Matrix Applications CEO James Tabacchi Participates in Congressional Hearing on Treasury Market Structure

Matrix Applications is proud to recognize the leadership of our Chief Executive Officer, James Tabacchi, who participated in the U.S. House Financial Services Committee hearing titled “Examining Primary Dealers and Balance Sheet Constraints” on December 2, 2025.

Tabacchi also appeared in his capacity as Founder/Chairman of the Independent Dealer and Trader Association (IDTA), representing the perspectives of independent, non-bank broker-dealers operating across the U.S. Treasury and financing markets. South Street Securities LLC is a member firm of the IDTA and all members can be viewed here: https://www.idtassoc.com/#member-firms.

The full livestream video of the hearing can be accessed with the link below:
https://www.youtube.com/watch?v=xjzi9DKw2HY&embeds_referring_euri=https%3A%2F%2Fwww.bing.com%2F&embeds_referring_origin=https%3A%2F%2Fwww.bing.com&source_ve_path=Mjg2NjY

During the hearing, Tabacchi highlighted:

The critical role of independent dealers in providing liquidity, especially during periods when large bank-affiliated institutions face balance-sheet constraints.
The importance of a more diversified and resilient Treasury market, including consideration for broader participation in the primary dealer framework.
The need for expanded access to tools such as the Standing Repo Facility, which can enhance the stability and efficiency of Treasury funding markets.

Below are key quotes from Tabacchi’s testimony. To read the full version, please visit: https://docs.house.gov/meetings/BA/BA00/20251202/118709/HHRG-119-BA00-Wstate-TabacchiJ-20251202.pdf

“The Independent Dealer and Trader Association (“IDTA”) appreciates this opportunity to testify before the Task Force on Monetary Policy, Treasury Market Resilience and Economic Prosperity on the Primary Dealer program and how well it is operating to achieve robust liquidity for the US Treasury securities and Repurchase Agreement (“Repo”) markets.”
“As a group of middle-market firms, we have seen a reduction in competition in these markets and an increase in concentration of risk over the last several years.”
“IDTA members are often countercyclical providing liquidity and balance sheet capacity at times when the largest systemically important financial institutions (SIFIs) have balance-sheet constraints during certain times of the year (e.g., quarter end).”
“Non-bank independent broker dealers are not as constrained by balance sheet considerations during these periods of stress … Independent broker dealers are both willing and able to provide liquidity in these scenarios and can help prevent bottlenecks in funding in the Repo market.”
“It therefore does not seem like a bold suggestion that the US Treasury and FRBNY should expand the Primary Dealer program to include more non-bank registered broker dealers.”

About the Independent Dealer Trader Association (IDTA)

IDTA is a forum for independent dealers and traders to discuss and consider the impact of market operational issues on their industry sector and to advocate for constructive solutions that promote the liquidity and efficiency of capital markets.

To view the announcement by IDTA, please visit:

About South Street Securities Holdings Inc.

South Street Securities Holdings Inc. operates through its wholly owned subsidiaries. Affiliates include South Street Securities LLC, a FINRA and SIPC member who holds a FICC Tier 1 membership and is focused on repo dealer financing US Treasuries, Agency MBS, TBA Mortgage Origination Hedging, Equity Finance and Algorithmic Trade Execution, Matrix Applications LLC, a technology and back-office services company, AmeriVet Securities, Inc., a FINRA and SIPC member who operates an SEC registered Service-Disabled Veteran-Owned broker-dealer, and GX2 Systems LLC, a fintech software development company that engineers electronic trading solutions for the fixed income and futures markets.

About Matrix Applications LLC

Matrix Applications LLC is a New York-based fintech service bureau that offers a suite of collateral management, margining and clearing systems for institutional fixed income trading and equities securities lending. Comprised of a team of capital markets and systems professionals, Matrix Applications delivers financial technology solutions to institutional firms of all sizes. Since 2000, the company has worked hands-on with clients to identify an optimal mix of services to best fit their needs, from systems to back-office operations assistance. With in-house and offshore developers, Matrix Applications provides clients with the right technology at the right price while leveraging extensive technical experience and a deep network to deliver bespoke managed services.