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 tenth annual conference on Thursday, September 26, 2024, at the Federal Reserve Bank of New York. The keynote addresses 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.
See the agenda below for timing of specific conference segments.
September 26, 2024
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. A recording of the event is available above.
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) Brett Rose, Director of Treasury and Mortgage Markets, Federal Reserve Bank of New York Brian Smith, Deputy Assistant Secretary for Federal Finance, U.S. Department of the Treasury |
| 9:20am-9:25am | Opening Remarks (pre-recorded) (00:04:42) Jerome Powell, Chairman, Board of Governors of the Federal Reserve System | Remarks |
| 9:25am-9:40am | Remarks (00:07:55) John Williams, President and Chief Executive Officer, Federal Reserve Bank of New York | Remarks and Key Takeaways |
| 9:40am-10:30am | Panel: Asset Manager Use of Treasury Futures (00:16:45) Moderator: Scott Mixon, Acting Chief Economist and Acting Director of the Office of the Chief Economist, U.S. Commodity Futures Trading Commission Panelists: Joseph J. Demetrick, Senior Vice President, MetLife Insurance Investments David G. Eichhorn, Chief Executive Officer and Head of Investment Strategies, NISA Mohit Mittal, CIO Core Strategies and Managing Director, PIMCO Gregory Peters, Co-Chief Investment Officer, PGIM Fixed Income David Rogal, Head of Total Return and Inflation Portfolios, BlackRock |
| 10:30am-10:50am | Remarks (01:18:04) Michael S. Barr, Vice Chair for Supervision, Board of Governors of the Federal Reserve System | Remarks |
| 10:50am-11:15am | Break |
| 11:15am-11:45am | Remarks (01:41:48) Janet Yellen, Secretary, U.S. Department of the Treasury | Remarks |
| 11:45am-12:05pm | Remarks (02:09:45) Gary Gensler, Chair, U.S. Securities and Exchange Commission | Remarks |
| 12:05pm-1:40pm | Lunch |
| 1:40pm-2:35pm | Panel: Expanded Central Clearing in Treasury Markets: Perspectives on Access Models (02:27:44) Moderator: Michelle Neal, Head of the Markets Group, Federal Reserve Bank of New York Panelists: Elizabeth Fitzgerald, Assistant Director, Division of Trading and Markets, U.S. Securities and Exchange Commission Paul Hamill, Senior Advisor, ICE Lara Hernandez, Managing Director, Mirae Asset Securities (USA), Inc. Laura Klimpel, Managing Director and Head of Fixed Income and Financing Solutions, DTCC Adam Nunes, Head of Risk and Compliance, Hudson River Trading Suzanne Sprague, Senior Managing Director and Global Head of Clearing and Post-Trade Services, CME Group |
| 2:35pm-3:05pm | Moderated Discussion and Q&A with Rostin Behnam, Chairman, U.S. Commodity Futures Trading Commission (03:25:40) Moderator: Jackie Mesa, Chief Operating Officer and Senior Vice President, Global Policy, Futures Industry Association |
| 3:05pm-3:25pm | Break |
| 3:25pm-4:10pm | Panel: Treasury Market Structure: Past, Present, and Future (03:53:47) Moderator: Josh Frost, Assistant Secretary for Financial Markets, U.S. Department of the Treasury Panelists: Matthew Berger, Head of Fixed Income, Jane Street Sara Devereux, Principal and Global Head of Fixed Income Group, Vanguard Darrell Duffie, Adams Distinguished Professor of Management and Professor of Finance, Stanford University Casey Spezzano, Head of U.S. Customer Sales & Trading, NatWest Markets Nate Wuerffel, Head of Market Structure, Bank of New York Mellon |
| 4:10pm-4:25pm | Closing Remarks (04:40:18) Roberto Perli, System Open Market Account Manager, Federal Reserve Bank of New York | Remarks |
| 4:30pm-6:00pm | Reception |
