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.
Watch a replay of this year's conference webcast by filling out the form below.
November 16, 2023
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. A recording of the event will be available soon after.
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|
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
Michelle Neal, Head of the Markets Group, Federal Reserve Bank of New York | Remarks
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
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.
Michael S. Barr, Vice Chair for Supervision, Board of Governors of the Federal Reserve System | Remarks
Nellie Liang, Under Secretary for Domestic Finance, U.S. Department of the Treasury | Remarks
Haoxiang Zhu, Director, Division of Trading and Markets, U.S. Securities and Exchange Commission
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
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
Rostin Behnam, Chairman, U.S. Commodity Futures Trading Commission | Remarks
|3:25pm-4:20pm||Panel: The Future of the Treasury Cash Market
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
Roberto Perli, System Open Market Account Manager, Federal Reserve Bank of New York | Remarks