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 will convene the 11th annual conference on November 12, 2025, at the Federal Reserve Bank of New York. The keynote addresses and expert panels at this year's conference will cover a range of topics related to the Treasury market and include representatives from the Joint Member Agencies as well as the public and private sectors.
November 12, 2025
8:30am-6:00pm
Federal Reserve Bank of New York
33 Liberty Street
New York, NY
In-person attendance will be by invitation only. The event will also be available virtually, with a live webcast available on this page by the morning of the event. A recording of the event will be uploaded soon after.
This event is on the record and open to media. For media inquiries, please contact Shelley Pitterson at the New York Fed at Shelley.Pitterson@ny.frb.org.
| 8:30am-9:15am | Check-In and Breakfast |
| 9:15am-9:20am | Conference Overview |
| 9:20am-9:35am | Remarks John Williams, President and Chief Executive Officer, Federal Reserve Bank of New York |
| 9:35am-10:25am | Panel: Operational Resiliency in Treasury Markets Moderator: Casey Spezzano, Head of U.S. Customer Sales & Trading, NatWest Markets |
| 10:25am-10:45am | Break |
| 10:45am-11:10am | Remarks Scott Bessent, Secretary, U.S. Department of the Treasury |
| 11:10am-12:05pm | Panel: Enhancements to Treasury Buyback Program Moderator: G. Hunter McMaster II, PDO Assistant Secretary of Treasury for Financial Markets, U.S. Department of the Treasury |
| 12:05pm-1:50pm | Lunch |
| 1:50pm-2:50pm | Panel: Implementation of Central Clearing in Treasury Markets Moderator: Ellen Correia Golay, Policy Advisor, Federal Reserve Bank of New York |
| 2:50pm-3:25pm | Break |
| 3:25pm-3:50pm | Remarks Mark Uyeda, Commissioner, U.S. Securities and Exchange Commission |
| 3:50pm-4:10pm | Closing Remarks Roberto Perli, System Open Market Account Manager, Federal Reserve Bank of New York |
| 4:10pm-6:00pm | Reception |
