The U.S. Treasury market is the deepest and most liquid government securities market in the world. It plays a critical and unique role in the global economy, serving as the primary means of financing the U.S. federal government, a significant investment instrument and hedging vehicle for global investors, a risk-free benchmark for other financial instruments, and an important market for the Federal Reserve’s implementation of monetary policy.
Since 2015, 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) have co-hosted an annual conference to examine ongoing developments in the U.S. Treasury market.
The Joint Member Agencies convened the eighth annual conference on Wednesday, November 16, 2022, 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 and included representatives from the Joint Member Agencies as well as the public and private sectors.
November 16, 2022
8:30am – 6:30pm EDT
Federal Reserve Bank of New York
Auditorium, 12th Floor
33 Liberty Street
New York, NY
In-person attendance was by invitation only. The event was also available virtually, via a webcast.
| 8:30am-9:40am | Check-In and Continental Breakfast |
| 9:40am-9:45am | Welcome Michelle Neal, Head of the Markets Group, Federal Reserve Bank of New York |
| 9:45am-9:50am | Conference Overview Brian Smith, Deputy Assistant Secretary for Federal Finance, U.S. Department of the Treasury Rania Perry, Director of Treasury Markets, Federal Reserve Bank of New York |
| 9:50am-10:05am | New York Fed Keynote Address John Williams, President and Chief Executive Officer, Federal Reserve Bank of New York | Remarks |
| 10:05am-10:50am | Panel: Central Clearing A discussion on the potential benefits and costs of broader central clearing in the U.S. Treasury market. Moderator: Josh Frost, Assistant Secretary for Financial Markets, U.S. Department of the Treasury Kavi Gupta, Co-Head of Global Rates Trading and Counterparty Portfolio Management, Bank of America Securities Laura Klimpel, General Manager of Fixed Income Clearing Corporation & Head of SIFMU Business Development, DTCC Lynn Paschen, Senior Portfolio Manager, Schwab Asset Management Gerald Pucci, Jr., Managing Director, CEO BlackRock Execution Services, Global Head of LTT Fixed Income Trading, Global Head of Repo, BlackRock |
| 10:50am-11:15am | Break |
| 11:15am-11:35am | Treasury Keynote Address Nellie Liang, Under Secretary for Domestic Finance, U.S. Department of the Treasury | Remarks |
| 11:35am-1:05pm | Lunch |
| 1:05pm-2:05pm | Panel: All-to-All Trading A discussion on why all-to-all trading has not become more widespread in the Treasury market, the potential impact a broader adoption could have on Treasury market resilience, as well as key factors that could make broader adoption of all-to-all trading more likely. Moderator: Nate Wuerffel, Head of Domestic Markets, Federal Reserve Bank of New York Rick Chan, Managing Director and Portfolio Manager, PIMCO Isaac Chang, Head of Central Execution, Global Fixed Income, Citadel Darrell Duffie, Adams Distinguished Professor of Management and Professor of Finance, Stanford University Nichola Hunter, Global Head of Fixed Income Sales, TP ICAP Richard McVey, Chairman and CEO, MarketAxess Priya Misra, Head of Global Rates Strategy, TD Securities Thomas Pluta, President-elect, Tradeweb Markets |
| 2:05pm-2:35pm | SEC Keynote Address Gary Gensler, Chair, U.S. Securities and Exchange Commission | Remarks |
| 2:35pm-3:00pm | Break |
| 3:00pm-3:45pm | Panel: Official Versus Private Sector Roles with Liquidity A discussion on the appropriate roles for the official sector versus the private sector in ensuring resiliency and liquidity in the Treasury market. Moderator: Donald Kohn, Robert V. Roosa Chair in International Economics, Brookings Institution Beth Hammack, Co-Head of the Global Financing Group, Goldman Sachs Andrew Metrick, Janet L. Yellen Professor of Finance and Management, Yale School of Management Jeremy Stein, Moise Y. Safra Professor of Economics, Harvard University |
| 3:45pm-4:05pm | Break |
| 4:05pm-4:35pm | CFTC Keynote Address Rostin Behnam, Chairman, U.S. Commodity Futures Trading Commission | Remarks |
| 4:35pm-4:40pm | Closing Remarks Patricia Zobel, System Open Market Account Manager, Pro Tem, Federal Reserve Bank of New York |
| 4:40pm-6:30pm | Reception |
This event was on the record and open to media. For media inquiries, please contact Brian Manning at the New York Fed at brian.manning@ny.frb.org.
