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 will convene the 11th annual conference on November 12, 2025, 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 and include representatives from the Joint Member Agencies as well as the public and private sectors.
November 12, 2025
8:30am-6:00pm
Federal Reserve Bank of New York
33 Liberty Street
New York, NY
In-person attendance will be by invitation only. The event will also be available virtually, with a live webcast available on this page by the morning of the event. A recording of the event will be uploaded soon after.
This event is on the record and open to media. For media inquiries, please contact Shelley Pitterson at the New York Fed at Shelley.Pitterson@ny.frb.org.
| 8:30am-9:15am | Check-In and Breakfast |
| 9:15am-9:20am | Conference Overview |
| 9:20am-9:35am | Remarks John Williams, President and Chief Executive Officer, Federal Reserve Bank of New York | Remarks |
| 9:35am-10:25am | Panel: Operational Resiliency in Treasury Markets Moderator: Casey Spezzano, Head of U.S. Trading and Sales, NatWest Markets Panelists: Christopher Crocitto, Senior Vice President, Goldman Sachs Douglas Friedman, Chief Legal Officer, Tradeweb Markets Ann Marcus, Managing Director, Resiliency Lead, Clearance and Collateral Management Platforms, BNY Robert Toomey, Head of Capital Markets, Managing Director and Associate General Counsel, SIFMA Cory Wilson, Deputy Assistant Secretary for the Office of Cybersecurity and Critical Infrastructure Protection, Department of the U.S. Treasury |
| 10:25am-10:45am | Break |
| 10:45am-11:10am | Remarks Scott Bessent, Secretary, U.S. Department of the Treasury | Remarks |
| 11:10am-12:05pm | Panel: Enhancements to Treasury Buyback Program Moderator: G. Hunter McMaster II, PDO Assistant Secretary of Treasury for Financial Markets, U.S. Department of the Treasury Panelists: Jay Barry, Head of Global Rates Strategy, J.P. Morgan Rick Chan, Managing Director and Portfolio Manager, PIMCO Daniel Guariglia, Global Head of U.S. Treasury Trading, BMO Capital Markets Scott Rofey, Global Head of Rates, Macro and Commodities Risk, Millennium Management Anshul Sehgal, Global Co-Head of Fixed Income, Currency and Commodities, Goldman Sachs |
| 12:05pm-1:50pm | Lunch |
| 1:50pm-2:50pm | Panel: Implementation of Central Clearing in Treasury Markets Moderator: Ellen Correia Golay, Policy Advisor, Federal Reserve Bank of New York Panelists: Brett Davis, Head of North America Repo Financing, Blackrock Elizabeth Fitzgerald, Assistant Director, Office of Clearing and Settlement, U.S. Securities and Exchange Commission Laide Majiyagbe, Global Head of Liquidity, Financing and Collateral, BNY Barrie Ringelheim, Managing Director, Citigroup Edward Zerella, Director and Head of Americas Business Transformation, Societe Generale |
| 2:50pm-3:30pm | Break |
| 3:30pm-3:50pm | Remarks Mark Uyeda, Commissioner, U.S. Securities and Exchange Commission | Remarks |
| 3:50pm-4:10pm | Closing Remarks Roberto Perli, System Open Market Account Manager, Federal Reserve Bank of New York | Remarks |
| 4:10pm-6:00pm | Reception |
