Flash Boys Face Fund Managers in Treasury-Market Feud Over Data

There’s a battle raging in the $23 trillion US Treasury market, and it’s not over the trajectory of interest rates.

Rather, it’s all about data.

On one side, you have high-speed traders, hedge funds and electronic market makers. On the other, some of the biggest US banks and asset managers. At issue: whether the publication of real-time transaction figures will help or harm a market already suffering from faltering liquidity.

Responding to a sweeping request for information from the Treasury Department, firms such as Citadel,Jane Street Capital and Virtu Financial argued that more transparency would spark better pricing, ...