The goal of the conference is to stimulate discussion and advance our collective understanding of nonbank[CS1.1][SL1.2] financial institutions (NBFIs) and their activities. The conference will cover a broad set of topics, including vulnerabilities in the NBFI sector, prudential regulation of NBFIs, private credit, linkages between bank and nonbank financial institutions, and the role of NBFIs in the transmission of monetary policy. This will be an in-person event held at the Federal Reserve Bank of New York.
November 13, 2026
8:30am to 5:25pm
Federal Reserve Bank of New York
13th Floor, Room 13-36
33 Liberty Street
New York, N.Y.
This event is invitation-only for in-person attendees but is open to the public virtually.
The event is open to media and all remarks are on the record. The event will be recorded, with the recording to be made available afterward. Media who wish to attend or have questions should contact Ellen Simon at Ellen.Simon@ny.frb.org.
Johannes Breckenfelder, European Central Bank
Nicola Cetorelli, Federal Reserve Bank of New York
Maurizio Habib, European Central Bank
Fulvia Fringuellotti, Federal Reserve Bank of New York
Christoph Kaufmann, European Central Bank
Simone Lenzu, Federal Reserve Bank of New York, University of Cambridge
Angela Maddaloni, European Central Bank
Asani Sarkar, Federal Reserve Bank of New York
Lee Seltzer, Federal Reserve Bank of New York
| 8:30am-9:00am | Registration and Continental Breakfast |
| 9:00am-9:05am | Opening Remarks |
| 9:05am–9:55am | Hidden Aggregate Risk in Bank Lending Jing Huang, Mays Business School, Texas A&M University Erica Jiang, Anderson School of Management, University of California, Los Angeles |
| 9:55am–10:45am | Lending by Servicing: Monetary Policy Transmission Through Shadow Banks Isha Agarwal, Sauder School of Business, University of British Columbia Malin Hu, Cornell University Raluca A. Roman, Federal Reserve Bank of Philadelphia Keling Zheng, Sauder School of Business, University of British Columbia |
| 10:45am–11:10am | Break |
| 11:10am-12:00pm | The Effect of QE and Regulation on the Structure of the Financial System Stelios Kotronis, European Insurance and Occupational Pensions Authority Matteo Leombroni, Carroll School of Management, Boston College Ciaran Rogers, HEC Paris Philippe van der Beck, Harvard Business School |
| 12:00pm–12:45pm | Lunch |
| 12:45pm-1:45pm | Panel Discussion Thierry Foucault, HEC Paris Laura Blattner, FinRegLab Andreas Lehnert, Board of Governors of the Federal Reserve System |
| 1:45pm-2:00pm | Break |
| 2:00pm-2:50pm | Regulatory Arbitrage Within the Firm Nicola Cetorelli, Federal Reserve Bank of New York Shohini Kundu, Anderson School of Management, University of California, Los Angeles |
| 2:50pm-3:15pm | Break |
| 3:15pm-4:05pm | Hedge Fund Trading and Sovereign Bond Yield Sensitivity Felix Hermes, Goethe University Frankfurt and European Central Bank |
| 4:05pm-4:30pm | Break |
| 4:30pm-5:20pm | Target Allocation Funds, Strategic Complementarities, and Market Fragility Chuck Fang, Drexel University Itay Goldstein, Wharton School, University of Pennsylvania |
| 15:20pm-5:25pm | Closing Remarks and Adjourn |
