the next ten years. interestingly, treasury bonds were traded on the new york stock exchange during the late 1910s and early 1920s, as the market grew with wartime financing needs. however, trading migrated to an over - the - counter market in the first half of the 1920s, in part because institutional investors, who were becoming an increasingly important part of the treasury ’ s investor base, found it a more efficient means of transferring risk. bis central bankers ’ speeches the interdealer treasury market has undergone significant changes over its life and looks very different now than it did in recent decades. one obvious change is technological. as early as the mid - 1970s, dealers would use brokerage screens as sources of aggregated information on the best bids and offers, but through the 1990s they continued to conduct transactions through voice channels. this practice began to change around the turn of the twenty - first century, when electronic means of transacting began to grow. now, of course, nearly all trades are conducted electronically in the interdealer market, with transactions occurring via computer systems another important change in the interdealer treasury market relates to the issue of access. until 1992, only primary dealers, as designated by the federal reserve bank of new york, had direct access to the interdealer brokerage platforms. 6 owing partly to the advent of direct bidding in treasury auctions and the effects of the salomon brothers bidding scandal the year before, the interdealer brokers expanded access beyond primary dealers to all entities who were netting members of the government securities clearing corporation ( now the fixed income clearing corporation, or ficc ). over time, other entities also gained effective access to the platforms through their prime brokers, who themselves had direct access. in more recent years, interdealer brokers have granted access to an even wider range of participants, including participants outside the ficc netting membership. a third change is the availability of close substitutes to on - the - run treasuries, which, as noted above, account for the great majority of trading in interdealer markets. historically, onthe - run treasuries had a limited number of close substitutes as a highly liquid, credit - riskfree, dollar - denominated fixed - income instrument. today, however, dealers and investors can transact in a variety of instruments that closely resemble the risk and liquidity properties of on - the - run treasuries, including libor -

o ’ neill has observed, banking requires more than just technical competence. 5 bankers must reproduce their efforts and results with reliability. and, above all, bankers must be honest. they must do what they say and say what they mean. this is necessary for the financial system to be viewed as trustworthy. without that, the financial industry cannot be effective in performing its key roles. cultivating these three traits emphasized by onora o ’ neill — competence, reliability and honesty — will help enable you to have a personally fulfilling career. the best doctors or lawyers do their work not only because it pays well, but because it is interesting and contributes an important service to society. i hope you feel the same about what you do. and if you don ’ t, i urge you to consider how your industry can become more professionally fulfilling. what is needed for you to feel better about your work, to sleep more soundly, to worry less about the risk posed to your business by potential misconduct? your professional fulfillment will grow if you also contribute to promoting these qualities in others — that is, by helping to improve the culture of financial services. it is easier to be smart, dependable and trustworthy when you are surrounded by other people who also fit that description. my second message is to reject the idea that a separate regime of ethics or morality applies in banking. i ’ m sure you have heard this, or perhaps even thought this, at some point in your career. 3 / 6 bis central bankers'speeches let it end there. we often teach our children by asking them if they would engage in that type of behavior at home. this is good professional advice as well. bankers have been criticized for their ethical and moral shortcomings. that criticism has legitimate grievances at its roots. there have been far too many instances in which bankers have not lived up to expectations. but it is also true — and i ’ m sure you have experienced this — that you have advanced in your careers because you have demonstrated personal attributes that anyone would be proud to possess. i mentioned before honesty, competence and reliability. you could add to that list hard work, perseverance and responsiveness. moreover, if you are like me, your careers will have benefitted from teamwork — the good fortune to work with capable colleagues. individual effort is essential, but success often depends as well on the contributions of others. 6 whatever list you have come up with, make sure that teamwork is among your core