The U.S. Treasury market is the deepest and most liquid government securities market in the world. It plays a critical and unique role in the global economy, serving as the primary means of financing the U.S. federal government, a significant investment instrument and hedging vehicle for global investors, a risk-free benchmark for other financial instruments, and an important market for the Federal Reserve’s implementation of monetary policy.
Since 2015, 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) have co-hosted an annual conference to examine ongoing developments in the U.S. Treasury market.
The Joint Member Agencies convened the ninth annual conference on Thursday, November 16, 2023, at the Federal Reserve Bank of New York. The keynote addresses (linked in the agenda below) and expert panels at this year's conference covered a range of topics related to the Treasury market and included representatives from the Joint Member Agencies as well as the public and private sectors.
For more on the key conference themes, read the following articles from The Teller Window:
- Ideas in Focus at the 2023 U.S. Treasury Market Conference
- Non-Centrally Cleared Bilateral Repo Market in Focus at the 2023 U.S. Treasury Market Conference
- Assessing Recent Treasury Market Resiliency and Liquidity at the 2023 U.S. Treasury Market Conference
- The Future of the Treasury Cash Market in Focus at the 2023 U.S. Treasury Market Conference
See the agenda below for timing of specific conference segments.
November 16, 2023
8:30am-6:00pm
Federal Reserve Bank of New York
33 Liberty Street
New York, NY
In-person attendance was by invitation only. The event was also streamed on the day of the conference.
This event was on the record and open to media. For media inquiries, please contact Betsy Bourassa at the New York Fed at Betsy.Bourassa@ny.frb.org.
| 8:30am-9:15am | Check-In and Continental Breakfast |
| 9:15am-9:20am | Conference Overview (00:00:10) Brian Smith, Deputy Assistant Secretary for Federal Finance, U.S. Department of the Treasury Brett Rose, Director of Treasury and Mortgage Markets, Federal Reserve Bank of New York |
| 9:20am-9:25am | Opening Remarks (00:03:50) Michelle Neal, Head of the Markets Group, Federal Reserve Bank of New York | Remarks |
| 9:25am-9:40am | Remarks (00:10:43) John Williams, President and Chief Executive Officer, Federal Reserve Bank of New York | Remarks and Key Takeaways |
| 9:40am-10:35am | Panel: Non-Centrally Cleared Bilateral Repo Market (00:22:56) Moderator: David Bowman, Senior Associate Director, Board of Governors of the Federal Reserve System Mark Barnett, Founding Partner, Capula Investment Management LLP Richard Chambers, Global Head of Repo Trading and Global Co-Head of the Short Macro Trading joint venture, Goldman Sachs Christopher Clarke, Head of NA Sovereign Financing Trading, J.P. Morgan Securities Mark Paddrik, Associate Director of Financial Institutions, Office of Financial Research, U.S. Department of the Treasury James M. Tabacchi, President & Chief Executive Officer, South Street Securities Holdings Inc. |
| 10:35am-10:55am | Remarks (01:18:40) Michael S. Barr, Vice Chair for Supervision, Board of Governors of the Federal Reserve System | Remarks |
| 10:55am-11:20am | Break |
| 11:20am-11:40am | Remarks (01:36:32) Nellie Liang, Under Secretary for Domestic Finance, U.S. Department of the Treasury | Remarks |
| 11:40am-12:10pm | Remarks (01:59:02) Haoxiang Zhu, Director, Division of Trading and Markets, U.S. Securities and Exchange Commission |
| 12:10pm-1:45pm | Lunch |
| 12:40pm | Remarks (02:18:01) Anna Nordstrom, Head of Domestic and International Markets, Federal Reserve Bank of New York | Remarks |
| 1:45pm-2:30pm | Panel: Assessing Recent Treasury Market Resiliency and Liquidity (02:26:39) Moderator: Ellen Correia Golay, Treasury Markets Advisor, Federal Reserve Bank of New York Qing Chen, Managing Director and Co-Head of North America Rates Trading, Morgan Stanley Michael Fleming, Head of Capital Markets Studies, Federal Reserve Bank of New York Marc Seidner, CIO of Non-traditional Strategies, PIMCO Colin Teichholtz, Principal and Head of Markets, Element Capital Mark Wendland, Chief Operating Officer and Partner, DRW |
| 2:30pm-3:00pm | Break |
| 3:00pm-3:25pm | Remarks (03:10:03) Rostin Behnam, Chairman, U.S. Commodity Futures Trading Commission | Remarks |
| 3:25pm-4:20pm | Panel: The Future of the Treasury Cash Market (03:34:41) Moderator: Josh Frost, Assistant Secretary for Financial Markets, U.S. Department of the Treasury Deirdre Dunn, Head of Global Rates, Citi Gregory Peters, Co-Chief Investment Officer, PGIM Fixed Income Shyam Rajan, Global Head of Fixed Income, Citadel Securities Josh Younger, Policy Advisor, Federal Reserve Bank of New York |
| 4:20pm-4:25pm | Closing Remarks (04:21:44) Roberto Perli, System Open Market Account Manager, Federal Reserve Bank of New York | Remarks |
| 4:30pm-6:00pm | Reception |
