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Michael J. Fleming |
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Head of Capital Markets Studies |
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End-of-Month Liquidity in the Treasury Market Has Treasury Market Liquidity Improved in 2024? Measuring Treasury Market Depth How Has Treasury Market Liquidity Evolved in 2023? The 2022 Spike in Corporate Security Settlement Fails How Liquid Has the Treasury Market Been in 2022? The Bond Market Selloff in Historical Perspective At the New York Fed: Seventh Annual Conference on the U.S. Treasury Market Treasury Market When-Issued Trading Activity At the New York Fed: Sixth Annual Conference on the U.S. Treasury Market How Does the Liquidity of New Treasury Securities Evolve? How Liquid Is the New Twenty-Year Treasury Bond? Treasury Market Liquidity and the Federal Reserve during the COVID-19 Pandemic Treasury Market Liquidity during the COVID-19 Crisis The COVID-19 Pandemic and the Fed’s Response How Does Tick Size Affect Treasury Market Quality? At the New York Fed: Fifth Annual Conference on the U.S. Treasury Market From the Vault: A Look Back at the October 15, 2014, Flash Rally Assessing the Price Impact of Treasury Market Workups At the New York Fed: Fourth Annual Conference on the Evolving Structure of the U.S. Treasury Market The Indirect Costs of Lehman’s Bankruptcy Customer and Employee Losses in Lehman’s Bankruptcy Lehman’s Bankruptcy Expenses How Much Value Was Destroyed by the Lehman Bankruptcy? Creditor Recovery in Lehman’s Bankruptcy Price Impact of Trades and Orders in the U.S. Treasury Securities Market Breaking Down TRACE Volumes Further U.S. Treasury Market Action on Election Night 2016 Unlocking the Treasury Market through TRACE Do You Know How Your Treasury Trades Are Cleared and Settled? Dealer Trading and Positioning in Floating Rate Notes Dealer Participation in the TSLF Options Program Options of Last Resort Just Released: Updated SOMA Portfolio and Income Projections Market Liquidity after the Financial Crisis Which Dealers Borrowed from the Fed’s Lender-of-Last-Resort Facilities? Advent of Trade Reporting for U.S. Treasury Securities At the N.Y. Fed: Second Annual Conference on the Evolving Structure of the U.S. Treasury Market A Closer Look at the Federal Reserve's Securities Lending Program What’s behind the March Spike in Treasury Fails? Did Third Avenue’s Liquidation Reduce Corporate Bond Market Liquidity? Primary Dealer Participation in the Secondary U.S. Treasury Market Is Treasury Market Liquidity Becoming More Concentrated? Further Analysis of Corporate Bond Market Liquidity Corporate Bond Market Liquidity Redux: More Price-Based Evidence Has MBS Market Liquidity Deteriorated? Continuing the Conversation on Liquidity Characterizing the Rising Settlement Fails in Seasoned Treasury Securities Dealer Positioning and Expected Returns At the New York Fed: Conference on the Evolving Structure of the U.S. Treasury Market Dealers’ Positions and the Auction Cycle Redemption Risk of Bond Mutual Funds and Dealer Positioning Changes in the Returns to Market Making Has Liquidity Risk in the Treasury and Equity Markets Increased? Has Liquidity Risk in the Corporate Bond Market Increased? Has U.S. Corporate Bond Market Liquidity Deteriorated? Introduction to a Series on Market Liquidity: Part 2 What’s Driving Dealer Balance Sheet Stagnation? The Evolution of Workups in the U.S. Treasury Securities Market Has U.S. Treasury Market Liquidity Deteriorated? Introduction to a Series on Market Liquidity Just Released: The U.S. Treasury Market on October 15, 2014 What Explains the June Spike in Treasury Settlement Fails? Measuring Settlement Fails At the N.Y. Fed: Workshop on the Risks of Wholesale Funding Just Released: The 2013 SOMA Annual Report in a Historical Context The Failure Resolution of Lehman Brothers Dealer Balance Sheet Capacity and Market Liquidity during the 2013 Selloff in Fixed-Income Markets Information on Dealer Activity in Specific Treasury Issues Now Available Transparency and Sources of Information on the Federal Reserve’s Operations, Income, and Balance Sheet What If? A Counterfactual SOMA Portfolio The SOMA Portfolio through Time The Recent Bond Market Selloff in Historical Perspective How Liquid Is the Inflation Swap Market? Primary Dealers’ Waning Role in Treasury Auctions Federal Reserve Liquidity Facilities Gross $22 Billion for U.S. Taxpayers The Impact of Trade Reporting on the Interest Rate Derivatives Market Failure Is No Longer a (Free) Option for Agency Debt and Mortgage-Backed Securities How Might Increased Transparency Affect the CDS Market? Michael J. Fleming's CV 
The views expressed in the papers listed on this page are those of the author(s) and do not necessarily reflect the position of the Federal Reserve Bank of New York or the Federal Reserve System.
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