Michael J. Fleming
Vice President and Function Head
Treasury Market When-Issued Trading Activity
At the New York Fed: Sixth Annual Conference on the U.S. Treasury Market
How Does the Liquidity of New Treasury Securities Evolve?
How Liquid Is the New Twenty-Year Treasury Bond?
Treasury Market Liquidity and the Federal Reserve during the COVID-19 Pandemic
Treasury Market Liquidity during the COVID-19 Crisis
The COVID-19 Pandemic and the Fed’s Response
How Does Tick Size Affect Treasury Market Quality?
At the New York Fed: Fifth Annual Conference on the U.S. Treasury Market
From the Vault: A Look Back at the October 15, 2014, Flash Rally
Assessing the Price Impact of Treasury Market Workups
At the New York Fed: Fourth Annual Conference on the Evolving Structure of the U.S. Treasury Market
The Indirect Costs of Lehman’s Bankruptcy
Customer and Employee Losses in Lehman’s Bankruptcy
Lehman’s Bankruptcy Expenses
How Much Value Was Destroyed by the Lehman Bankruptcy?
Creditor Recovery in Lehman’s Bankruptcy
Price Impact of Trades and Orders in the U.S. Treasury Securities Market
Breaking Down TRACE Volumes Further
U.S. Treasury Market Action on Election Night 2016
Unlocking the Treasury Market through TRACE
Do You Know How Your Treasury Trades Are Cleared and Settled?
Dealer Trading and Positioning in Floating Rate Notes
Dealer Participation in the TSLF Options Program
Options of Last Resort
Just Released: Updated SOMA Portfolio and Income Projections
Market Liquidity after the Financial Crisis
Which Dealers Borrowed from the Fed’s Lender-of-Last-Resort Facilities?
Advent of Trade Reporting for U.S. Treasury Securities
At the N.Y. Fed: Second Annual Conference on the Evolving Structure of the U.S. Treasury Market
A Closer Look at the Federal Reserve's Securities Lending Program
What’s behind the March Spike in Treasury Fails?
Did Third Avenue’s Liquidation Reduce Corporate Bond Market Liquidity?
Primary Dealer Participation in the Secondary U.S. Treasury Market
Is Treasury Market Liquidity Becoming More Concentrated?
Further Analysis of Corporate Bond Market Liquidity
Corporate Bond Market Liquidity Redux: More Price-Based Evidence
Has MBS Market Liquidity Deteriorated?
Continuing the Conversation on Liquidity
Characterizing the Rising Settlement Fails in Seasoned Treasury Securities
Dealer Positioning and Expected Returns
At the New York Fed: Conference on the Evolving Structure of the U.S. Treasury Market
Dealers’ Positions and the Auction Cycle
Redemption Risk of Bond Mutual Funds and Dealer Positioning
Changes in the Returns to Market Making
Has Liquidity Risk in the Treasury and Equity Markets Increased?
Has Liquidity Risk in the Corporate Bond Market Increased?
Has U.S. Corporate Bond Market Liquidity Deteriorated?
Introduction to a Series on Market Liquidity: Part 2
What’s Driving Dealer Balance Sheet Stagnation?
The Evolution of Workups in the U.S. Treasury Securities Market
Has U.S. Treasury Market Liquidity Deteriorated?
Introduction to a Series on Market Liquidity
Just Released: The U.S. Treasury Market on October 15, 2014
What Explains the June Spike in Treasury Settlement Fails?
Measuring Settlement Fails
At the N.Y. Fed: Workshop on the Risks of Wholesale Funding
Just Released: The 2013 SOMA Annual Report in a Historical Context
The Failure Resolution of Lehman Brothers
Dealer Balance Sheet Capacity and Market Liquidity during the 2013 Selloff in Fixed-Income Markets
Information on Dealer Activity in Specific Treasury Issues Now Available
Transparency and Sources of Information on the Federal Reserve’s Operations, Income, and Balance Sheet
What If? A Counterfactual SOMA Portfolio
The SOMA Portfolio through Time
The Recent Bond Market Selloff in Historical Perspective
How Liquid Is the Inflation Swap Market?
Primary Dealers’ Waning Role in Treasury Auctions
Federal Reserve Liquidity Facilities Gross $22 Billion for U.S. Taxpayers
The Impact of Trade Reporting on the Interest Rate Derivatives Market
Failure Is No Longer a (Free) Option for Agency Debt and Mortgage-Backed Securities
How Might Increased Transparency Affect the CDS Market?
Michael J. Fleming's CV The views expressed in the papers listed on this page are those of the author(s) and do not necessarily reflect the position of the Federal Reserve Bank of New York or the Federal Reserve System.