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 12th annual conference on September 22, 2026, at the New York Fed. The keynote addresses and expert panels at the conference will cover a range of topics related to the Treasury market. They will include representatives from the Joint Member Agencies as well as the public and private sectors.
Date
September 22, 2026
Location
Federal Reserve Bank of New York
33 Liberty Street
New York, NY
Audience
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. For general inquiries regarding this event, please contact ny.mkt.treasury.conference@ny.frb.org.
Media
This event is on the record and open to media. Media who wish to attend in-person must register by contacting Shelley Pitterson at Shelley.Pitterson@ny.frb.org.
| 8:30am–10:00am | Check-In and Breakfast |
| 10:00am–10:05am | Conference Overview (00:00:26) Ellen Correia Golay, Policy Advisor, Federal Reserve Bank of New York Brian Smith, Deputy Assistant Secretary for Federal Finance, U.S. Department of the Treasury |
| 10:05am–10:20am | Remarks (00:03:50) John Williams, President and Chief Executive Officer, Federal Reserve Bank of New York | Remarks |
| 10:20am–10:40am | Remarks (00:13:34) Philip N. Jefferson, Vice Chair, Board of Governors of the Federal Reserve System | Remarks |
| 10:40am–11:05am | Break |
| 11:05am–11:20am | Remarks (00:31:34) Francis Brooke, Deputy Secretary of the Treasury, U.S. Department of the Treasury | Remarks |
| 11:20am–12:10pm | Panel: Investing Treasury General Account Cash Balances in Repo (00:41:58) Moderator: G. Hunter McMaster II, Assistant Secretary for Financial Markets, U.S. Department of the Treasury Panelists: Richard Chambers, Partner, Global Banking & Markets, Goldman Sachs Jill Funk, Managing Director, Treasury and Chief Investment Office, J.P. Morgan Frank Gutierrez, Head of Portfolio Management and Trading, BNY Investments Dreyfus |
| 12:10pm–12:25pm | Remarks (01:38:12) Mark T. Uyeda, Commissioner, U.S. Securities and Exchange Commission | Remarks |
| 12:25pm–2:00pm | Lunch |
| 2:00pm–2:50pm | Panel: Electronic Trading and Central Clearing: Evolution in Treasury Cash Market (01:52:20) Moderator: Elizabeth Fitzgerald, Assistant Director, Office of Clearance and Settlement, U.S. Securities and Exchange Commission Panelists: Deirdre Dunn, Managing Director, Global Head of Rates, Citi Corey Friedberg, Global Head of Fixed Income Financing, Millennium Elisabeth Kirby, Head of Market Structure, Tradeweb Adam Nunes, Head of Risk, Hudson River Trading Gabe Sciannella, Head of 1st Line Clearing Risk, Marex Andrew Weinman, Chief Operations Officer, BrokerTec Americas |
| 2:50pm–3:20pm | Break |
| 3:20pm–3:35pm | Remarks (02:40:51) Michael S. Selig, Chairman, Commodity Futures Trading Commission | Remarks |
| 3:35pm–4:25pm | Panel: Treasury Market Functioning After GENIUS: Stablecoins, Tokenized Deposits, and Short-Term Funding (02:54:54) Moderator: Jamie Selway, Director of the Division of Trading and Markets, U.S. Securities and Exchange Commission Panelists: Nadine Chakar, Managing Director, Global Head of DTCC Digital Assets, DTCC Walter Hessert, Head of Strategy, Paxos Sue Hill, Head of Government Liquidity Group, Senior Portfolio Manager, Federated Hermes Gordon Liao, Chief Economist and Head of Research, Circle Gerald Pucci, Managing Director, Office of the CIO, BlackRock Nate Wuerffel, Global Head of Market Structure, Head of Product, Global Collateral, BNY |
| 4:25pm–4:40pm | Remarks (03:42:11) Roberto Perli, System Open Market Account Manager, Federal Reserve Bank of New York | Remarks |
| 4:40pm–6:00pm | Reception |
