On July 9, the Federal Reserve Bank of New York and The Clark Center for Global Markets at the University of Chicago Booth School of Business will host a joint workshop bringing together academics, industry experts, and current and former central bankers to discuss the opportunities and risks from innovations in payments, trading, clearing and settlements. Central bankers have a direct interest in understanding these developments as they have the potential to impact the operation of central bank services and monetary policy implementation.
Event Details
Date & Time
July 9, 2026
8:00am-6:00pm EDT
July 9, 2026
8:00am-6:00pm EDT
Location
Federal Reserve Bank of New York
33 Liberty Street
New York, NY 10045
Federal Reserve Bank of New York
33 Liberty Street
New York, NY 10045
Audience
Attendance is in-person and by invitation only.
Attendance is in-person and by invitation only.
Conference Organizers
Marco Cipriani, Federal Reserve Bank of New York
Anil Kashyap, University of Chicago Booth School of Business
Roberto Perli, Federal Reserve Bank of New York
Julie Remache, Federal Reserve Bank of New York
Marco Cipriani, Federal Reserve Bank of New York
Anil Kashyap, University of Chicago Booth School of Business
Roberto Perli, Federal Reserve Bank of New York
Julie Remache, Federal Reserve Bank of New York
Contact
For questions on the Future of Market Liquidity and Functioning Workshop, please contact: ny.researchconference@ny.frb.org.
For questions on the Future of Market Liquidity and Functioning Workshop, please contact: ny.researchconference@ny.frb.org.
Media
This event is open to press in-person and will be on record.
Media who wish to attend must register by contacting Shelley Pitterson at the New York Fed at shelley.pitterson@ny.frb.org.
Agenda
Agenda
| 8:00am-8:50am | Registration and Continental Breakfast |
| 8:50am-9:00am | Welcome Remarks Julie Remache, Deputy Manager of the System Open Market Account (SOMA) and Head of Market and Portfolio Analysis, Federal Reserve Bank of New York |
| 9:00am-9:45am | Keynote Moderated Discussion Moderator: Greg Ip, Chief Economics Commentator, Wall Street Journal John C. Williams, President and CEO, Federal Reserve Bank of New York |
| 9:45am-10:15am | Coffee Break |
| 10:15am-12.00pm | Panel: The Future of Payments and the Impacts on Liquidity Management
Moderator: Morten Bech, Head of BIS Innovation Hub Swiss Center, Bank for International Settlements An Efficient Liquidity Savings Mechanism Presenter: Darrel Duffie, Professor of Management and Finance, Stanford University (with Srisht Singh, Ph.D. Candidate, University of Toronto; and Chaojun Wang, Assistant Professor of Finance, Wharton School) The Long-Term Impact of Stablecoins on the Global Financial System— A European Perspective Presenter: Ulrich Bindseil, Professor, Technische Universität Berlin (with Giorgio Mondini, Ph.D. Candidate, Frankfurt School of Finance and Management; and Romain Meuwissen and Martin Rohar, Financial Sector and Market Experts at the European Financial Stability Mechanism) Discussants: Sam Schulhofer-Wohl, Senior Vice President and Senior Advisor, Federal Reserve Bank of Dallas Eric Budish, Paul G. McDermott Professor of Economics and Entrepreneurship, Chicago Booth |
| 12:00pm-1:15pm | Lunch and Remarks Antoine Martin, Vice Chairman of the Governing Board, Swiss National Bank |
| 1:30pm-3:00pm | Panel: Market Liquidity and Leverage in a Digital Age Moderator: Lorie Logan, President and CEO, Federal Reserve Bank of Dallas Panelists: Roberto Perli, System Open Market Account Manager, Federal Reserve Bank of New York Jay Kahn, Principal Economist, Federal Reserve Board of Governors Don R. Wilson, Founder and CEO, DRW |
| 3:00pm-3:30pm | Coffee Break |
| 3:30pm-4:30pm | Panel: The Future of Clearing and Settlement Moderator: Sarah Breeden, Deputy Governor for Financial Stability, Bank of England Panelists: Haoxiang Zhu, Gordon Y Billard Associate Professor of Management and Finance, MIT Sloan School of Management Elizabeth Klee, Deputy Director of Monetary Affairs, Board of Governors of the Federal Reserve System Stephen Berger, Managing Director of Government and Regulatory Policy, Citadel |
| 4:30pm-4:45pm | Closing Remarks Anil Kashyap, Stevens Distinguished Service Professor of Economics and Finance, Chicago Booth |
| 4:45pm-6:00pm | Reception |
