Overview
The Fourth New York Fed Conference on Fintech aims to foster discussion among leaders in academia, industry, and financial policy. The 2023 edition of the conference will focus on both the innovative applications of digital assets and generative artificial intelligence as well as the perils to market integrity, privacy, and security inherent in these technologies.
watch the event
See the agenda for timing of specific conference segments.
Audience
This event is by invitation-only for in-person attendees but is open to the public virtually.
Media
All remarks will be on-the-record, with a recording to be made available afterward. Media who wish to register or attend in-person please contact Shelley Pitterson at Shelley.Pitterson@ny.frb.org.
Organizers
Pablo Azar, Federal Reserve Bank of New York
Asani Sarkar, Federal Reserve Bank of New York
Program Committee
Elizabeth Caviness, Federal Reserve Bank of New York
Mark Fischer, Federal Reserve Bank of New York
Antoine Martin, Federal Reserve Bank of New York
Sishush Maru, Federal Reserve Bank of New York
Joseph Torregrossa, Federal Reserve Bank of New York
Morgan White, Federal Reserve Bank of New York
Leslie Conner Warren, Federal Reserve Bank of New York
Per von Zelowitz, Federal Reserve Bank of New York
Event Details
Date & Time
September 29, 2023
8:30 AM-5:30 PM EDT
September 29, 2023
8:30 AM-5:30 PM 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
Contact
For logistical inquiries, please contact ny.researchconference@ny.frb.org.
Agenda
| 8:30am | Continental Breakfast |
| 8:45am | Welcome Remarks (00:15 in video) Mihaela W. Nistor, Federal Reserve Bank of New York |
| 9:00am | Introduction (13:37 in video) Asani Sarkar, Federal Reserve Bank of New York |
| 9:05am | Panel 1: Generative Artificial Intelligence (15:44 in video) As artificial intelligence drives markets and public debate, how will it intersect with—or potentially disrupt—academic research and financial markets? While it potentially creates efficiencies, how does the technology also threaten the privacy and security of consumers and investors? Moderator: Morgan White, Federal Reserve Bank of New York Kelly Cochran, FinRegLab Donald Kossman, Microsoft Ashesh Rambachan, MIT Prag Sharma, Citibank |
| 10:00am | Coffee Break |
| 10:30am | Academic Session 1: Crypto Market Structure (1:10:00 in video) What are the efficiency properties of the unique elements of crypto market structure? Joshua Gans investigates the alignment of existing securities regulations with the emerging landscape of crypto-tokens and blockchain technology. Agostino Capponi shows that incorporating private pools into public blockchains can reduce allocative inefficiencies and increase overall welfare but cannot completely eliminate frontrunning attacks or achieve full efficiency. Andreas Park examines asset tokenization using public permissionless blockchains such as Ethereum, Algorand, or Avalanche. Moderator: Tania Babina, Columbia University Cryptic Regulation of Crypto-Tokens Joshua Gans, University of Toronto, Rotman School of Management Presentation Discussant, Eric Talley, Columbia Law School Presentation Allocative Inefficiencies in Public Distributed Ledgers Agostino Capponi, Columbia University Presentation Ruizhe Jia, Columbia University Ye Wang, University of Macau Discussant: Dirk Bergemann, Yale University School of Management Presentation Learning from DeFi: Would Automated Market Makers Improve Equity Trading? Katya Malinova, McMaster University Andreas Park, University of Toronto Presentation Discussant: Fahad Saleh: Wake Forest University Presentation |
| 12:00pm | Lunch, 13th Floor |
| 12:15pm | The New York Innovation Center (NYIC) Lunch Spotlight (2:39:32 in video) A spotlight on the Bank for International Setlements Innovation Hub and its collaboration with the Federal Reserve Bank of New York’s NYIC. Cecilia Skingsley, BIS Innovation Hub, in conversation with Per von Zelowitz, Federal Reserve Bank of New York |
| 1:00pm | Panel 2: Decentralized Finance Tools for Financial Market Infrastructure (3:14:26 in video) Innovation in financial market infrastructure use cases is being driven by both new entrants and incumbents. How are these building blocks emerging? With new developments come changes to market structure; will they be disruptors or complements? Moderator: Raphael Auer, Head of the BISIH Eurosystem Centre Victor O’Laughlen, BNY Mellon Michael Shaulov, Fireblocks |
| 2:00pm | Coffee Break |
| 2:30pm | Panel 3: Approaches to Regulating Crypto (4:15:49 in video) Securities regulation has traditionally focused on investor protection and market structure issues. Is there more to be done regarding protecting crypto investors, beyond the recent initiatives by regulators? And what are the outstanding issues with respect to the regulation of crypto market structure? Moderator: Austin Campbell, Columbia Business School and Zero Knowledge TuongVy Le, Bain Capital Crypto Drake Evans, Frax Finance Gordon Liao, Circle Scott Farnin, Better Markets |
| 3:30pm | Coffee Break |
| 4:00pm | Academic Session 2: Using Large Language Models in Economic Research (4:49:30 in video) Large language models (LLMs) such as ChatGPT are starting to be used in economic research and teaching. Anton Korinek argues that economists can reap significant productivity gains by taking advantage of LLMs to automate micro tasks. Baozhong Yang uses ChatGPT to extract managerial expectations of corporate policies from disclosures. Anne Lundgaard Hansen investigates the ability of generative pre-training transformer (GPT) models to decipher Fedspeak, a term used to describe the technical language used by the Federal Reserve to communicate monetary policy decisions. Moderator: Pablo Azar, Federal Reserve Bank of New York Large Language Models in Economic Research: Use Cases and Implications for Economists Anton Korinek: University of Virginia, CEPR, and NBER Presentation Discussant: John J. Horton, MIT Sloan School of Management ChatGPT and Corporate Policies Manish Jha, Georgia State University Jialin Qian, Georgia State University Michael Weber, University of Chicago Booth School of Business, NBER Baozhong Yang: Georgia State University Presentation Discussant: Aakash Kalyani, Federal Reserve Bank of St. Louis Presentation Can ChatGPT Decipher Fedspeak? Anne Lundgaard Hansen: Federal Reserve Bank of Richmond Presentation Sophia Kazinnik, Federal Reserve Bank of Richmond Discussant: Robin Lumsdaine, American University Presentation |
| 5:30pm | Adjourn and Reception |
Speakers
Professor of Economics
Yale University
Adjunct Professor and Managing Partner
Columbia University and Zero Knowledge
Associate Professor
Columbia University
Head of Lending and Lead Developer
FRAX Finance
Professor
University of Toronto
Professor of Economics
University of Virginia
Partner and Head of Regulatory & Policy
Bain Capital Crypto
Chief Economist
Circle International Financial
Associate Professor
Georgia State
CEO and Co-Founder
Fireblocks
Distinguished Scientist and Director of Redmond Lab
Microsoft
Global Head of Artificial Intelligence
Citibank
Associate Professor of Finance
Wake Forest University
Professor of Law
Columbia Law School
Legal Counsel
Better Markets
Professor of Law
Columbia Law School
Financial Economist
Federal Reserve Bank of Richmond
Professor
American University
Associate Professor
MIT
