The U.S. Treasury market is the deepest and most liquid authorities securities market on the planet. It performs a crucial and distinctive position within the international financial system, serving as the first technique of financing the U.S. federal authorities, a major funding instrument and hedging car for international traders, a risk-free benchmark for different monetary devices, and an necessary marketplace for the Federal Reserve’s implementation of financial coverage.
Since 2015, the U.S. Division of the Treasury, the Board of Governors of the Federal Reserve System, the Federal Reserve Financial institution of New York, the U.S. Securities and Alternate Fee, and the U.S. Commodity Futures Buying and selling Fee (Joint Member Businesses) have co-hosted an annual convention to look at ongoing developments within the U.S. Treasury market.
The Joint Member Businesses convened the ninth annual convention on Thursday, November 16, 2023, on the Federal Reserve Financial institution of New York. The keynote addresses (linked within the agenda under) and professional panels at this yr’s convention coated a spread of matters associated to the Treasury market and included representatives from the Joint Member Businesses in addition to the private and non-private sectors.
For extra on the important thing convention themes, learn the next articles from The Teller Window:
WATCH THE CONFERENCE
See the agenda under for timing of particular convention segments.
Occasion Particulars
November 16, 2023
8:30am-6:00pm
Federal Reserve Financial institution of New York
33 Liberty Avenue
New York, NY
In-person attendance was by invitation solely. The occasion was additionally streamed on the day of the convention.
This occasion was on the file and open to media. For media inquiries, please contact Betsy Bourassa on the New York Fed at Betsy.Bourassa@ny.frb.org.
Agenda
Agenda
| 8:30am-9:15am | Examine-In and Continental Breakfast |
| 9:15am-9:20am | Convention Overview (00:00:10)
Brian Smith, Deputy Assistant Secretary for Federal Finance, U.S. Division of the Treasury Brett Rose, Director of Treasury and Mortgage Markets, Federal Reserve Financial institution of New York |
| 9:20am-9:25am | Opening Remarks (00:03:50)
Michelle Neal, Head of the Markets Group, Federal Reserve Financial institution of New York | Remarks |
| 9:25am-9:40am | Remarks (00:10:43)
John Williams, President and Chief Govt Officer, Federal Reserve Financial institution 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 Affiliate Director, Board of Governors of the Federal Reserve System Mark Barnett, Founding Associate, Capula Funding Administration LLP Richard Chambers, International Head of Repo Buying and selling and International Co-Head of the Brief Macro Buying and selling three way partnership, Goldman Sachs Christopher Clarke, Head of NA Sovereign Financing Buying and selling, J.P. Morgan Securities Mark Paddrik, Affiliate Director of Monetary Establishments, Workplace of Monetary Analysis, U.S. Division of the Treasury James M. Tabacchi, President & Chief Govt Officer, South Avenue 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, Underneath Secretary for Home Finance, U.S. Division of the Treasury | Remarks |
| 11:40am-12:10pm | Remarks (01:59:02)
Haoxiang Zhu, Director, Division of Buying and selling and Markets, U.S. Securities and Alternate Fee |
| 12:10pm-1:45pm | Lunch |
| 12:40pm | Remarks (02:18:01)
Anna Nordstrom, Head of Home and Worldwide Markets, Federal Reserve Financial institution of New York | Remarks |
| 1:45pm-2:30pm | Panel: Assessing Current Treasury Market Resiliency and Liquidity (02:26:39)
Moderator: Ellen Correia Golay, Treasury Markets Advisor, Federal Reserve Financial institution of New York Qing Chen, Managing Director and Co-Head of North America Charges Buying and selling, Morgan Stanley Michael Fleming, Head of Capital Markets Research, Federal Reserve Financial institution of New York Marc Seidner, CIO of Non-traditional Methods, PIMCO Colin Teichholtz, Principal and Head of Markets, Aspect Capital Mark Wendland, Chief Working Officer and Associate, DRW |
| 2:30pm-3:00pm | Break |
| 3:00pm-3:25pm | Remarks (03:10:03)
Rostin Behnam, Chairman, U.S. Commodity Futures Buying and selling Fee | Remarks |
| 3:25pm-4:20pm | Panel: The Way forward for the Treasury Money Market (03:34:41)
Moderator: Josh Frost, Assistant Secretary for Monetary Markets, U.S. Division of the Treasury Deirdre Dunn, Head of International Charges, Citi Gregory Peters, Co-Chief Funding Officer, PGIM Fastened Earnings Shyam Rajan, International Head of Fastened Earnings, Citadel Securities Josh Youthful, Coverage Advisor, Federal Reserve Financial institution of New York |
| 4:20pm-4:25pm | Closing Remarks (04:21:44)
Roberto Perli, System Open Market Account Supervisor, Federal Reserve Financial institution of New York | Remarks |
| 4:30pm-6:00pm | Reception |
Audio system
Mark Barnett
Founding Associate
Capula Funding Administration LLP
Vice Chair for Supervision
Board of Governors of the Federal Reserve System
Chairman
U.S. Commodity Futures Buying and selling Fee
Senior Affiliate Director
Board of Governors of the Federal Reserve System
Richard Chambers
International Head of Repo Buying and selling and International Co-Head of the Brief Macro Buying and selling three way partnership
Goldman Sachs
Qing Chen
Managing Director and Co-Head of North America Charges Buying and selling
Morgan Stanley
Christopher Clarke
Head of NA Sovereign Financing Buying and selling
J.P. Morgan Securities
Treasury Markets Advisor
Federal Reserve Financial institution of New York
Deirdre Dunn
Head of International Charges
Citi
Head of Capital Markets Research
Federal Reserve Financial institution of New York
Assistant Secretary for Monetary Markets
U.S. Division of the Treasury
Underneath Secretary for Home Finance
U.S. Division of the Treasury
Head of the Markets Group
Federal Reserve Financial institution of New York
Anna Nordstrom
Head of Home and Worldwide Markets
Federal Reserve Financial institution of New York
Affiliate Director of Monetary Establishments
Workplace of Monetary Analysis, U.S. Division of the Treasury
System Open Market Account Supervisor
Federal Reserve Financial institution of New York
Gregory Peters
Co-Chief Funding Officer
PGIM Fastened Earnings
International Head of Fastened Earnings
Citadel Securities
Director of Treasury and Mortgage Markets
Federal Reserve Financial institution of New York
Marc Seidner
CIO of Non-traditional Methods
PIMCO
Brian Smith
Deputy Assistant Secretary for Federal Finance
U.S. Division of the Treasury
James M. Tabacchi
President & Chief Govt Officer
South Avenue Securities Holdings Inc.
Principal and Head of Markets
Aspect Capital
Mark Wendland
Chief Working Officer and Associate
DRW
President and Chief Govt Officer
Federal Reserve Financial institution of New York
Coverage Advisor
Federal Reserve Financial institution of New York
Director, Division of Buying and selling and Markets
U.S. Securities and Alternate Fee
