Regulators are looking to broaden trading in the immense $24tn market for US Treasury securities, a potential power shift away from the small club of big banks that have dominated the market for decades, according to a federal report released Thursday.

Regulators have been on heightened alert about the stability of the market since March 2020, when Covid 19 disrupted the economy and markets, freezing up trading in Treasury securities. Recent volatility in the Treasury market has added to concerns.