The U.S. Treasury market is increasingly aligning with stock-market trading conventions, easing a long-standing pricing-time mismatch that has at times troubled fund managers. According to Sina Finance, the New York Fed's latest research showed that the share of Treasury trades occurring at 4 p.m. New York time has risen steadily over the past few years.

According to Sina Finance, the trend accelerated after 2021, when Bloomberg Index Services Ltd shifted the closing pricing time for its U.S. bond benchmark index from 3 p.m. New York time to 4 p.m. The researchers, Michael J. Fleming and Or Shachar, wrote that index pricing conventions have a material effect on when U.S. Treasury trades occur.

U.S. stock market trading runs from 9:30 a.m. to 4 p.m. New York time. Unlike stocks, U.S. Treasuries trade over the counter and do not have an exchange-set closing time, although index providers' pricing rules can effectively create a stock-like closing mechanism. Bloomberg Index Services Ltd is a subsidiary of Bloomberg LP.