facebook twitter email print
Event

The 2022 U.S. Treasury Market Conference

November 16, 2022

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.

WATCH THE CONFERENCE


Event Details

Date & Time

November 16, 2022
8:30am – 6:30pm EDT


Location

Federal Reserve Bank of New York
Auditorium, 12th Floor
33 Liberty Street
New York, NY


Audience

In-person attendance was by invitation only. The event was also available virtually, via a webcast.


Agenda
Agenda
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

Media

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.

Speakers

The Honorable Rostin Behnam, Chairman of the CFTC
The Honorable Rostin Behnam
Chairman
U.S. Commodity Futures Trading Commission


Rick Chan, PIMCO Managing Director and Portfolio Manager
Rick Chan
Managing Director and Portfolio Manager
PIMCO


Isaac Chang, Head of Central Execution, Global Fixed Income at Citadel
Isaac Chang
Head of Central Execution, Global Fixed Income
Citadel


Darrell Duffie, Adams Distinguished Professor of Management and Professor of Finance at the Graduate School of Business, Stanford University
Darrell Duffie
Adams Distinguished Professor of Management and Professor of Finance
Graduate School of Business, Stanford University


The Honorable Josh Frost, Assistant Secretary for Financial Markets at the U.S. Treasury
The Honorable Josh Frost
Assistant Secretary for Financial Markets
U.S. Department of the Treasury


The Honorable Gary Gensler, Chair of the SEC
The Honorable Gary Gensler
Chair
U.S. Securities and Exchange Commission


Kavi Gupta, Co-Head of Global Rates Trading and Counterparty Portfolio Management at Bank of America Securities
Kavi Gupta
Co-Head of Global Rates Trading and Counterparty Portfolio Management
Bank of America Securities


Beth Hammack, Co-Head of the Global Financing Group at Goldman Sachs
Beth Hammack
Co-Head of the Global Financing Group
Goldman Sachs


Nichola Hunter, Global Head of Fixed Income Sales at TP ICAP
Nichola Hunter
Global Head of Fixed Income Sales
TP ICAP


Laura Klimpel, General Manager of Fixed Income Clearing Corporation and Head of SIFMU Business Development at DTCC
Laura Klimpel
General Manager of Fixed Income Clearing Corporation and Head of SIFMU Business Development
DTCC


Donald Kohn of Brookings Institution
Donald Kohn
Robert V. Roosa Chair in International Economics
Brookings Institution


The Honorable Nellie Liang, Under Secretary for Domestic Finance at the U.S. Treasury
The Honorable Nellie Liang
Under Secretary for Domestic Finance
U.S. Department of the Treasury


Richard McVey, Chairman and CEO at MarketAxess
Richard McVey
Chairman and CEO
MarketAxess


Andrew Metrick, Janet L. Yellen Professor of Finance and Management at Yale School of Management
Andrew Metrick
Janet L. Yellen Professor of Finance and Management
Yale School of Management


Priya Misra, Head of Global Rates Strategy at TD Securities
Priya Misra
Head of Global Rates Strategy
TD Securities


Michelle Neal, Head of the Markets Group at the Federal Reserve Bank of New York
Michelle Neal
Head of the Markets Group
Federal Reserve Bank of New York


Lynn Paschen, Senior Portfolio Manager at Schwab Asset Management
Lynn Paschen
Senior Portfolio Manager
Schwab Asset Management


Rania Perry, Director of Treasury Markets at the Federal Reserve Bank of New York
Rania Perry
Director of Treasury Markets
Federal Reserve Bank of New York


Thomas Pluta, President-elect at Tradeweb Markets
Thomas Pluta
President-elect
Tradeweb Markets


Gerald D. Pucci, Jr., Managing Director, CEO BlackRock Execution Services, Global Head of Fixed Income low touch Trading, Global Head of Repo at BlackRock
Gerald D. Pucci, Jr.
Managing Director, CEO BlackRock Execution Services, Global Head of Fixed Income low touch Trading, Global Head of Repo
BlackRock


Brian Smith, Deputy Assistant Secretary for Federal Finance at the U.S. Department of the Treasury
Brian Smith
Deputy Assistant Secretary for Federal Finance
U.S. Department of the Treasury


Jeremy Stein, Moise Y. Safra Professor of Economics at Harvard University
Jeremy Stein
Moise Y. Safra Professor of Economics
Harvard University


John C. Williams, President and CEO of the Federal Reserve Bank of New York
John C. Williams
President and CEO
Federal Reserve Bank of New York


Nate Wuerffel, Head of Domestic Markets at the Federal Reserve Bank of New York
Nate Wuerffel
Head of Domestic Markets
Federal Reserve Bank of New York


Patricia Zobel, System Open Market Account Manager, Pro Tem at the Federal Reserve Bank of New York
Patricia Zobel
System Open Market Account Manager, Pro Tem
Federal Reserve Bank of New York


By continuing to use our site, you agree to our Terms of Use and Privacy Statement. You can learn more about how we use cookies by reviewing our Privacy Statement.   Close