Event

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

December 03, 2018

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 will convene 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 will cover a range of topics related to the Treasury market. Participants, including academics and representatives from the public and private sectors, will discuss how markets may be affected in the coming years.

Featured speakers at this year's conference will include:

  • 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 will include:

  • 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

Event Details

Date & Time
December 3, 2018

Location
Federal Reserve Bank of New York
33 Liberty Street
New York, NY

Audience
Attendance is by invitation only. This event will be available via webcast.

Agenda
Download the agendapdf

Presentations
Panel: A Modeling Perspective on Debt Issuance pdf
Presentation by Brian Sack, DE Shaw
Speech: The Structure of the Treasury Market: What Are We Learning? pdf
Presentation by Governor Lael Brainard, Federal Reserve Board of Governors
Panel: Clearing and Settlement in the Secondary Market for U.S. Treasuries pdf
Presentation by Dan Dufresne, Citadel, and Deirdre Dunn, Citigroup
Speech: Treasury Keynote Address on TRACE pdf
Presentation by Craig Phillips, Counselor to the Secretary, U.S. Department of the Treasury

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.