Event

The Evolving Structure of the U.S. Treasury Market: Third Annual Conference

November 28, 2017

The U.S. Treasury market is the deepest and most liquid government securities market in the world. Because of the Treasury market's unique role in the global economy, its liquidity and functioning have implications for the cost of financing the government, the market's role as a risk-free benchmark for pricing financial instruments, the costs borne by investors transacting in the Treasury market, and the implementation of monetary policy.

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 (Joint Member Agencies) held conferences in October 2015 and October 2016 to explore an array of questions on these issues, which followed the Joint Staff Report: The U.S. Treasury Market on October 15, 2014, released in July 2015.

This year's conference will be an opportunity to review current Treasury market structure and related policy topics, including the evolution of repo markets, clearing, and settlement practices for Treasury securities, and data reporting. Participants, including academics and representatives from the public and private sectors, will discuss how markets may be affected by these changes in the coming years.

Sponsors
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

Event Details
Date & Time
Tuesday, November 28
8:00 a.m. - 6:00 p.m.
Location
Federal Reserve Bank of New York
33 Liberty Street
New York, NY 10045
Audience

Audience is by invitation only.
Watch the webcast.

Agenda

Download the full agenda. pdf

Speakers' Remarks

William C. Dudley
President and CEO, Federal Reserve Bank of New York

The Honorable Steven Mnuchin
Secretary, U.S. Department of the Treasury

The Honorable Jay Clayton
Chairman, U.S. Securities and Exchange Commission

The Honorable J. Christopher Giancarlo
Chairman, U.S. Commodity Futures Trading Commission

Craig Phillips
Counselor to the Secretary, U.S. Department of the Treasury

Presentations

Panel: Clearing and Settlement in the Treasury Market  pdf
Presentation by Treasury Market Practices Group

Presentation: TRACE Data Update pdf
Presentation by Craig Phillips, U.S. Department of the Treasury

Speech: The Importance of Large Trade Size Liquidity in U.S. Financial Markets pdf
Presentation by Chairman Giancarlo, U.S. Commodity Futures Trading Commission

Media

This event is open to the media and on the record, though space is limited. To register, please contact Suzanne Elio at the New York Fed, suzanne.elio@ny.frb.org or (212) 720-6449.