The difference between on-the-run and off-the-run U.S. Treasury securities is that on-the-run Treasury securities are:
A.
traded only in the primary market, while off-the-run Treasury securities are traded only in the secondary market.
B.
enerally less actively traded than off-the-run Treasury securities and provide less reliable market yields.
C.
the most recently auctioned Treasury securities in each maturity, while off-the-run Treasury securities are issues auctioned previously.