOUN
cblr-9111	344	22	although	although	SCONJ
cblr-9111	344	23	dealer	dealer	NOUN
cblr-9111	344	24	-	-	PUNCT
cblr-9111	344	25	to	to	ADP
cblr-9111	344	26	-	-	PUNCT
cblr-9111	344	27	dealer	dealer	NOUN
cblr-9111	344	28	trades	trade	NOUN
cblr-9111	344	29	are	be	AUX
cblr-9111	344	30	subject	subject	ADJ
cblr-9111	344	31	to	to	ADP
cblr-9111	344	32	clearing	clear	VERB
cblr-9111	344	33	in	in	ADP
cblr-9111	344	34	some	some	DET
cblr-9111	344	35	circumstances	circumstance	NOUN
cblr-9111	344	36	(	(	PUNCT
cblr-9111	344	37	notably	notably	ADV
cblr-9111	344	38	through	through	ADP
cblr-9111	344	39	ficc	ficc	NOUN
cblr-9111	344	40	)	)	PUNCT
cblr-9111	344	41	,	,	PUNCT
cblr-9111	344	42	131	131	NUM
cblr-9111	344	43	heath	heath	NOUN
cblr-9111	344	44	p	p	PROPN
cblr-9111	344	45	tarbert	tarbert	NOUN
cblr-9111	344	46	,	,	PUNCT
cblr-9111	344	47	the	the	DET
cblr-9111	344	48	enduring	endure	VERB
cblr-9111	344	49	legacy	legacy	NOUN
cblr-9111	344	50	of	of	ADP
cblr-9111	344	51	the	the	DET
cblr-9111	344	52	dodd	dodd	PROPN
cblr-9111	344	53	-	-	PUNCT
cblr-9111	344	54	frank	frank	PROPN
cblr-9111	344	55	act	act	PROPN
cblr-9111	344	56	’s	’s	PART
cblr-9111	344	57	derivatives	derivative	NOUN
cblr-9111	344	58	reform	reform	NOUN
cblr-9111	344	59	,	,	PUNCT
cblr-9111	344	60	6	6	NUM
cblr-9111	344	61	j.	j.	PROPN
cblr-9111	344	62	fin	fin	PROPN
cblr-9111	344	63	.	.	PUNCT
cblr-9111	345	1	reg	reg	PROPN
cblr-9111	345	2	.	.	PROPN
cblr-9111	346	1	159	159	NUM
cblr-9111	346	2	,	,	PUNCT
cblr-9111	346	3	166	166	NUM
cblr-9111	346	4	&	&	CCONJ
cblr-9111	346	5	n.34	n.34	PROPN
cblr-9111	346	6	,	,	PUNCT
cblr-9111	346	7	168	168	NUM
cblr-9111	346	8	(	(	PUNCT
cblr-9111	346	9	2020	2020	NUM
cblr-9111	346	10	)	)	PUNCT
cblr-9111	346	11	.	.	PUNCT
cblr-9111	347	1	132	132	NUM
cblr-9111	347	2	see	see	VERB
cblr-9111	347	3	int’l	int’l	NUM
cblr-9111	347	4	swaps	swap	NOUN
cblr-9111	347	5	and	and	CCONJ
cblr-9111	347	6	derivatives	derivative	NOUN
cblr-9111	347	7	assoc	assoc	NOUN
cblr-9111	347	8	.	.	PUNCT
cblr-9111	347	9	,	,	PUNCT
cblr-9111	347	10	covid-19	covid-19	PROPN
cblr-9111	347	11	and	and	CCONJ
cblr-9111	347	12	ccp	ccp	PROPN
cblr-9111	347	13	risk	risk	NOUN
cblr-9111	347	14	management	management	NOUN
cblr-9111	347	15	frameworks	framework	VERB
cblr-9111	347	16	2–3	2–3	NUM
cblr-9111	347	17	(	(	PUNCT
cblr-9111	347	18	2021	2021	NUM
cblr-9111	347	19	)	)	PUNCT
cblr-9111	347	20	,	,	PUNCT
cblr-9111	347	21	https://www.isda.org/a/3jjte/covid-19-and-ccp-risk-managamentframeworks-january-2021.pdf	https://www.isda.org/a/3jjte/covid-19-and-ccp-risk-managamentframeworks-january-2021.pdf	X
cblr-9111	348	1	[	[	X
cblr-9111	348	2	https://perma.cc/73u3-jd4r	https://perma.cc/73u3-jd4r	X
cblr-9111	348	3	]	]	X
cblr-9111	348	4	(	(	PUNCT
cblr-9111	348	5	identifying	identify	VERB
cblr-9111	348	6	“	"	PUNCT
cblr-9111	348	7	three	three	NUM
cblr-9111	348	8	small	small	ADJ
cblr-9111	348	9	member	member	NOUN
cblr-9111	348	10	”	"	PUNCT
cblr-9111	348	11	defaults	default	NOUN
cblr-9111	348	12	or	or	CCONJ
cblr-9111	348	13	close	close	NOUN
cblr-9111	348	14	-	-	PUNCT
cblr-9111	348	15	outs	out	NOUN
cblr-9111	348	16	but	but	CCONJ
cblr-9111	348	17	explaining	explain	VERB
cblr-9111	348	18	that	that	SCONJ
cblr-9111	348	19	“	"	PUNCT
cblr-9111	348	20	none	none	NOUN
cblr-9111	348	21	affected	affected	ADJ
cblr-9111	348	22	market	market	NOUN
cblr-9111	348	23	stability	stability	NOUN
cblr-9111	348	24	”	"	PUNCT
cblr-9111	348	25	and	and	CCONJ
cblr-9111	348	26	that	that	SCONJ
cblr-9111	348	27	clearinghouses	clearinghouse	NOUN
cblr-9111	348	28	“	"	PUNCT
cblr-9111	348	29	were	be	AUX
cblr-9111	348	30	able	able	ADJ
cblr-9111	348	31	to	to	PART
cblr-9111	348	32	withstand	withstand	VERB
cblr-9111	348	33	the	the	DET
cblr-9111	348	34	most	most	ADV
cblr-9111	348	35	volatile	volatile	ADJ
cblr-9111	348	36	market	market	NOUN
cblr-9111	348	37	period	period	NOUN
cblr-9111	348	38	since	since	SCONJ
cblr-9111	348	39	2008	2008	NUM
cblr-9111	348	40	”	"	PUNCT
cblr-9111	348	41	)	)	PUNCT
cblr-9111	348	42	.	.	PUNCT
cblr-9111	349	1	133	133	NUM
cblr-9111	349	2	see	see	VERB
cblr-9111	349	3	heath	heath	PROPN
cblr-9111	349	4	tarbert	tarbert	PROPN
cblr-9111	349	5	,	,	PUNCT
cblr-9111	349	6	opinion	opinion	NOUN
cblr-9111	349	7	,	,	PUNCT
cblr-9111	349	8	volatility	volatility	NOUN
cblr-9111	349	9	ai	ai	VERB
cblr-9111	349	10	n’t	not	PART
cblr-9111	349	11	what	what	PRON
cblr-9111	349	12	it	it	PRON
cblr-9111	349	13	used	use	VERB
cblr-9111	349	14	to	to	PART
cblr-9111	349	15	be	be	AUX
cblr-9111	349	16	,	,	PUNCT
cblr-9111	349	17	wall	wall	PROPN
cblr-9111	349	18	st	st	PROPN
cblr-9111	349	19	.	.	PROPN
cblr-9111	349	20	j.	j.	PROPN
cblr-9111	349	21	(	(	PUNCT
cblr-9111	349	22	mar	mar	PROPN
cblr-9111	349	23	.	.	PROPN
cblr-9111	349	24	23	23	NUM
cblr-9111	349	25	,	,	PUNCT
cblr-9111	349	26	2020	2020	NUM
cblr-9111	349	27	,	,	PUNCT
cblr-9111	349	28	7:08	7:08	NUM
cblr-9111	349	29	pm	pm	NOUN
cblr-9111	349	30	)	)	PUNCT
cblr-9111	349	31	(	(	PUNCT
cblr-9111	349	32	on	on	ADP
cblr-9111	349	33	file	file	NOUN
cblr-9111	349	34	with	with	ADP
cblr-9111	349	35	the	the	DET
cblr-9111	349	36	columbia	columbia	PROPN
cblr-9111	349	37	business	business	PROPN
cblr-9111	349	38	law	law	PROPN
cblr-9111	349	39	review	review	PROPN
cblr-9111	349	40	)	)	PUNCT
cblr-9111	349	41	.	.	PUNCT
cblr-9111	350	1	134	134	NUM
cblr-9111	350	2	program	program	NOUN
cblr-9111	350	3	on	on	ADP
cblr-9111	350	4	int’l	int’l	NUM
cblr-9111	350	5	fin	fin	NOUN
cblr-9111	350	6	.	.	PUNCT
cblr-9111	351	1	sys	sys	PROPN
cblr-9111	351	2	,	,	PUNCT
cblr-9111	351	3	supra	supra	PROPN
cblr-9111	351	4	note	note	PROPN
cblr-9111	351	5	70	70	NUM
cblr-9111	351	6	,	,	PUNCT
cblr-9111	351	7	at	at	ADP
cblr-9111	351	8	31	31	NUM
cblr-9111	351	9	.	.	PUNCT
cblr-9111	351	10	135	135	NUM
cblr-9111	351	11	see	see	VERB
cblr-9111	351	12	,	,	PUNCT
cblr-9111	351	13	e.g.	e.g.	ADV
cblr-9111	351	14	,	,	PUNCT
cblr-9111	351	15	equities	equity	NOUN
cblr-9111	351	16	clearing	clearing	NOUN
cblr-9111	351	17	services	service	NOUN
cblr-9111	351	18	,	,	PUNCT
cblr-9111	351	19	dtcc	dtcc	PROPN
cblr-9111	351	20	,	,	PUNCT
cblr-9111	351	21	https://www.dtcc.com/clearing-services/equities-clearing-services	https://www.dtcc.com/clearing-services/equities-clearing-service	VERB
cblr-9111	351	22	[	[	X
cblr-9111	351	23	https://perma.cc/4nvv-tb37	https://perma.cc/4nvv-tb37	X
cblr-9111	351	24	]	]	X
cblr-9111	351	25	(	(	PUNCT
cblr-9111	351	26	last	last	ADV
cblr-9111	351	27	visited	visit	VERB
cblr-9111	351	28	dec	dec	PROPN
cblr-9111	351	29	.	.	PROPN
cblr-9111	351	30	2	2	NUM
cblr-9111	351	31	,	,	PUNCT
cblr-9111	351	32	2021	2021	NUM
cblr-9111	351	33	)	)	PUNCT
cblr-9111	351	34	(	(	PUNCT
cblr-9111	351	35	“	"	PUNCT
cblr-9111	351	36	dtcc	dtcc	PROPN
cblr-9111	351	37	’s	’s	PART
cblr-9111	351	38	national	national	PROPN
cblr-9111	351	39	securities	securities	PROPN
cblr-9111	351	40	clearing	clearing	NOUN
cblr-9111	351	41	corporation	corporation	NOUN
cblr-9111	351	42	.	.	PUNCT
cblr-9111	351	43	.	.	PUNCT
cblr-9111	352	1	.	.	PUNCT
cblr-9111	353	1	clears	clear	VERB
cblr-9111	353	2	and	and	CCONJ
cblr-9111	353	3	settles	settle	VERB
cblr-9111	353	4	virtually	virtually	ADV
cblr-9111	353	5	all	all	DET
cblr-9111	353	6	brokerto	brokerto	ADJ
cblr-9111	353	7	-	-	PUNCT
cblr-9111	353	8	broker	broker	NOUN
cblr-9111	353	9	equity	equity	NOUN
cblr-9111	353	10	,	,	PUNCT
cblr-9111	353	11	corporate	corporate	ADJ
cblr-9111	353	12	and	and	CCONJ
cblr-9111	353	13	municipal	municipal	ADJ
cblr-9111	353	14	bond	bond	NOUN
cblr-9111	353	15	and	and	CCONJ
cblr-9111	353	16	unit	unit	NOUN
cblr-9111	353	17	investment	investment	NOUN
cblr-9111	353	18	trust	trust	NOUN
cblr-9111	353	19	.	.	PUNCT
cblr-9111	353	20	.	.	PUNCT
cblr-9111	353	21	.	.	PUNCT
cblr-9111	354	1	transactions	transaction	NOUN
cblr-9111	354	2	in	in	ADP
cblr-9111	354	3	the	the	DET
cblr-9111	354	4	u.s	u.s	PROPN
cblr-9111	354	5	.	.	PROPN
cblr-9111	354	6	markets	market	NOUN
cblr-9111	354	7	[	[	X
cblr-9111	354	8	.	.	X
cblr-9111	354	9	]	]	X
cblr-9111	354	10	”	"	PUNCT
cblr-9111	354	11	)	)	PUNCT
cblr-9111	354	12	;	;	PUNCT
cblr-9111	354	13	what	what	PRON
cblr-9111	354	14	is	be	AUX
cblr-9111	354	15	occ	occ	VERB
cblr-9111	354	16	?	?	PROPN
cblr-9111	354	17	,	,	PUNCT
cblr-9111	354	18	occ	occ	X
cblr-9111	354	19	https://www.theocc.com/company-information/what-is-occ	https://www.theocc.com/company-information/what-is-occ	X
cblr-9111	354	20	[	[	X
cblr-9111	354	21	https://perma.cc/9urh-zr5k	https://perma.cc/9urh-zr5k	X
cblr-9111	354	22	]	]	X
cblr-9111	354	23	(	(	PUNCT
cblr-9111	354	24	last	last	ADV
cblr-9111	354	25	visited	visit	VERB
cblr-9111	354	26	dec	dec	PROPN
cblr-9111	354	27	.	.	PROPN
cblr-9111	354	28	2	2	NUM
cblr-9111	354	29	,	,	PUNCT
cblr-9111	354	30	2021	2021	NUM
cblr-9111	354	31	)	)	PUNCT
cblr-9111	354	32	,	,	PUNCT
cblr-9111	354	33	(	(	PUNCT
cblr-9111	354	34	describing	describe	VERB
cblr-9111	354	35	occ	occ	PROPN
cblr-9111	354	36	as	as	ADP
cblr-9111	354	37	an	an	DET
cblr-9111	354	38	equities	equity	NOUN
cblr-9111	354	39	clearing	clearing	NOUN
cblr-9111	354	40	association	association	NOUN
cblr-9111	354	41	)	)	PUNCT
cblr-9111	354	42	;	;	PUNCT
cblr-9111	355	1	clearing	clearing	NOUN
cblr-9111	355	2	:	:	PUNCT
cblr-9111	355	3	products	product	NOUN
cblr-9111	355	4	and	and	CCONJ
cblr-9111	355	5	markets	market	NOUN
cblr-9111	355	6	,	,	PUNCT
cblr-9111	355	7	icc	icc	PROPN
cblr-9111	355	8	,	,	PUNCT
cblr-9111	355	9	https://www.theice.com/clearing/products-markets	https://www.theice.com/clearing/products-markets	PROPN
cblr-9111	355	10	[	[	X
cblr-9111	355	11	https://perma.cc/gbt9huj3	https://perma.cc/gbt9huj3	X
cblr-9111	355	12	]	]	X
cblr-9111	355	13	(	(	PUNCT
cblr-9111	355	14	last	last	ADV
cblr-9111	355	15	visited	visit	VERB
cblr-9111	355	16	dec	dec	PROPN
cblr-9111	355	17	.	.	PROPN
cblr-9111	355	18	2	2	NUM
cblr-9111	355	19	,	,	PUNCT
cblr-9111	355	20	2021	2021	NUM
cblr-9111	355	21	)	)	PUNCT
cblr-9111	355	22	(	(	PUNCT
cblr-9111	355	23	“	"	PUNCT
cblr-9111	355	24	we	we	PRON
cblr-9111	355	25	clear	clear	VERB
cblr-9111	355	26	multi	multi	ADJ
cblr-9111	355	27	-	-	ADJ
cblr-9111	355	28	asset	asset	ADJ
cblr-9111	355	29	futures	future	NOUN
cblr-9111	355	30	,	,	PUNCT
cblr-9111	355	31	options	option	NOUN
cblr-9111	355	32	and	and	CCONJ
cblr-9111	355	33	otc	otc	PROPN
cblr-9111	355	34	products	product	NOUN
cblr-9111	355	35	across	across	ADP
cblr-9111	355	36	a	a	DET
cblr-9111	355	37	variety	variety	NOUN
cblr-9111	355	38	of	of	ADP
cblr-9111	355	39	markets	market	NOUN
cblr-9111	355	40	[	[	X
cblr-9111	355	41	.	.	X
cblr-9111	355	42	]	]	X
cblr-9111	355	43	”	"	PUNCT
cblr-9111	355	44	)	)	PUNCT
cblr-9111	355	45	.	.	PUNCT
cblr-9111	356	1	136	136	NUM
cblr-9111	356	2	see	see	VERB
cblr-9111	356	3	group	group	NOUN
cblr-9111	356	4	of	of	ADP
cblr-9111	356	5	thirty	thirty	NUM
cblr-9111	356	6	working	work	VERB
cblr-9111	356	7	group	group	NOUN
cblr-9111	356	8	on	on	ADP
cblr-9111	356	9	treasury	treasury	PROPN
cblr-9111	356	10	market	market	NOUN
cblr-9111	356	11	liquidity	liquidity	NOUN
cblr-9111	356	12	,	,	PUNCT
cblr-9111	356	13	supra	supra	PROPN
cblr-9111	356	14	note	note	NOUN
cblr-9111	356	15	1	1	NUM
cblr-9111	356	16	,	,	PUNCT
cblr-9111	356	17	at	at	ADP
cblr-9111	356	18	1	1	NUM
cblr-9111	356	19	,	,	PUNCT
cblr-9111	356	20	10	10	NUM
cblr-9111	356	21	;	;	PUNCT
cblr-9111	356	22	yadav	yadav	PROPN
cblr-9111	356	23	,	,	PUNCT
cblr-9111	356	24	supra	supra	PROPN
cblr-9111	356	25	note	note	PROPN
cblr-9111	356	26	4	4	NUM
cblr-9111	356	27	,	,	PUNCT
cblr-9111	356	28	at	at	ADP
cblr-9111	356	29	1244–45	1244–45	NUM
cblr-9111	356	30	.	.	PUNCT
cblr-9111	357	1	1392	1392	NUM
cblr-9111	357	2	columbia	columbia	PROPN
cblr-9111	357	3	business	business	PROPN
cblr-9111	357	4	law	law	PROPN
cblr-9111	357	5	review	review	NOUN
cblr-9111	357	6	[	[	X
cblr-9111	357	7	vol	vol	NOUN
cblr-9111	357	8	.	.	PUNCT
cblr-9111	357	9	2021	2021	NUM
cblr-9111	358	1	“	"	PUNCT
cblr-9111	358	2	[	[	X
cblr-9111	358	3	t]here	t]here	PROPN
cblr-9111	358	4	is	be	AUX
cblr-9111	358	5	essentially	essentially	ADV
cblr-9111	358	6	no	no	DET
cblr-9111	358	7	central	central	ADJ
cblr-9111	358	8	clearing	clearing	NOUN
cblr-9111	358	9	of	of	ADP
cblr-9111	358	10	dealer	dealer	NOUN
cblr-9111	358	11	-	-	PUNCT
cblr-9111	358	12	to	to	ADP
cblr-9111	358	13	-	-	PUNCT
cblr-9111	358	14	client	client	NOUN
cblr-9111	358	15	trades	trade	NOUN
cblr-9111	358	16	of	of	ADP
cblr-9111	358	17	treasuries	treasury	NOUN
cblr-9111	358	18	.	.	PUNCT
cblr-9111	358	19	”137	”137	PUNCT
cblr-9111	359	1	that	that	PRON
cblr-9111	359	2	is	be	AUX
cblr-9111	359	3	a	a	DET
cblr-9111	359	4	particularly	particularly	ADV
cblr-9111	359	5	notable	notable	ADJ
cblr-9111	359	6	deficiency	deficiency	NOUN
cblr-9111	359	7	in	in	ADP
cblr-9111	359	8	light	light	NOUN
cblr-9111	359	9	of	of	ADP
cblr-9111	359	10	the	the	DET
cblr-9111	359	11	rise	rise	NOUN
cblr-9111	359	12	in	in	ADP
cblr-9111	359	13	electronic	electronic	ADJ
cblr-9111	359	14	trading	trading	NOUN
cblr-9111	359	15	and	and	CCONJ
cblr-9111	359	16	the	the	DET
cblr-9111	359	17	improved	improved	ADJ
cblr-9111	359	18	treasury	treasury	NOUN
cblr-9111	359	19	market	market	NOUN
cblr-9111	359	20	liquidity	liquidity	NOUN
cblr-9111	359	21	advanced	advance	VERB
cblr-9111	359	22	by	by	ADP
cblr-9111	359	23	ptfs	ptfs	PROPN
cblr-9111	359	24	.	.	PUNCT
cblr-9111	360	1	without	without	ADP
cblr-9111	360	2	a	a	DET
cblr-9111	360	3	broad	broad	ADV
cblr-9111	360	4	-	-	PUNCT
cblr-9111	360	5	based	base	VERB
cblr-9111	360	6	central	central	ADJ
cblr-9111	360	7	clearing	clearing	NOUN
cblr-9111	360	8	requirement	requirement	NOUN
cblr-9111	360	9	,	,	PUNCT
cblr-9111	360	10	“	"	PUNCT
cblr-9111	360	11	[	[	X
cblr-9111	360	12	m]ost	m]ost	NOUN
cblr-9111	360	13	trades	trade	NOUN
cblr-9111	360	14	involving	involve	VERB
cblr-9111	360	15	ptfs	ptfs	NOUN
cblr-9111	360	16	”	"	PUNCT
cblr-9111	360	17	are	be	AUX
cblr-9111	360	18	simply	simply	ADV
cblr-9111	360	19	left	leave	VERB
cblr-9111	360	20	to	to	PART
cblr-9111	360	21	“	"	PUNCT
cblr-9111	360	22	settle	settle	VERB
cblr-9111	360	23	bilaterally	bilaterally	ADV
cblr-9111	360	24	.	.	PUNCT
cblr-9111	361	1	”138	”138	PROPN
cblr-9111	361	2	likewise	likewise	ADV
cblr-9111	361	3	,	,	PUNCT
cblr-9111	361	4	treasury	treasury	NOUN
cblr-9111	361	5	repo	repo	NOUN
cblr-9111	361	6	markets	market	NOUN
cblr-9111	361	7	—	—	PUNCT
cblr-9111	361	8	while	while	SCONJ
cblr-9111	361	9	subject	subject	ADJ
cblr-9111	361	10	to	to	ADP
cblr-9111	361	11	higher	high	ADJ
cblr-9111	361	12	levels	level	NOUN
cblr-9111	361	13	of	of	ADP
cblr-9111	361	14	central	central	ADJ
cblr-9111	361	15	clearing	clearing	NOUN
cblr-9111	361	16	than	than	ADP
cblr-9111	361	17	dealer	dealer	NOUN
cblr-9111	361	18	-	-	PUNCT
cblr-9111	361	19	toclient	toclient	NOUN
cblr-9111	361	20	securities	security	NOUN
cblr-9111	361	21	trades	trade	NOUN
cblr-9111	361	22	—	—	PUNCT
cblr-9111	361	23	similarly	similarly	ADV
cblr-9111	361	24	do	do	AUX
cblr-9111	361	25	not	not	PART
cblr-9111	361	26	have	have	VERB
cblr-9111	361	27	broad	broad	ADJ
cblr-9111	361	28	clearing	clearing	NOUN
cblr-9111	361	29	requirements.139	requirements.139	ADJ
cblr-9111	361	30	in	in	ADP
cblr-9111	361	31	addition	addition	NOUN
cblr-9111	361	32	to	to	ADP
cblr-9111	361	33	the	the	DET
cblr-9111	361	34	systemic	systemic	ADJ
cblr-9111	361	35	benefits	benefit	NOUN
cblr-9111	361	36	of	of	ADP
cblr-9111	361	37	reducing	reduce	VERB
cblr-9111	361	38	counterparty	counterparty	NOUN
cblr-9111	361	39	credit	credit	NOUN
cblr-9111	361	40	risk	risk	NOUN
cblr-9111	361	41	,	,	PUNCT
cblr-9111	361	42	central	central	ADJ
cblr-9111	361	43	clearing	clearing	NOUN
cblr-9111	361	44	comes	come	VERB
cblr-9111	361	45	with	with	ADP
cblr-9111	361	46	another	another	DET
cblr-9111	361	47	advantage	advantage	NOUN
cblr-9111	361	48	:	:	PUNCT
cblr-9111	361	49	multilateral	multilateral	ADJ
cblr-9111	361	50	netting	netting	NOUN
cblr-9111	361	51	.	.	PUNCT
cblr-9111	362	1	netting	net	VERB
cblr-9111	362	2	settlement	settlement	NOUN
cblr-9111	362	3	obligations	obligation	NOUN
cblr-9111	362	4	through	through	ADP
cblr-9111	362	5	a	a	DET
cblr-9111	362	6	clearinghouse	clearinghouse	NOUN
cblr-9111	362	7	can	can	AUX
cblr-9111	362	8	improve	improve	VERB
cblr-9111	362	9	liquidity	liquidity	NOUN
cblr-9111	362	10	because	because	SCONJ
cblr-9111	362	11	it	it	PRON
cblr-9111	362	12	“	"	PUNCT
cblr-9111	362	13	reduce[s	reduce[s	NOUN
cblr-9111	362	14	]	]	PUNCT
cblr-9111	362	15	the	the	DET
cblr-9111	362	16	money	money	NOUN
cblr-9111	362	17	and	and	CCONJ
cblr-9111	362	18	securities	security	NOUN
cblr-9111	362	19	that	that	PRON
cblr-9111	362	20	must	must	AUX
cblr-9111	362	21	change	change	VERB
cblr-9111	362	22	hands	hand	NOUN
cblr-9111	362	23	,	,	PUNCT
cblr-9111	362	24	”	"	PUNCT
cblr-9111	362	25	which	which	PRON
cblr-9111	362	26	can	can	AUX
cblr-9111	362	27	“	"	PUNCT
cblr-9111	362	28	free	free	VERB
cblr-9111	362	29	up	up	ADP
cblr-9111	362	30	space	space	NOUN
cblr-9111	362	31	on	on	ADP
cblr-9111	362	32	dealers	dealer	NOUN
cblr-9111	362	33	’	’	PART
cblr-9111	362	34	balance	balance	NOUN
cblr-9111	362	35	sheets	sheet	NOUN
cblr-9111	362	36	for	for	ADP
cblr-9111	362	37	additional	additional	ADJ
cblr-9111	362	38	trades	trade	NOUN
cblr-9111	362	39	that	that	PRON
cblr-9111	362	40	could	could	AUX
cblr-9111	362	41	help	help	VERB
cblr-9111	362	42	keep	keep	VERB
cblr-9111	362	43	the	the	DET
cblr-9111	362	44	market	market	NOUN
cblr-9111	362	45	liquid	liquid	NOUN
cblr-9111	362	46	.	.	PUNCT
cblr-9111	363	1	”140	”140	NOUN
cblr-9111	363	2	freeing	free	VERB
cblr-9111	363	3	up	up	ADP
cblr-9111	363	4	balance	balance	NOUN
cblr-9111	363	5	sheets	sheet	NOUN
cblr-9111	363	6	through	through	ADP
cblr-9111	363	7	netting	net	VERB
cblr-9111	363	8	can	can	AUX
cblr-9111	363	9	“	"	PUNCT
cblr-9111	363	10	enhance	enhance	VERB
cblr-9111	363	11	capacity	capacity	NOUN
cblr-9111	363	12	to	to	PART
cblr-9111	363	13	make	make	VERB
cblr-9111	363	14	markets	market	NOUN
cblr-9111	363	15	during	during	ADP
cblr-9111	363	16	both	both	CCONJ
cblr-9111	363	17	normal	normal	ADJ
cblr-9111	363	18	times	time	NOUN
cblr-9111	363	19	and	and	CCONJ
cblr-9111	363	20	stress	stress	NOUN
cblr-9111	363	21	events	event	NOUN
cblr-9111	363	22	.	.	PUNCT
cblr-9111	364	1	”141	”141	NOUN
cblr-9111	364	2	data	data	PROPN
cblr-9111	364	3	suggest	suggest	VERB
cblr-9111	364	4	that	that	SCONJ
cblr-9111	364	5	multilateral	multilateral	NOUN
cblr-9111	364	6	netting	net	VERB
cblr-9111	364	7	through	through	ADP
cblr-9111	364	8	central	central	ADJ
cblr-9111	364	9	clearing	clearing	NOUN
cblr-9111	364	10	of	of	ADP
cblr-9111	364	11	treasury	treasury	PROPN
cblr-9111	364	12	securities	security	NOUN
cblr-9111	364	13	trades	trade	NOUN
cblr-9111	364	14	could	could	AUX
cblr-9111	364	15	137	137	NUM
cblr-9111	364	16	group	group	NOUN
cblr-9111	364	17	of	of	ADP
cblr-9111	364	18	thirty	thirty	NUM
cblr-9111	364	19	working	work	VERB
cblr-9111	364	20	group	group	NOUN
cblr-9111	364	21	on	on	ADP
cblr-9111	364	22	treasury	treasury	PROPN
cblr-9111	364	23	market	market	NOUN
cblr-9111	364	24	liquidity	liquidity	NOUN
cblr-9111	364	25	,	,	PUNCT
cblr-9111	364	26	supra	supra	PROPN
cblr-9111	364	27	note	note	PROPN
cblr-9111	364	28	1	1	NUM
cblr-9111	364	29	;	;	PUNCT
cblr-9111	364	30	see	see	VERB
cblr-9111	364	31	also	also	ADV
cblr-9111	364	32	i	i	PROPN
cblr-9111	364	33	d.	d.	PROPN
cblr-9111	364	34	at	at	ADP
cblr-9111	364	35	10	10	NUM
cblr-9111	364	36	(	(	PUNCT
cblr-9111	364	37	“	"	PUNCT
cblr-9111	364	38	in	in	ADP
cblr-9111	364	39	the	the	DET
cblr-9111	364	40	dealer	dealer	NOUN
cblr-9111	364	41	-	-	PUNCT
cblr-9111	364	42	to	to	ADP
cblr-9111	364	43	-	-	PUNCT
cblr-9111	364	44	client	client	NOUN
cblr-9111	364	45	segment	segment	NOUN
cblr-9111	364	46	of	of	ADP
cblr-9111	364	47	the	the	DET
cblr-9111	364	48	treasury	treasury	NOUN
cblr-9111	364	49	market	market	NOUN
cblr-9111	364	50	,	,	PUNCT
cblr-9111	364	51	trades	trade	NOUN
cblr-9111	364	52	of	of	ADP
cblr-9111	364	53	treasury	treasury	PROPN
cblr-9111	364	54	securities	security	NOUN
cblr-9111	364	55	have	have	AUX
cblr-9111	364	56	never	never	ADV
cblr-9111	364	57	been	be	AUX
cblr-9111	364	58	centrally	centrally	ADV
cblr-9111	364	59	cleared	clear	VERB
cblr-9111	364	60	.	.	PUNCT
cblr-9111	364	61	”	"	PUNCT
cblr-9111	364	62	)	)	PUNCT
cblr-9111	364	63	.	.	PUNCT
cblr-9111	365	1	138	138	NUM
cblr-9111	365	2	wittall	wittall	NOUN
cblr-9111	365	3	,	,	PUNCT
cblr-9111	365	4	supra	supra	PROPN
cblr-9111	365	5	note	note	PROPN
cblr-9111	365	6	48	48	NUM
cblr-9111	365	7	;	;	PUNCT
cblr-9111	365	8	see	see	VERB
cblr-9111	365	9	,	,	PUNCT
cblr-9111	365	10	e.g.	e.g.	ADV
cblr-9111	365	11	,	,	PUNCT
cblr-9111	365	12	group	group	NOUN
cblr-9111	365	13	of	of	ADP
cblr-9111	365	14	thirty	thirty	NUM
cblr-9111	365	15	working	work	VERB
cblr-9111	365	16	group	group	NOUN
cblr-9111	365	17	on	on	ADP
cblr-9111	365	18	treasury	treasury	PROPN
cblr-9111	365	19	market	market	NOUN
cblr-9111	365	20	liquidity	liquidity	NOUN
cblr-9111	365	21	,	,	PUNCT
cblr-9111	365	22	supra	supra	PROPN
cblr-9111	365	23	note	note	NOUN
cblr-9111	365	24	1	1	NUM
cblr-9111	365	25	(	(	PUNCT
cblr-9111	365	26	explaining	explain	VERB
cblr-9111	365	27	that	that	SCONJ
cblr-9111	365	28	while	while	SCONJ
cblr-9111	365	29	trades	trade	NOUN
cblr-9111	365	30	between	between	ADP
cblr-9111	365	31	dealers	dealer	NOUN
cblr-9111	365	32	are	be	AUX
cblr-9111	365	33	usually	usually	ADV
cblr-9111	365	34	centrally	centrally	ADV
cblr-9111	365	35	cleared	clear	VERB
cblr-9111	365	36	,	,	PUNCT
cblr-9111	365	37	“	"	PUNCT
cblr-9111	365	38	trades	trade	NOUN
cblr-9111	365	39	involving	involve	VERB
cblr-9111	365	40	ptfs	ptfs	NOUN
cblr-9111	365	41	are	be	AUX
cblr-9111	365	42	not	not	PART
cblr-9111	365	43	centrally	centrally	ADV
cblr-9111	365	44	cleared	clear	VERB
cblr-9111	365	45	but	but	CCONJ
cblr-9111	365	46	instead	instead	ADV
cblr-9111	365	47	are	be	AUX
cblr-9111	365	48	settled	settle	VERB
cblr-9111	365	49	bilaterally	bilaterally	ADV
cblr-9111	365	50	with	with	ADP
cblr-9111	365	51	the	the	DET
cblr-9111	365	52	”	"	PUNCT
cblr-9111	365	53	interdealer	interdealer	NOUN
cblr-9111	365	54	-	-	PUNCT
cblr-9111	365	55	broker	broker	NOUN
cblr-9111	365	56	”	"	PUNCT
cblr-9111	365	57	)	)	PUNCT
cblr-9111	365	58	;	;	PUNCT
cblr-9111	365	59	dtcc	dtcc	PROPN
cblr-9111	365	60	,	,	PUNCT
cblr-9111	365	61	supra	supra	PROPN
cblr-9111	365	62	note	note	VERB
cblr-9111	365	63	97	97	NUM
cblr-9111	365	64	(	(	PUNCT
cblr-9111	365	65	“	"	PUNCT
cblr-9111	365	66	[	[	X
cblr-9111	365	67	t]he	t]he	ADJ
cblr-9111	365	68	treasury	treasury	NOUN
cblr-9111	365	69	market	market	NOUN
cblr-9111	365	70	’s	’s	PART
cblr-9111	365	71	evolution	evolution	NOUN
cblr-9111	365	72	over	over	ADP
cblr-9111	365	73	the	the	DET
cblr-9111	365	74	past	past	ADJ
cblr-9111	365	75	20	20	NUM
cblr-9111	365	76	years	year	NOUN
cblr-9111	365	77	has	have	AUX
cblr-9111	365	78	resulted	result	VERB
cblr-9111	365	79	in	in	ADP
cblr-9111	365	80	an	an	DET
cblr-9111	365	81	increased	increase	VERB
cblr-9111	365	82	share	share	NOUN
cblr-9111	365	83	of	of	ADP
cblr-9111	365	84	outright	outright	ADJ
cblr-9111	365	85	purchases	purchase	NOUN
cblr-9111	365	86	and	and	CCONJ
cblr-9111	365	87	sales	sale	NOUN
cblr-9111	365	88	of	of	ADP
cblr-9111	365	89	treasuries	treasury	NOUN
cblr-9111	365	90	being	be	AUX
cblr-9111	365	91	.	.	PUNCT
cblr-9111	365	92	.	.	PUNCT
cblr-9111	365	93	.	.	PUNCT
cblr-9111	366	1	bilaterally	bilaterally	ADV
cblr-9111	366	2	cleared	clear	VERB
cblr-9111	366	3	and	and	CCONJ
cblr-9111	366	4	settled	settle	VERB
cblr-9111	366	5	.	.	PUNCT
cblr-9111	366	6	”	"	PUNCT
cblr-9111	366	7	)	)	PUNCT
cblr-9111	366	8	.	.	PUNCT
cblr-9111	367	1	139	139	NUM
cblr-9111	367	2	see	see	VERB
cblr-9111	367	3	group	group	NOUN
cblr-9111	367	4	of	of	ADP
cblr-9111	367	5	thirty	thirty	NUM
cblr-9111	367	6	working	work	VERB
cblr-9111	367	7	group	group	NOUN
cblr-9111	367	8	on	on	ADP
cblr-9111	367	9	treasury	treasury	PROPN
cblr-9111	367	10	market	market	NOUN
cblr-9111	367	11	liquidity	liquidity	NOUN
cblr-9111	367	12	,	,	PUNCT
cblr-9111	367	13	supra	supra	PROPN
cblr-9111	367	14	note	note	NOUN
cblr-9111	367	15	1	1	NUM
cblr-9111	367	16	,	,	PUNCT
cblr-9111	367	17	at	at	ADP
cblr-9111	367	18	10	10	NUM
cblr-9111	367	19	.	.	PUNCT
cblr-9111	368	1	140	140	NUM
cblr-9111	368	2	marta	marta	PROPN
cblr-9111	368	3	chaffee	chaffee	PROPN
cblr-9111	368	4	&	&	CCONJ
cblr-9111	368	5	sam	sam	PROPN
cblr-9111	368	6	schulhofer	schulhofer	PROPN
cblr-9111	368	7	-	-	PUNCT
cblr-9111	368	8	wolf	wolf	PROPN
cblr-9111	368	9	,	,	PUNCT
cblr-9111	368	10	chicago	chicago	PROPN
cblr-9111	368	11	fed	fed	PROPN
cblr-9111	368	12	insights	insight	NOUN
cblr-9111	368	13	:	:	PUNCT
cblr-9111	368	14	is	be	AUX
cblr-9111	368	15	a	a	DET
cblr-9111	368	16	treasury	treasury	NOUN
cblr-9111	368	17	clearing	clearing	NOUN
cblr-9111	368	18	mandate	mandate	NOUN
cblr-9111	368	19	the	the	DET
cblr-9111	368	20	path	path	NOUN
cblr-9111	368	21	to	to	AUX
cblr-9111	368	22	increased	increase	VERB
cblr-9111	368	23	central	central	ADJ
cblr-9111	368	24	clearing	clearing	NOUN
cblr-9111	368	25	?	?	PUNCT
cblr-9111	368	26	,	,	PUNCT
cblr-9111	368	27	fed	fed	PROPN
cblr-9111	368	28	.	.	PUNCT
cblr-9111	368	29	rsrv	rsrv	PROPN
cblr-9111	368	30	.	.	PUNCT
cblr-9111	369	1	bank	bank	PROPN
cblr-9111	369	2	of	of	ADP
cblr-9111	369	3	chi	chi	PROPN
cblr-9111	369	4	.	.	PUNCT
cblr-9111	370	1	(	(	PUNCT
cblr-9111	370	2	june	june	PROPN
cblr-9111	370	3	23	23	NUM
cblr-9111	370	4	,	,	PUNCT
cblr-9111	370	5	2021	2021	NUM
cblr-9111	370	6	)	)	PUNCT
cblr-9111	370	7	,	,	PUNCT
cblr-9111	370	8	https://www.chicagofed.org/publications/blogs/chicago-fedinsights/2021/treasury-clearing-mandate	https://www.chicagofed.org/publications/blogs/chicago-fedinsights/2021/treasury-clearing-mandate	X
cblr-9111	371	1	[	[	X
cblr-9111	371	2	https://perma.cc/375q-hmqj	https://perma.cc/375q-hmqj	X
cblr-9111	371	3	]	]	X
cblr-9111	371	4	.	.	PUNCT
cblr-9111	372	1	141	141	NUM
cblr-9111	372	2	u.s	u.s	PROPN
cblr-9111	372	3	.	.	PROPN
cblr-9111	372	4	dep’t	dep’t	NOUN
cblr-9111	372	5	of	of	ADP
cblr-9111	372	6	the	the	DET
cblr-9111	372	7	treasury	treasury	PROPN
cblr-9111	372	8	et	et	PROPN
cblr-9111	372	9	al	al	PROPN
cblr-9111	372	10	.	.	PROPN
cblr-9111	372	11	,	,	PUNCT
cblr-9111	372	12	supra	supra	PROPN
cblr-9111	372	13	note	note	NOUN
cblr-9111	372	14	2	2	NUM
cblr-9111	372	15	,	,	PUNCT
cblr-9111	372	16	at	at	ADP
cblr-9111	372	17	30	30	NUM
cblr-9111	372	18	.	.	PUNCT
cblr-9111	373	1	no	no	INTJ
cblr-9111	373	2	.	.	PUNCT
cblr-9111	374	1	3:1368	3:1368	NUM
cblr-9111	374	2	]	]	X
cblr-9111	374	3	strenghtening	strenghtene	VERB
cblr-9111	374	4	the	the	DET
cblr-9111	374	5	treasury	treasury	NOUN
cblr-9111	374	6	market	market	NOUN
cblr-9111	374	7	1393	1393	NUM
cblr-9111	374	8	have	have	AUX
cblr-9111	374	9	tempered	temper	VERB
cblr-9111	374	10	covid	covid	NOUN
cblr-9111	374	11	-	-	PUNCT
cblr-9111	374	12	driven	drive	VERB
cblr-9111	374	13	market	market	NOUN
cblr-9111	374	14	disruption	disruption	NOUN
cblr-9111	374	15	by	by	ADP
cblr-9111	374	16	“	"	PUNCT
cblr-9111	374	17	lower[ing	lower[e	VERB
cblr-9111	374	18	]	]	PUNCT
cblr-9111	374	19	dealers	dealer	NOUN
cblr-9111	374	20	’	’	PART
cblr-9111	374	21	daily	daily	ADJ
cblr-9111	374	22	gross	gross	ADJ
cblr-9111	374	23	settlements	settlement	NOUN
cblr-9111	374	24	obligations	obligation	NOUN
cblr-9111	374	25	by	by	ADP
cblr-9111	374	26	roughly	roughly	ADV
cblr-9111	374	27	$	$	SYM
cblr-9111	374	28	330	330	NUM
cblr-9111	374	29	billion	billion	NUM
cblr-9111	374	30	(	(	PUNCT
cblr-9111	374	31	60	60	NUM
cblr-9111	374	32	%	%	NOUN
cblr-9111	374	33	)	)	PUNCT
cblr-9111	374	34	”	"	PUNCT
cblr-9111	374	35	in	in	ADP
cblr-9111	374	36	the	the	DET
cblr-9111	374	37	weeks	week	NOUN
cblr-9111	374	38	surrounding	surround	VERB
cblr-9111	374	39	march	march	PROPN
cblr-9111	374	40	2020	2020	NUM
cblr-9111	374	41	,	,	PUNCT
cblr-9111	374	42	and	and	CCONJ
cblr-9111	374	43	by	by	ADP
cblr-9111	374	44	“	"	PUNCT
cblr-9111	374	45	nearly	nearly	ADV
cblr-9111	374	46	$	$	SYM
cblr-9111	374	47	800	800	NUM
cblr-9111	374	48	billion	billion	NUM
cblr-9111	374	49	(	(	PUNCT
cblr-9111	374	50	70	70	NUM
cblr-9111	374	51	%	%	NOUN
cblr-9111	374	52	)	)	PUNCT
cblr-9111	374	53	when	when	SCONJ
cblr-9111	374	54	trading	trading	NOUN
cblr-9111	374	55	was	be	AUX
cblr-9111	374	56	at	at	ADP
cblr-9111	374	57	its	its	PRON
cblr-9111	374	58	highest	high	ADJ
cblr-9111	374	59	.	.	PUNCT
cblr-9111	375	1	”142	”142	NOUN
cblr-9111	375	2	freeing	free	VERB
cblr-9111	375	3	up	up	ADP
cblr-9111	375	4	this	this	DET
cblr-9111	375	5	significant	significant	ADJ
cblr-9111	375	6	amount	amount	NOUN
cblr-9111	375	7	of	of	ADP
cblr-9111	375	8	capital	capital	NOUN
cblr-9111	375	9	through	through	ADP
cblr-9111	375	10	clearing	clearing	NOUN
cblr-9111	375	11	-	-	PUNCT
cblr-9111	375	12	induced	induce	VERB
cblr-9111	375	13	position	position	NOUN
cblr-9111	375	14	netting	net	VERB
cblr-9111	375	15	would	would	AUX
cblr-9111	375	16	have	have	AUX
cblr-9111	375	17	injected	inject	VERB
cblr-9111	375	18	much	much	ADV
cblr-9111	375	19	-	-	PUNCT
cblr-9111	375	20	needed	need	VERB
cblr-9111	375	21	liquidity	liquidity	NOUN
cblr-9111	375	22	into	into	ADP
cblr-9111	375	23	the	the	DET
cblr-9111	375	24	market	market	NOUN
cblr-9111	375	25	at	at	ADP
cblr-9111	375	26	a	a	DET
cblr-9111	375	27	critical	critical	ADJ
cblr-9111	375	28	time.143	time.143	NOUN
cblr-9111	375	29	at	at	ADP
cblr-9111	375	30	a	a	DET
cblr-9111	375	31	high	high	ADJ
cblr-9111	375	32	level	level	NOUN
cblr-9111	375	33	,	,	PUNCT
cblr-9111	375	34	requiring	require	VERB
cblr-9111	375	35	mandatory	mandatory	ADJ
cblr-9111	375	36	clearing	clearing	NOUN
cblr-9111	375	37	of	of	ADP
cblr-9111	375	38	securities	security	NOUN
cblr-9111	375	39	and	and	CCONJ
cblr-9111	375	40	repo	repo	VERB
cblr-9111	375	41	trades	trade	NOUN
cblr-9111	375	42	and	and	CCONJ
cblr-9111	375	43	enabling	enable	VERB
cblr-9111	375	44	multilateral	multilateral	ADJ
cblr-9111	375	45	netting	netting	NOUN
cblr-9111	375	46	are	be	AUX
cblr-9111	375	47	straightforward	straightforward	ADJ
cblr-9111	375	48	reforms	reform	NOUN
cblr-9111	375	49	.	.	PUNCT
cblr-9111	376	1	but	but	CCONJ
cblr-9111	376	2	those	those	DET
cblr-9111	376	3	reforms	reform	NOUN
cblr-9111	376	4	also	also	ADV
cblr-9111	376	5	require	require	VERB
cblr-9111	376	6	careful	careful	ADJ
cblr-9111	376	7	attention	attention	NOUN
cblr-9111	376	8	to	to	ADP
cblr-9111	376	9	the	the	DET
cblr-9111	376	10	resulting	result	VERB
cblr-9111	376	11	clearinghouses	clearinghouse	NOUN
cblr-9111	376	12	to	to	PART
cblr-9111	376	13	ensure	ensure	VERB
cblr-9111	376	14	both	both	CCONJ
cblr-9111	376	15	fair	fair	ADJ
cblr-9111	376	16	and	and	CCONJ
cblr-9111	376	17	objective	objective	ADJ
cblr-9111	376	18	criteria	criterion	NOUN
cblr-9111	376	19	for	for	ADP
cblr-9111	376	20	direct	direct	ADJ
cblr-9111	376	21	clearinghouse	clearinghouse	NOUN
cblr-9111	376	22	membership	membership	NOUN
cblr-9111	376	23	and	and	CCONJ
cblr-9111	376	24	an	an	DET
cblr-9111	376	25	effective	effective	ADJ
cblr-9111	376	26	client	client	NOUN
cblr-9111	376	27	clearing	clearing	NOUN
cblr-9111	376	28	model	model	NOUN
cblr-9111	376	29	for	for	ADP
cblr-9111	376	30	indirect	indirect	ADJ
cblr-9111	376	31	access.144	access.144	NOUN
cblr-9111	376	32	as	as	ADP
cblr-9111	376	33	for	for	ADP
cblr-9111	376	34	direct	direct	ADJ
cblr-9111	376	35	membership	membership	NOUN
cblr-9111	376	36	,	,	PUNCT
cblr-9111	376	37	regulators	regulator	NOUN
cblr-9111	376	38	should	should	AUX
cblr-9111	376	39	ensure	ensure	VERB
cblr-9111	376	40	that	that	SCONJ
cblr-9111	376	41	membership	membership	NOUN
cblr-9111	376	42	criteria	criterion	NOUN
cblr-9111	376	43	are	be	AUX
cblr-9111	376	44	objective	objective	ADJ
cblr-9111	376	45	and	and	CCONJ
cblr-9111	376	46	are	be	AUX
cblr-9111	376	47	not	not	PART
cblr-9111	376	48	used	use	VERB
cblr-9111	376	49	to	to	PART
cblr-9111	376	50	artificially	artificially	ADV
cblr-9111	376	51	limit	limit	VERB
cblr-9111	376	52	the	the	DET
cblr-9111	376	53	population	population	NOUN
cblr-9111	376	54	of	of	ADP
cblr-9111	376	55	clearing	clear	VERB
cblr-9111	376	56	members.145	members.145	NOUN
cblr-9111	376	57	after	after	ADV
cblr-9111	376	58	all	all	ADV
cblr-9111	376	59	,	,	PUNCT
cblr-9111	376	60	because	because	SCONJ
cblr-9111	376	61	any	any	DET
cblr-9111	376	62	clearinghouse	clearinghouse	NOUN
cblr-9111	376	63	ultimately	ultimately	ADV
cblr-9111	376	64	relies	rely	VERB
cblr-9111	376	65	on	on	ADP
cblr-9111	376	66	the	the	DET
cblr-9111	376	67	mutualization	mutualization	NOUN
cblr-9111	376	68	of	of	ADP
cblr-9111	376	69	losses	loss	NOUN
cblr-9111	376	70	,	,	PUNCT
cblr-9111	376	71	its	its	PRON
cblr-9111	376	72	success	success	NOUN
cblr-9111	376	73	lies	lie	VERB
cblr-9111	376	74	in	in	ADP
cblr-9111	376	75	the	the	DET
cblr-9111	376	76	strength	strength	NOUN
cblr-9111	376	77	and	and	CCONJ
cblr-9111	376	78	number	number	NOUN
cblr-9111	376	79	of	of	ADP
cblr-9111	376	80	sound	sound	ADJ
cblr-9111	376	81	clearing	clearing	NOUN
cblr-9111	376	82	members	member	NOUN
cblr-9111	376	83	.	.	PUNCT
cblr-9111	377	1	as	as	ADP
cblr-9111	377	2	for	for	ADP
cblr-9111	377	3	indirect	indirect	ADJ
cblr-9111	377	4	membership	membership	NOUN
cblr-9111	377	5	,	,	PUNCT
cblr-9111	377	6	regulators	regulator	NOUN
cblr-9111	377	7	should	should	AUX
cblr-9111	377	8	similarly	similarly	ADV
cblr-9111	377	9	ensure	ensure	VERB
cblr-9111	377	10	that	that	SCONJ
cblr-9111	377	11	market	market	NOUN
cblr-9111	377	12	142	142	NUM
cblr-9111	377	13	fleming	fleming	PROPN
cblr-9111	377	14	&	&	CCONJ
cblr-9111	377	15	keane	keane	PROPN
cblr-9111	377	16	,	,	PUNCT
cblr-9111	377	17	supra	supra	PROPN
cblr-9111	377	18	note	note	NOUN
cblr-9111	377	19	96	96	NUM
cblr-9111	377	20	,	,	PUNCT
cblr-9111	377	21	at	at	ADP
cblr-9111	377	22	2	2	NUM
cblr-9111	377	23	.	.	X
cblr-9111	377	24	143	143	NUM
cblr-9111	377	25	see	see	VERB
cblr-9111	377	26	logan	logan	PROPN
cblr-9111	377	27	,	,	PUNCT
cblr-9111	377	28	supra	supra	PROPN
cblr-9111	377	29	note	note	NOUN
cblr-9111	377	30	19	19	NUM
cblr-9111	377	31	(	(	PUNCT
cblr-9111	377	32	explaining	explain	VERB
cblr-9111	377	33	,	,	PUNCT
cblr-9111	377	34	in	in	ADP
cblr-9111	377	35	the	the	DET
cblr-9111	377	36	context	context	NOUN
cblr-9111	377	37	of	of	ADP
cblr-9111	377	38	pandemiclinked	pandemiclinked	ADJ
cblr-9111	377	39	volatility	volatility	NOUN
cblr-9111	377	40	,	,	PUNCT
cblr-9111	377	41	that	that	SCONJ
cblr-9111	377	42	“	"	PUNCT
cblr-9111	377	43	[	[	PUNCT
cblr-9111	377	44	i]ncreased	i]ncrease	VERB
cblr-9111	377	45	central	central	ADJ
cblr-9111	377	46	clearing	clearing	NOUN
cblr-9111	377	47	[	[	X
cblr-9111	377	48	in	in	ADP
cblr-9111	377	49	the	the	DET
cblr-9111	377	50	treasury	treasury	NOUN
cblr-9111	377	51	market	market	NOUN
cblr-9111	377	52	]	]	PUNCT
cblr-9111	377	53	can	can	AUX
cblr-9111	377	54	help	help	VERB
cblr-9111	377	55	market	market	NOUN
cblr-9111	377	56	participants	participant	NOUN
cblr-9111	377	57	manage	manage	VERB
cblr-9111	377	58	settlement	settlement	NOUN
cblr-9111	377	59	risk	risk	NOUN
cblr-9111	377	60	and	and	CCONJ
cblr-9111	377	61	facilitate	facilitate	VERB
cblr-9111	377	62	more	more	ADV
cblr-9111	377	63	efficient	efficient	ADJ
cblr-9111	377	64	balance	balance	NOUN
cblr-9111	377	65	sheet	sheet	NOUN
cblr-9111	377	66	usage	usage	NOUN
cblr-9111	377	67	.	.	PUNCT
cblr-9111	377	68	”	"	PUNCT
cblr-9111	377	69	)	)	PUNCT
cblr-9111	377	70	;	;	PUNCT
cblr-9111	377	71	see	see	VERB
cblr-9111	377	72	also	also	ADV
cblr-9111	377	73	duffie	duffie	VERB
cblr-9111	377	74	,	,	PUNCT
cblr-9111	377	75	supra	supra	PROPN
cblr-9111	377	76	note	note	NOUN
cblr-9111	377	77	66	66	NUM
cblr-9111	377	78	,	,	PUNCT
cblr-9111	377	79	at	at	ADP
cblr-9111	377	80	16	16	NUM
cblr-9111	377	81	(	(	PUNCT
cblr-9111	377	82	“	"	PUNCT
cblr-9111	377	83	central	central	ADJ
cblr-9111	377	84	clearing	clearing	NOUN
cblr-9111	377	85	.	.	PUNCT
cblr-9111	377	86	.	.	PUNCT
cblr-9111	378	1	.	.	PUNCT
cblr-9111	379	1	reduces	reduce	VERB
cblr-9111	379	2	the	the	DET
cblr-9111	379	3	amount	amount	NOUN
cblr-9111	379	4	of	of	ADP
cblr-9111	379	5	dealer	dealer	NOUN
cblr-9111	379	6	balance	balance	NOUN
cblr-9111	379	7	-	-	PUNCT
cblr-9111	379	8	sheet	sheet	NOUN
cblr-9111	379	9	space	space	NOUN
cblr-9111	379	10	necessary	necessary	ADJ
cblr-9111	379	11	to	to	PART
cblr-9111	379	12	maintain	maintain	VERB
cblr-9111	379	13	liquid	liquid	ADJ
cblr-9111	379	14	markets	market	NOUN
cblr-9111	379	15	.	.	PUNCT
cblr-9111	380	1	this	this	PRON
cblr-9111	380	2	arises	arise	VERB
cblr-9111	380	3	from	from	ADP
cblr-9111	380	4	improved	improved	ADJ
cblr-9111	380	5	netting	netting	NOUN
cblr-9111	380	6	.	.	PUNCT
cblr-9111	380	7	”	"	PUNCT
cblr-9111	380	8	)	)	PUNCT
cblr-9111	380	9	.	.	PUNCT
cblr-9111	381	1	144	144	NUM
cblr-9111	381	2	for	for	ADP
cblr-9111	381	3	example	example	NOUN
cblr-9111	381	4	,	,	PUNCT
cblr-9111	381	5	the	the	DET
cblr-9111	381	6	cftc	cftc	PROPN
cblr-9111	381	7	requires	require	VERB
cblr-9111	381	8	registered	register	VERB
cblr-9111	381	9	derivatives	derivative	NOUN
cblr-9111	381	10	clearing	clearing	NOUN
cblr-9111	381	11	organizations	organization	NOUN
cblr-9111	381	12	(	(	PUNCT
cblr-9111	381	13	“	"	PUNCT
cblr-9111	381	14	dcos	dco	NOUN
cblr-9111	381	15	”	"	PUNCT
cblr-9111	381	16	)	)	PUNCT
cblr-9111	381	17	to	to	PART
cblr-9111	381	18	comply	comply	VERB
cblr-9111	381	19	with	with	ADP
cblr-9111	381	20	core	core	ADJ
cblr-9111	381	21	principles	principle	NOUN
cblr-9111	381	22	for	for	ADP
cblr-9111	381	23	clearing	clearing	NOUN
cblr-9111	381	24	entities	entity	NOUN
cblr-9111	381	25	,	,	PUNCT
cblr-9111	381	26	which	which	PRON
cblr-9111	381	27	include	include	VERB
cblr-9111	381	28	possessing	possess	VERB
cblr-9111	381	29	adequate	adequate	ADJ
cblr-9111	381	30	financial	financial	ADJ
cblr-9111	381	31	resources	resource	NOUN
cblr-9111	381	32	,	,	PUNCT
cblr-9111	381	33	well	well	ADV
cblr-9111	381	34	-	-	PUNCT
cblr-9111	381	35	functioning	function	VERB
cblr-9111	381	36	risk	risk	NOUN
cblr-9111	381	37	controls	control	NOUN
cblr-9111	381	38	,	,	PUNCT
cblr-9111	381	39	and	and	CCONJ
cblr-9111	381	40	system	system	NOUN
cblr-9111	381	41	safeguards	safeguard	NOUN
cblr-9111	381	42	that	that	PRON
cblr-9111	381	43	provide	provide	VERB
cblr-9111	381	44	for	for	ADP
cblr-9111	381	45	business	business	NOUN
cblr-9111	381	46	continuity	continuity	NOUN
cblr-9111	381	47	and	and	CCONJ
cblr-9111	381	48	resilience	resilience	NOUN
cblr-9111	381	49	.	.	PUNCT
cblr-9111	382	1	derivatives	derivative	NOUN
cblr-9111	382	2	clearing	clear	VERB
cblr-9111	382	3	organization	organization	NOUN
cblr-9111	382	4	general	general	ADJ
cblr-9111	382	5	provisions	provision	NOUN
cblr-9111	382	6	and	and	CCONJ
cblr-9111	382	7	core	core	NOUN
cblr-9111	382	8	principles	principle	NOUN
cblr-9111	382	9	,	,	PUNCT
cblr-9111	382	10	85	85	NUM
cblr-9111	382	11	fed	feed	VERB
cblr-9111	382	12	.	.	PUNCT
cblr-9111	383	1	reg	reg	NOUN
cblr-9111	383	2	.	.	PUNCT
cblr-9111	384	1	4800	4800	NUM
cblr-9111	384	2	(	(	PUNCT
cblr-9111	384	3	jan	jan	PROPN
cblr-9111	384	4	.	.	PROPN
cblr-9111	384	5	27	27	NUM
cblr-9111	384	6	,	,	PUNCT
cblr-9111	384	7	2020	2020	NUM
cblr-9111	384	8	)	)	PUNCT
cblr-9111	384	9	(	(	PUNCT
cblr-9111	384	10	to	to	PART
cblr-9111	384	11	be	be	AUX
cblr-9111	384	12	codified	codify	VERB
cblr-9111	384	13	at	at	ADP
cblr-9111	384	14	c.f.r	c.f.r	NOUN
cblr-9111	384	15	.	.	PUNCT
cblr-9111	385	1	pts	pts	PROPN
cblr-9111	385	2	.	.	PROPN
cblr-9111	385	3	1	1	NUM
cblr-9111	385	4	,	,	PUNCT
cblr-9111	385	5	39	39	NUM
cblr-9111	385	6	,	,	PUNCT
cblr-9111	385	7	140	140	NUM
cblr-9111	385	8	)	)	PUNCT
cblr-9111	385	9	.	.	PUNCT
cblr-9111	386	1	145	145	NUM
cblr-9111	386	2	nellie	nellie	PROPN
cblr-9111	386	3	liang	liang	PROPN
cblr-9111	386	4	&	&	CCONJ
cblr-9111	386	5	pat	pat	PROPN
cblr-9111	386	6	parkinson	parkinson	PROPN
cblr-9111	386	7	,	,	PUNCT
cblr-9111	386	8	enhancing	enhance	VERB
cblr-9111	386	9	liquidity	liquidity	NOUN
cblr-9111	386	10	of	of	ADP
cblr-9111	386	11	the	the	DET
cblr-9111	386	12	u.s	u.s	PROPN
cblr-9111	386	13	.	.	PROPN
cblr-9111	386	14	treasury	treasury	PROPN
cblr-9111	386	15	market	market	NOUN
cblr-9111	386	16	under	under	ADP
cblr-9111	386	17	stress	stress	NOUN
cblr-9111	386	18	10	10	NUM
cblr-9111	386	19	(	(	PUNCT
cblr-9111	386	20	hutchins	hutchins	PROPN
cblr-9111	386	21	ctr	ctr	PROPN
cblr-9111	386	22	.	.	PROPN
cblr-9111	386	23	,	,	PUNCT
cblr-9111	386	24	working	work	VERB
cblr-9111	386	25	paper	paper	NOUN
cblr-9111	386	26	no	no	INTJ
cblr-9111	386	27	.	.	PROPN
cblr-9111	386	28	72	72	NUM
cblr-9111	386	29	,	,	PUNCT
cblr-9111	386	30	2020	2020	NUM
cblr-9111	386	31	)	)	PUNCT
cblr-9111	386	32	,	,	PUNCT
cblr-9111	386	33	https://www.brookings.edu/research/enhancing-liquidity-of-the-u-streasury-market-under-stress/	https://www.brookings.edu/research/enhancing-liquidity-of-the-u-streasury-market-under-stress/	NOUN
cblr-9111	386	34	[	[	X
cblr-9111	386	35	https://perma.cc/4xb7-x4qn	https://perma.cc/4xb7-x4qn	X
cblr-9111	386	36	]	]	X
cblr-9111	386	37	(	(	PUNCT
cblr-9111	386	38	arguing	argue	VERB
cblr-9111	386	39	that	that	SCONJ
cblr-9111	386	40	treasury	treasury	NOUN
cblr-9111	386	41	market	market	NOUN
cblr-9111	386	42	clearing	clearing	NOUN
cblr-9111	386	43	membership	membership	NOUN
cblr-9111	386	44	requirements	requirement	NOUN
cblr-9111	386	45	must	must	AUX
cblr-9111	386	46	not	not	PART
cblr-9111	386	47	“	"	PUNCT
cblr-9111	386	48	unnecessarily	unnecessarily	ADV
cblr-9111	386	49	impede	impede	VERB
cblr-9111	386	50	membership	membership	NOUN
cblr-9111	386	51	by	by	ADP
cblr-9111	386	52	smaller	small	ADJ
cblr-9111	386	53	dealers	dealer	NOUN
cblr-9111	386	54	or	or	CCONJ
cblr-9111	386	55	impose	impose	VERB
cblr-9111	386	56	unnecessarily	unnecessarily	ADV
cblr-9111	386	57	constraints	constraint	NOUN
cblr-9111	386	58	on	on	ADP
cblr-9111	386	59	client	client	NOUN
cblr-9111	386	60	clearing	clearing	NOUN
cblr-9111	386	61	activity	activity	NOUN
cblr-9111	386	62	by	by	ADP
cblr-9111	386	63	smaller	small	ADJ
cblr-9111	386	64	dealers	dealer	NOUN
cblr-9111	386	65	.	.	PUNCT
cblr-9111	386	66	”	"	PUNCT
cblr-9111	386	67	)	)	PUNCT
cblr-9111	386	68	.	.	PUNCT
cblr-9111	387	1	1394	1394	NUM
cblr-9111	387	2	columbia	columbia	PROPN
cblr-9111	387	3	business	business	NOUN
cblr-9111	387	4	law	law	PROPN
cblr-9111	387	5	review	review	NOUN
cblr-9111	387	6	[	[	X
cblr-9111	387	7	vol	vol	NOUN
cblr-9111	387	8	.	.	PUNCT
cblr-9111	387	9	2021	2021	NUM
cblr-9111	387	10	participants	participant	NOUN
cblr-9111	387	11	that	that	PRON
cblr-9111	387	12	wish	wish	VERB
cblr-9111	387	13	to	to	PART
cblr-9111	387	14	access	access	VERB
cblr-9111	387	15	the	the	DET
cblr-9111	387	16	clearinghouse	clearinghouse	NOUN
cblr-9111	387	17	indirectly	indirectly	ADV
cblr-9111	387	18	as	as	SCONJ
cblr-9111	387	19	a	a	DET
cblr-9111	387	20	client	client	NOUN
cblr-9111	387	21	are	be	AUX
cblr-9111	387	22	able	able	ADJ
cblr-9111	387	23	to	to	PART
cblr-9111	387	24	do	do	VERB
cblr-9111	387	25	so	so	ADV
cblr-9111	387	26	on	on	ADP
cblr-9111	387	27	fair	fair	ADJ
cblr-9111	387	28	and	and	CCONJ
cblr-9111	387	29	non	non	ADJ
cblr-9111	387	30	-	-	ADJ
cblr-9111	387	31	discriminatory	discriminatory	ADJ
cblr-9111	387	32	terms.146	terms.146	NOUN
cblr-9111	387	33	v.	v.	ADP
cblr-9111	387	34	conclusion	conclusion	NOUN
cblr-9111	387	35	since	since	SCONJ
cblr-9111	387	36	the	the	DET
cblr-9111	387	37	founding	founding	NOUN
cblr-9111	387	38	,	,	PUNCT
cblr-9111	387	39	the	the	DET
cblr-9111	387	40	treasury	treasury	NOUN
cblr-9111	387	41	market	market	NOUN
cblr-9111	387	42	has	have	AUX
cblr-9111	387	43	played	play	VERB
cblr-9111	387	44	—	—	PUNCT
cblr-9111	387	45	and	and	CCONJ
cblr-9111	387	46	continues	continue	VERB
cblr-9111	387	47	to	to	PART
cblr-9111	387	48	play	play	VERB
cblr-9111	387	49	—	—	PUNCT
cblr-9111	387	50	an	an	DET
cblr-9111	387	51	unparalleled	unparalleled	ADJ
cblr-9111	387	52	role	role	NOUN
cblr-9111	387	53	in	in	ADP
cblr-9111	387	54	the	the	DET
cblr-9111	387	55	u.s	u.s	PROPN
cblr-9111	387	56	.	.	PROPN
cblr-9111	387	57	economy	economy	NOUN
cblr-9111	387	58	and	and	CCONJ
cblr-9111	387	59	the	the	DET
cblr-9111	387	60	global	global	ADJ
cblr-9111	387	61	financial	financial	ADJ
cblr-9111	387	62	system.147	system.147	NOUN
cblr-9111	387	63	we	we	PRON
cblr-9111	387	64	would	would	AUX
cblr-9111	387	65	expect	expect	VERB
cblr-9111	387	66	the	the	DET
cblr-9111	387	67	treasury	treasury	NOUN
cblr-9111	387	68	market	market	NOUN
cblr-9111	387	69	to	to	PART
cblr-9111	387	70	have	have	VERB
cblr-9111	387	71	strong	strong	ADJ
cblr-9111	387	72	structural	structural	ADJ
cblr-9111	387	73	features	feature	NOUN
cblr-9111	387	74	,	,	PUNCT
cblr-9111	387	75	if	if	SCONJ
cblr-9111	387	76	not	not	PART
cblr-9111	387	77	the	the	DET
cblr-9111	387	78	most	most	ADV
cblr-9111	387	79	transparent	transparent	ADJ
cblr-9111	387	80	and	and	CCONJ
cblr-9111	387	81	robust	robust	ADJ
cblr-9111	387	82	of	of	ADP
cblr-9111	387	83	any	any	DET
cblr-9111	387	84	financial	financial	ADJ
cblr-9111	387	85	market	market	NOUN
cblr-9111	387	86	.	.	PUNCT
cblr-9111	388	1	yet	yet	ADV
cblr-9111	388	2	,	,	PUNCT
cblr-9111	388	3	despite	despite	SCONJ
cblr-9111	388	4	the	the	DET
cblr-9111	388	5	strong	strong	ADJ
cblr-9111	388	6	leadership	leadership	NOUN
cblr-9111	388	7	of	of	ADP
cblr-9111	388	8	the	the	DET
cblr-9111	388	9	treasury	treasury	PROPN
cblr-9111	388	10	department	department	PROPN
cblr-9111	388	11	and	and	CCONJ
cblr-9111	388	12	the	the	DET
cblr-9111	388	13	federal	federal	PROPN
cblr-9111	388	14	reserve	reserve	PROPN
cblr-9111	388	15	bank	bank	PROPN
cblr-9111	388	16	of	of	ADP
cblr-9111	388	17	new	new	PROPN
cblr-9111	388	18	york	york	PROPN
cblr-9111	388	19	,	,	PUNCT
cblr-9111	388	20	the	the	DET
cblr-9111	388	21	treasury	treasury	NOUN
cblr-9111	388	22	market	market	NOUN
cblr-9111	388	23	lacks	lack	VERB
cblr-9111	388	24	some	some	PRON
cblr-9111	388	25	of	of	ADP
cblr-9111	388	26	the	the	DET
cblr-9111	388	27	basic	basic	ADJ
cblr-9111	388	28	structural	structural	ADJ
cblr-9111	388	29	features	feature	NOUN
cblr-9111	388	30	that	that	SCONJ
cblr-9111	388	31	other	other	ADJ
cblr-9111	388	32	advanced	advanced	ADJ
cblr-9111	388	33	markets	market	NOUN
cblr-9111	388	34	have	have	AUX
cblr-9111	388	35	adopted	adopt	VERB
cblr-9111	388	36	.	.	PUNCT
cblr-9111	389	1	this	this	DET
cblr-9111	389	2	article	article	NOUN
cblr-9111	389	3	contends	contend	VERB
cblr-9111	389	4	that	that	SCONJ
cblr-9111	389	5	aberration	aberration	NOUN
cblr-9111	389	6	can	can	AUX
cblr-9111	389	7	be	be	AUX
cblr-9111	389	8	largely	largely	ADV
cblr-9111	389	9	addressed	address	VERB
cblr-9111	389	10	by	by	ADP
cblr-9111	389	11	implementing	implement	VERB
cblr-9111	389	12	four	four	NUM
cblr-9111	389	13	reforms	reform	NOUN
cblr-9111	389	14	with	with	ADP
cblr-9111	389	15	well	well	ADV
cblr-9111	389	16	-	-	PUNCT
cblr-9111	389	17	established	establish	VERB
cblr-9111	389	18	benefits	benefit	NOUN
cblr-9111	389	19	:	:	PUNCT
cblr-9111	389	20	robust	robust	ADJ
cblr-9111	389	21	public	public	ADJ
cblr-9111	389	22	reporting	reporting	NOUN
cblr-9111	389	23	of	of	ADP
cblr-9111	389	24	trades	trade	NOUN
cblr-9111	389	25	,	,	PUNCT
cblr-9111	389	26	non	non	ADJ
cblr-9111	389	27	-	-	ADJ
cblr-9111	389	28	discriminatory	discriminatory	ADJ
cblr-9111	389	29	market	market	NOUN
cblr-9111	389	30	access	access	NOUN
cblr-9111	389	31	,	,	PUNCT
cblr-9111	389	32	appropriate	appropriate	ADJ
cblr-9111	389	33	oversight	oversight	NOUN
cblr-9111	389	34	over	over	ADP
cblr-9111	389	35	trading	trading	NOUN
cblr-9111	389	36	venues	venue	NOUN
cblr-9111	389	37	,	,	PUNCT
cblr-9111	389	38	and	and	CCONJ
cblr-9111	389	39	expanded	expand	VERB
cblr-9111	389	40	central	central	ADJ
cblr-9111	389	41	clearing	clearing	NOUN
cblr-9111	389	42	.	.	PUNCT
cblr-9111	390	1	as	as	SCONJ
cblr-9111	390	2	our	our	PRON
cblr-9111	390	3	young	young	ADJ
cblr-9111	390	4	nation	nation	NOUN
cblr-9111	390	5	fought	fight	VERB
cblr-9111	390	6	for	for	ADP
cblr-9111	390	7	its	its	PRON
cblr-9111	390	8	independence	independence	NOUN
cblr-9111	390	9	,	,	PUNCT
cblr-9111	390	10	alexander	alexander	PROPN
cblr-9111	390	11	hamilton	hamilton	PROPN
cblr-9111	390	12	argued	argue	VERB
cblr-9111	390	13	that	that	SCONJ
cblr-9111	390	14	strong	strong	ADJ
cblr-9111	390	15	national	national	ADJ
cblr-9111	390	16	markets	market	NOUN
cblr-9111	390	17	would	would	AUX
cblr-9111	390	18	be	be	AUX
cblr-9111	390	19	central	central	ADJ
cblr-9111	390	20	to	to	ADP
cblr-9111	390	21	that	that	DET
cblr-9111	390	22	fight	fight	NOUN
cblr-9111	390	23	.	.	PUNCT
cblr-9111	391	1	he	he	PRON
cblr-9111	391	2	wrote	write	VERB
cblr-9111	391	3	that	that	SCONJ
cblr-9111	391	4	it	it	PRON
cblr-9111	391	5	is	be	AUX
cblr-9111	391	6	“	"	PUNCT
cblr-9111	391	7	by	by	ADP
cblr-9111	391	8	introducing	introduce	VERB
cblr-9111	391	9	order	order	NOUN
cblr-9111	391	10	into	into	ADP
cblr-9111	391	11	our	our	PRON
cblr-9111	391	12	finances	finance	NOUN
cblr-9111	391	13	—	—	PUNCT
cblr-9111	391	14	by	by	ADP
cblr-9111	391	15	restor[]ing	restor[]e	VERB
cblr-9111	391	16	public	public	ADJ
cblr-9111	391	17	credit	credit	NOUN
cblr-9111	391	18	—	—	PUNCT
cblr-9111	391	19	not	not	PART
cblr-9111	391	20	by	by	ADP
cblr-9111	391	21	gaining	gain	VERB
cblr-9111	391	22	battles	battle	NOUN
cblr-9111	391	23	,	,	PUNCT
cblr-9111	391	24	that	that	SCONJ
cblr-9111	391	25	we	we	PRON
cblr-9111	391	26	are	be	AUX
cblr-9111	391	27	finally	finally	ADV
cblr-9111	391	28	to	to	PART
cblr-9111	391	29	gain	gain	VERB
cblr-9111	391	30	our	our	PRON
cblr-9111	391	31	object	object	NOUN
cblr-9111	391	32	.	.	PUNCT
cblr-9111	391	33	”148	”148	PUNCT
cblr-9111	392	1	but	but	CCONJ
cblr-9111	392	2	even	even	ADV
cblr-9111	392	3	as	as	SCONJ
cblr-9111	392	4	hamilton	hamilton	PROPN
cblr-9111	392	5	sought	seek	VERB
cblr-9111	392	6	to	to	PART
cblr-9111	392	7	develop	develop	VERB
cblr-9111	392	8	a	a	DET
cblr-9111	392	9	modern	modern	ADJ
cblr-9111	392	10	financial	financial	ADJ
cblr-9111	392	11	system	system	NOUN
cblr-9111	392	12	,	,	PUNCT
cblr-9111	392	13	he	he	PRON
cblr-9111	392	14	also	also	ADV
cblr-9111	392	15	acknowledged	acknowledge	VERB
cblr-9111	392	16	the	the	DET
cblr-9111	392	17	value	value	NOUN
cblr-9111	392	18	of	of	ADP
cblr-9111	392	19	lessons	lesson	NOUN
cblr-9111	392	20	from	from	ADP
cblr-9111	392	21	history	history	NOUN
cblr-9111	392	22	,	,	PUNCT
cblr-9111	392	23	emphasizing	emphasize	VERB
cblr-9111	392	24	alongside	alongside	ADP
cblr-9111	392	25	james	james	PROPN
cblr-9111	392	26	madison	madison	PROPN
cblr-9111	392	27	that	that	SCONJ
cblr-9111	392	28	“	"	PUNCT
cblr-9111	392	29	[	[	X
cblr-9111	392	30	e]xperience	e]xperience	NOUN
cblr-9111	392	31	is	be	AUX
cblr-9111	392	32	the	the	DET
cblr-9111	392	33	oracle	oracle	NOUN
cblr-9111	392	34	of	of	ADP
cblr-9111	392	35	truth	truth	NOUN
cblr-9111	392	36	.	.	PUNCT
cblr-9111	393	1	”149	”149	PUNCT
cblr-9111	393	2	as	as	SCONJ
cblr-9111	393	3	we	we	PRON
cblr-9111	393	4	continue	continue	VERB
cblr-9111	393	5	developing	develop	VERB
cblr-9111	393	6	and	and	CCONJ
cblr-9111	393	7	modernizing	modernize	VERB
cblr-9111	393	8	the	the	DET
cblr-9111	393	9	critical	critical	ADJ
cblr-9111	393	10	u.s	u.s	PROPN
cblr-9111	393	11	.	.	PROPN
cblr-9111	393	12	treasury	treasury	PROPN
cblr-9111	393	13	market	market	NOUN
cblr-9111	393	14	,	,	PUNCT
cblr-9111	393	15	we	we	PRON
cblr-9111	393	16	must	must	AUX
cblr-9111	393	17	also	also	ADV
cblr-9111	393	18	build	build	VERB
cblr-9111	393	19	on	on	ADP
cblr-9111	393	20	the	the	DET
cblr-9111	393	21	experience	experience	NOUN
cblr-9111	393	22	gained	gain	VERB
cblr-9111	393	23	in	in	ADP
cblr-9111	393	24	other	other	ADJ
cblr-9111	393	25	146	146	NUM
cblr-9111	393	26	see	see	NOUN
cblr-9111	393	27	fia	fia	PROPN
cblr-9111	393	28	principal	principal	PROPN
cblr-9111	393	29	traders	trader	NOUN
cblr-9111	393	30	group	group	NOUN
cblr-9111	393	31	,	,	PUNCT
cblr-9111	393	32	clearing	clear	VERB
cblr-9111	393	33	a	a	DET
cblr-9111	393	34	path	path	NOUN
cblr-9111	393	35	to	to	ADP
cblr-9111	393	36	a	a	DET
cblr-9111	393	37	more	more	ADV
cblr-9111	393	38	resilient	resilient	ADJ
cblr-9111	393	39	treasury	treasury	NOUN
cblr-9111	393	40	market	market	NOUN
cblr-9111	393	41	(	(	PUNCT
cblr-9111	393	42	2021	2021	NUM
cblr-9111	393	43	)	)	PUNCT
cblr-9111	393	44	9	9	NUM
cblr-9111	393	45	,	,	PUNCT
cblr-9111	393	46	https://www.fia.org/sites/default/files/2021-07/fiaptg_paper_resilient%20treasury%20market_final.pdf	https://www.fia.org/sites/default/files/2021-07/fiaptg_paper_resilient%20treasury%20market_final.pdf	NOUN
cblr-9111	394	1	[	[	X
cblr-9111	394	2	https://perma.cc/3sr8-jwed	https://perma.cc/3sr8-jwe	VERB
cblr-9111	394	3	]	]	PUNCT
cblr-9111	394	4	.	.	PUNCT
cblr-9111	395	1	147	147	NUM
cblr-9111	395	2	see	see	VERB
cblr-9111	395	3	supra	supra	PROPN
cblr-9111	395	4	note	note	NOUN
cblr-9111	395	5	1	1	NUM
cblr-9111	395	6	and	and	CCONJ
cblr-9111	395	7	accompanying	accompany	VERB
cblr-9111	395	8	text	text	NOUN
cblr-9111	395	9	.	.	PUNCT
cblr-9111	396	1	148	148	NUM
cblr-9111	396	2	letter	letter	NOUN
cblr-9111	396	3	from	from	ADP
cblr-9111	396	4	alexander	alexander	PROPN
cblr-9111	396	5	hamilton	hamilton	PROPN
cblr-9111	396	6	to	to	ADP
cblr-9111	396	7	robert	robert	PROPN
cblr-9111	396	8	morris	morris	PROPN
cblr-9111	396	9	,	,	PUNCT
cblr-9111	396	10	supra	supra	PROPN
cblr-9111	396	11	note	note	PROPN
cblr-9111	396	12	11	11	NUM
cblr-9111	396	13	.	.	NOUN
cblr-9111	396	14	149	149	NUM
cblr-9111	396	15	the	the	DET
cblr-9111	396	16	federalist	federalist	NOUN
cblr-9111	396	17	no	no	NOUN
cblr-9111	396	18	.	.	PROPN
cblr-9111	397	1	20	20	NUM
cblr-9111	398	1	(	(	PUNCT
cblr-9111	398	2	james	james	PROPN
cblr-9111	398	3	madison	madison	PROPN
cblr-9111	398	4	and	and	CCONJ
cblr-9111	398	5	alexander	alexander	PROPN
cblr-9111	398	6	hamilton	hamilton	PROPN
cblr-9111	398	7	)	)	PUNCT
cblr-9111	398	8	.	.	PUNCT
cblr-9111	399	1	no	no	INTJ
cblr-9111	399	2	.	.	PUNCT
cblr-9111	400	1	3:1368	3:1368	NUM
cblr-9111	400	2	]	]	X
cblr-9111	400	3	strenghtening	strenghtene	VERB
cblr-9111	400	4	the	the	DET
cblr-9111	400	5	treasury	treasury	NOUN
cblr-9111	400	6	market	market	NOUN
cblr-9111	400	7	1395	1395	NUM
cblr-9111	400	8	advanced	advanced	ADJ
cblr-9111	400	9	financial	financial	ADJ
cblr-9111	400	10	markets	market	NOUN
cblr-9111	400	11	.	.	PUNCT
cblr-9111	401	1	future	future	ADJ
cblr-9111	401	2	generations	generation	NOUN
cblr-9111	401	3	of	of	ADP
cblr-9111	401	4	americans	americans	PROPN
cblr-9111	401	5	deserve	deserve	VERB
cblr-9111	401	6	no	no	PRON
cblr-9111	401	7	less	less	ADJ
cblr-9111	401	8	.	.	PUNCT