Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

Well, the early return has to be returned early in the morning. Also, we know anecdotally, and the data seem to support it, that most of that trading takes place roughly 24 hours before delivery. Now that’s a characterization of a very small segment of the market. To have a true 24-hour market, you would have to presume that 10:00 a.m. trades are returned by 10:00 a.m. the next day and 11:00 a.m. trades by 11:00 a.m. the next day. That’s a level of exactness that I’m not sure can be replicated—or monitored, for that matter.

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