The U.S. Treasury market is the deepest and most liquid government securities market in the world. Because of the Treasury market's unique role in the global economy, its liquidity and functioning have implications for the cost of financing the government, the market's role as a risk-free benchmark for pricing financial instruments, the costs borne by investors transacting in the Treasury market, and the implementation of monetary policy.
In order to better understand the key factors underlying the evolution of the Treasury market's current structure and liquidity, 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) held conferences in October 2015 and October 2016 to explore an array of questions on these issues, which followed the Joint Staff Report: The U.S. Treasury Market on October 15, 2014, released in July 2015.
This year's conference was an opportunity to review current Treasury market structure and related policy topics, including the evolution of repo markets, clearing, and settlement practices for Treasury securities, and data reporting. Participants, including academics and representatives from the public and private sectors, discussed how markets may be affected by these changes in the coming years.
Sponsors
U.S. Department of the Treasury
Board of Governors of the Federal Reserve System
Federal Reserve Bank of New York
U.S. Securities and Exchange Commission
U.S. Commodity Futures Trading Commission
