Michael J. Fleming

Michael Fleming

Vice President and Function Head
Capital Markets Function
Federal Reserve Bank of New York
33 Liberty Street
New York, NY 10045

michael.fleming@ny.frb.org

   

Social Media

How Does the Liquidity of New Treasury Securities Evolve?
Federal Reserve Bank of New York Liberty Street Economics, August 26, 2020

How Liquid Is the New Twenty-Year Treasury Bond?
With Francisco Ruela
Federal Reserve Bank of New York Liberty Street Economics, July 01, 2020

Treasury Market Liquidity and the Federal Reserve during the COVID-19 Pandemic
Federal Reserve Bank of New York Liberty Street Economics, May 29, 2020

Treasury Market Liquidity during the COVID-19 Crisis
With Francisco Ruela
Federal Reserve Bank of New York Liberty Street Economics, April 17, 2020

The COVID-19 Pandemic and the Fed’s Response
With Asani Sarkar and Peter Van Tassel
Federal Reserve Bank of New York Liberty Street Economics, April 15, 2020

How Does Tick Size Affect Treasury Market Quality?
With Giang Nguyen and Francisco Ruela
Federal Reserve Bank of New York Liberty Street Economics, January 15, 2020

At the New York Fed: Fifth Annual Conference on the U.S. Treasury Market
With Peter Johansson, Frank M. Keane, and Justin Meyer
Federal Reserve Bank of New York Liberty Street Economics, November 08, 2019

From the Vault: A Look Back at the October 15, 2014, Flash Rally
With Peter Johansson, Frank M. Keane, and Justin Meyer
Federal Reserve Bank of New York Liberty Street Economics, October 15, 2019

Assessing the Price Impact of Treasury Market Workups
With Giang Nguyen
Federal Reserve Bank of New York Liberty Street Economics, March 06, 2019

At the New York Fed: Fourth Annual Conference on the Evolving Structure of the U.S. Treasury Market
With Frank M. Keane and Justin Meyer
Federal Reserve Bank of New York Liberty Street Economics, February 01, 2019

The Indirect Costs of Lehman’s Bankruptcy
With Erin Denison and Asani Sarkar
Federal Reserve Bank of New York Liberty Street Economics, January 17, 2019

Customer and Employee Losses in Lehman’s Bankruptcy
With Erin Denison and Asani Sarkar
Federal Reserve Bank of New York Liberty Street Economics, January 16, 2019

Lehman’s Bankruptcy Expenses
With Erin Denison and Asani Sarkar
Federal Reserve Bank of New York Liberty Street Economics, January 15, 2019

How Much Value Was Destroyed by the Lehman Bankruptcy?
With Erin Denison and Asani Sarkar
Federal Reserve Bank of New York Liberty Street Economics, January 14, 2019

Creditor Recovery in Lehman’s Bankruptcy
With Erin Denison and Asani Sarkar
Federal Reserve Bank of New York Liberty Street Economics, January 14, 2019

Price Impact of Trades and Orders in the U.S. Treasury Securities Market
With Bruce Mizrach and Giang Nguyen
Federal Reserve Bank of New York Liberty Street Economics, December 05, 2018

Breaking Down TRACE Volumes Further
With Doug Brain, Michiel DePooter, Dobrislav Dobrev, Peter Johansson, Frank M. Keane, Michael Puglia, Tony Rodrigues, and Or Shachar
Federal Reserve Bank of New York Liberty Street Economics, November 29, 2018

U.S. Treasury Market Action on Election Night 2016
Federal Reserve Bank of New York Liberty Street Economics, October 26, 2018

Unlocking the Treasury Market through TRACE
With Doug Brain, Michiel DePooter, Dobrislav Dobrev, Peter Johansson, Collin Jones, Frank M. Keane, Michael Puglia, Liza Reiderman, Tony Rodrigues, and Or Shachar
Federal Reserve Bank of New York Liberty Street Economics, September 28, 2018

Do You Know How Your Treasury Trades Are Cleared and Settled?
With Adam Copeland, Frank M. Keane, and Radhika Mithal
Federal Reserve Bank of New York Liberty Street Economics, September 12, 2018

Dealer Trading and Positioning in Floating Rate Notes
With Amanda Wahlers
Federal Reserve Bank of New York Liberty Street Economics, March 26, 2018

Dealer Participation in the TSLF Options Program
With Erin Denison, Warren B. Hrung, and Asani Sarkar
Federal Reserve Bank of New York Liberty Street Economics, February 28, 2018

Options of Last Resort
With Erin Denison, Warren B. Hrung, and Asani Sarkar
Federal Reserve Bank of New York Liberty Street Economics, February 26, 2018

Just Released: Updated SOMA Portfolio and Income Projections
With Gabriel Herman, Deborah Leonard, Dave Na, and Lisa Stowe
Federal Reserve Bank of New York Liberty Street Economics, July 10, 2017

Market Liquidity after the Financial Crisis
With Tobias Adrian and Or Shachar
Federal Reserve Bank of New York Liberty Street Economics, June 28, 2017

Which Dealers Borrowed from the Fed’s Lender-of-Last-Resort Facilities?
With Viral V. Acharya, Warren B. Hrung, and Asani Sarkar
Federal Reserve Bank of New York Liberty Street Economics, May 10, 2017

Advent of Trade Reporting for U.S. Treasury Securities
Federal Reserve Bank of New York Liberty Street Economics, January 18, 2017

At the N.Y. Fed: Second Annual Conference on the Evolving Structure of the U.S. Treasury Market
With Ellen Correia Golay, Frank M. Keane, and Nathaniel Wuerffel
Federal Reserve Bank of New York Liberty Street Economics, December 20, 2016

A Closer Look at the Federal Reserve's Securities Lending Program
With Frank M. Keane, Jake Schurmeier, and Emma Weiss
Federal Reserve Bank of New York Liberty Street Economics, August 17, 2016

What’s behind the March Spike in Treasury Fails?
With Frank M. Keane
Federal Reserve Bank of New York Liberty Street Economics, April 18, 2016

Did Third Avenue’s Liquidation Reduce Corporate Bond Market Liquidity?
With Tobias Adrian, Erik Vogt, and Zachary Wojtowicz
Federal Reserve Bank of New York Liberty Street Economics, February 19, 2016

Primary Dealer Participation in the Secondary U.S. Treasury Market
With Frank M. Keane and Ernst Schaumburg
Federal Reserve Bank of New York Liberty Street Economics, February 12, 2016

Is Treasury Market Liquidity Becoming More Concentrated?
Federal Reserve Bank of New York Liberty Street Economics, February 11, 2016

Further Analysis of Corporate Bond Market Liquidity
With Tobias Adrian, Erik Vogt, and Zachary Wojtowicz
Federal Reserve Bank of New York Liberty Street Economics, February 10, 2016

Corporate Bond Market Liquidity Redux: More Price-Based Evidence
With Tobias Adrian, Erik Vogt, and Zachary Wojtowicz
Federal Reserve Bank of New York Liberty Street Economics, February 09, 2016

Has MBS Market Liquidity Deteriorated?
With Rich Podjasek, Linsey Molloy, and Andreas Fuster
Federal Reserve Bank of New York Liberty Street Economics, February 08, 2016

Continuing the Conversation on Liquidity
With Tobias Adrian and Ernst Schaumburg
Federal Reserve Bank of New York Liberty Street Economics, February 08, 2016

Characterizing the Rising Settlement Fails in Seasoned Treasury Securities
With Frank M. Keane
Federal Reserve Bank of New York Liberty Street Economics, January 04, 2016

Dealer Positioning and Expected Returns
With Tobias Adrian and Erik Vogt
Federal Reserve Bank of New York Liberty Street Economics, December 07, 2015

At the New York Fed: Conference on the Evolving Structure of the U.S. Treasury Market
With Frank M. Keane, Michael McMorrow, Ernst Schaumburg, and Nathaniel Wuerffel
Federal Reserve Bank of New York Liberty Street Economics, December 04, 2015

Dealers’ Positions and the Auction Cycle
With Collin Jones
Federal Reserve Bank of New York Liberty Street Economics, October 14, 2015

Redemption Risk of Bond Mutual Funds and Dealer Positioning
With Tobias Adrian, Or Shachar, and Erik Vogt
Federal Reserve Bank of New York Liberty Street Economics, October 08, 2015

Changes in the Returns to Market Making
With Tobias Adrian, Or Shachar, Daniel Stackman, and Erik Vogt
Federal Reserve Bank of New York Liberty Street Economics, October 07, 2015

Has Liquidity Risk in the Treasury and Equity Markets Increased?
With Tobias Adrian, Daniel Stackman, and Erik Vogt
Federal Reserve Bank of New York Liberty Street Economics, October 06, 2015

Has Liquidity Risk in the Corporate Bond Market Increased?
With Tobias Adrian, Or Shachar, Daniel Stackman, and Erik Vogt
Federal Reserve Bank of New York Liberty Street Economics, October 06, 2015

Has U.S. Corporate Bond Market Liquidity Deteriorated?
With Tobias Adrian, Or Shachar, and Erik Vogt
Federal Reserve Bank of New York Liberty Street Economics, October 05, 2015

Introduction to a Series on Market Liquidity: Part 2
With Tobias Adrian and Ernst Schaumburg
Federal Reserve Bank of New York Liberty Street Economics, October 05, 2015

What’s Driving Dealer Balance Sheet Stagnation?
With Tobias Adrian, Daniel Stackman, and Erik Vogt
Federal Reserve Bank of New York Liberty Street Economics, August 21, 2015

The Evolution of Workups in the U.S. Treasury Securities Market
With Ernst Schaumburg and Ron Yang
Federal Reserve Bank of New York Liberty Street Economics, August 20, 2015

Has U.S. Treasury Market Liquidity Deteriorated?
With Tobias Adrian, Daniel Stackman, and Erik Vogt
Federal Reserve Bank of New York Liberty Street Economics, August 17, 2015

Introduction to a Series on Market Liquidity
With Tobias Adrian and Ernst Schaumburg
Federal Reserve Bank of New York Liberty Street Economics, August 17, 2015

Just Released: The U.S. Treasury Market on October 15, 2014
With Nashrah Ahmed, Alain Chaboud, Dobrislav Dobrev, Joseph Fiorica, Frank M. Keane, Michael McMorrow, Suraj Prasanna, Ernst Schaumburg, Nathaniel Wuerffel, and Ron Yang
Federal Reserve Bank of New York Liberty Street Economics, July 20, 2015

What Explains the June Spike in Treasury Settlement Fails?
With Frank M. Keane, Antoine Martin, and Michael McMorrow
Federal Reserve Bank of New York Liberty Street Economics, September 19, 2014

Measuring Settlement Fails
With Frank M. Keane, Antoine Martin, and Michael McMorrow
Federal Reserve Bank of New York Liberty Street Economics, September 19, 2014

At the N.Y. Fed: Workshop on the Risks of Wholesale Funding
With Dong Beom Choi, , and Thomas M. Eisenbach
Federal Reserve Bank of New York Liberty Street Economics, September 18, 2014

Just Released: The 2013 SOMA Annual Report in a Historical Context
With Alyssa Cambron, Deborah Leonard, Grant Long, and Julie Remache
Federal Reserve Bank of New York Liberty Street Economics, April 17, 2014

The Failure Resolution of Lehman Brothers
With Asani Sarkar
Federal Reserve Bank of New York Liberty Street Economics, April 03, 2014

Dealer Balance Sheet Capacity and Market Liquidity during the 2013 Selloff in Fixed-Income Markets
With Tobias Adrian, Jonathan E. Goldberg, Morgan , Fabio M. Natalucci, and Jason J. Wu
Federal Reserve Bank of New York Liberty Street Economics, October 16, 2013

Information on Dealer Activity in Specific Treasury Issues Now Available
Federal Reserve Bank of New York Liberty Street Economics, August 26, 2013

Transparency and Sources of Information on the Federal Reserve’s Operations, Income, and Balance Sheet
With Deborah Leonard
Federal Reserve Bank of New York Liberty Street Economics, August 16, 2013

What If? A Counterfactual SOMA Portfolio
With Deborah Leonard, Grant Long, and Julie Remache
Federal Reserve Bank of New York Liberty Street Economics, August 14, 2013

The SOMA Portfolio through Time
With Meryam Bukhari, Alyssa Cambron, Jonathan McCarthy, and Julie Remache
Federal Reserve Bank of New York Liberty Street Economics, August 12, 2013

The Recent Bond Market Selloff in Historical Perspective
With Tobias Adrian
Federal Reserve Bank of New York Liberty Street Economics, August 05, 2013

How Liquid Is the Inflation Swap Market?
With John Sporn
Federal Reserve Bank of New York Liberty Street Economics, April 01, 2013

Primary Dealers’ Waning Role in Treasury Auctions
With Sean Myers
Federal Reserve Bank of New York Liberty Street Economics, February 20, 2013

Federal Reserve Liquidity Facilities Gross $22 Billion for U.S. Taxpayers
Federal Reserve Bank of New York Liberty Street Economics, November 07, 2012

The Impact of Trade Reporting on the Interest Rate Derivatives Market
With John Jackson, Ada Li, Asani Sarkar, and Patricia Zobel
Federal Reserve Bank of New York Liberty Street Economics, April 30, 2012

Failure Is No Longer a (Free) Option for Agency Debt and Mortgage-Backed Securities
Federal Reserve Bank of New York Liberty Street Economics, March 19, 2012

How Might Increased Transparency Affect the CDS Market?
With Kathryn Chen, John Jackson, Ada Li, and Asani Sarkar
Federal Reserve Bank of New York Liberty Street Economics, November 23, 2011


Michael J. Fleming's CVPDF 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.