The US Treasury bond market is moving closer to the stock market's trading practices, thereby mitigating the long-standing pricing timing mismatch problem, which has plagued fund managers from time to time in the past. Recent research by the Federal Reserve Bank of New York shows that over the past few years, the share of US bond transactions that occurred at 4 p.m. New York time has continued to rise. This trend further accelerated after 2021, when Bloomberg Index Services adjusted the closing price of its US bond benchmark index from 3 p.m. to 4 p.m. New York time. This change is part of a long-term evolution of the bond market gradually moving closer to the stock market. The US stock market trading hours are 9:30 a.m. to 4 p.m. New York time. Unlike stocks, US Treasury bonds are an OTC market, and there is no closing time specified by the exchange. But index providers' pricing rules can actually form a trading mechanism similar to the closing of a stock market.

The US Treasury bond market is moving closer to the stock market's trading practices, thereby mitigating the long-standing pricing timing mismatch problem, which has plagued fund managers from time to time in the past. Recent research by the Federal Reserve Bank of New York shows that over the past few years, the share of US bond transactions that occurred at 4 p.m. New York time has continued to rise. This trend further accelerated after 2021, when Bloomberg Index Services adjusted the closing price of its US bond benchmark index from 3 p.m. to 4 p.m. New York time. This change is part of a long-term evolution of the bond market gradually moving closer to the stock market. The US stock market trading hours are 9:30 a.m. to 4 p.m. New York time. Unlike stocks, US Treasury bonds are an OTC market, and there is no closing time specified by the exchange. But index providers' pricing rules can actually form a trading mechanism similar to the closing of a stock market.