In order to better understand the key factors underlying the evolution of the Treasury market’s current structure and liquidity, the U.S. Department of the Treasury, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, the U.S. Securities and Exchange Commission, and the U.S. Commodity Futures Trading Commission will hold a conference to explore an array of questions. The conference will consist of a variety of panels on subjects ranging from the Joint Staff Report on October 15, automated and algorithmic trading, market making, liquidity, end investor perspectives on market structure, operational risks, repo markets, academic and practitioner perspectives on potential improvements to market structure, and regulatory requirements applicable to the government securities market. The conference will include prominent industry and academic experts and will feature remarks by several authorities in the official sector.
U.S. Department of the Treasury
Board of Governors of the Federal Reserve System
Federal Reserve Bank of New York
U.S. Securities and Exchange Commission
U.S. Commodity Futures Trading Commission
October 20-21, 2015
Federal Reserve Bank of New York
33 Liberty Street
New York, NY
Audience is by invitation only. Download the attendee list.
Download the agenda.
Download the conference summary.
William C. Dudley
President, Federal Reserve Bank of New York
The Honorable Mary Jo White
Chair, U.S. Securities and Exchange Commission
The Honorable Timothy Massad
Chairman, U.S. Commodity Futures Trading Commission
The Honorable Jerome Powell
Governor, Board of Governors of the Federal Reserve System
Counselor to the Secretary, U.S. Department of the Treasury
Acting Assistant Secretary for Financial Markets, U.S. Department of the Treasury
Panel: The Joint Staff Report on October 15 and Recent Analytical Findings
Joint Staff Report: The U.S. Treasury Market on October 15
Presentation by Nate Wuerffel
A Preliminary Look at Dealer-to-Customer Markets on October 15, 2014
Presentation by Ernst Schaumburg
Treasury Event: Further Analysis
Presentation by Richard Haynes
Panel: Has Liquidity Changed in the U.S. Treasury Market?
Has Liquidity Changed in the U.S. Treasury Market?
Presentation by Michael Fleming, Charles Jones, Torsten Slok
Panel: Academic Round – Can the Current Structure Be Improved?
High Frequency Market Making
Presentation by Yacine Ait-Sahalia
A Market Design Perspective on the HFT Debate: The Case for Frequent Batch Auctions
Presentation by Eric Budish
Treasuries: What Lessons Might Carry Over from Other Markets?
Presentation by Joel Hasbrouck
Joint Staff Report on the U.S. Treasury Market October 15, 2014
Brookings Institute: Are there structural issues in U.S. bond markets? (August 3, 2015)
Remarks by Counselor to the Secretary Antonio Weiss at the Brookings Institute
Governor Jerome H. Powell: “Structure and Liquidity in Treasury Markets”
This event is open to the media (see below for guidelines), though space is limited. To register, please contact Suzanne Elio at the New York Fed, firstname.lastname@example.org or (212) 720-6449.
Chatham House Rule will be in effect for the entire conference, except for the welcoming, introductory, keynote and concluding remarks by senior officials, which will be on the record.
Chatham House Rule dictates that participants and the media are free to use the information received, but are not able to report on or disclose the identity or the affiliation of the speaker(s), or that of any other participant.