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, October 2016 and November 2017 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. The Joint Member Agencies convened the fourth annual conference on the evolution of the U.S. Treasury market structure on Monday, December 3, 2018 at the Federal Reserve Bank of New York.
The keynote addresses and expert panels at this year's conference covered a range of topics related to the Treasury market. Participants, including academics and representatives from the public and private sectors, discussed how markets may be affected in the coming years.
Featured speakers at this year's conference included:
- John C. Williams, President and CEO, Federal Reserve Bank of New York
- The Honorable J. Christopher Giancarlo, Chairman, U.S. Commodity Futures Trading Commission
- The Honorable Lael Brainard, Governor, Board of Governors of the Federal Reserve System
- Craig Phillips, Counselor to the Secretary, U.S. Department of the Treasury
Topics included:
- Analysis of U.S. Treasury security transactions data
- Clearing and settlement in the Treasury security market
- Analytical approaches to government debt issuance
- Developments in Treasury security repo markets and reference rate reform
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
December 3, 2018
Federal Reserve Bank of New York
33 Liberty Street
New York, NY
Attendance was by invitation only. This event was available via webcast.
Panel: A Modeling Perspective on Debt Issuance
Presentation by Brian Sack, DE Shaw Speech: The Structure of the Treasury Market: What Are We Learning?
Presentation by Governor Lael Brainard, Federal Reserve Board of Governors Panel: Clearing and Settlement in the Secondary Market for U.S. Treasuries
Presentation by Dan Dufresne, Citadel, and Deirdre Dunn, Citigroup Speech: Treasury Keynote Address on TRACE
Presentation by Craig Phillips, Counselor to the Secretary, U.S. Department of the Treasury
Media
This event was open to the media and on the record, though space was limited. For media inquiries, please contact Suzanne Elio at the New York Fed, suzanne.elio@ny.frb.org or (212) 720-6449.
