Nov. 16, 2022 at 8:18 pm

The 2022 U.S. Treasury Market Conference

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 eighth annual conference on Wednesday, November 16, 2022, 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.

Event Details

Date & Time

November 16, 2022
8:30am – 6:30pm EDT

Location

Federal Reserve Bank of New York
Auditorium, 12th Floor
33 Liberty Street
New York, NY

Audience

In-person attendance is by invitation only. The event will also be available virtually, via a webcast that will open 15 minutes prior to the event start time. The webcast will be made available through this page.

Agenda

Please note that the agenda may be updated closer to the event.

Agenda

8:30am-9:40am	Check-In and Continental Breakfast
9:40am-9:45am	Welcome Michelle Neal, Head of the Markets Group, Federal Reserve Bank of New York
9:45am-9:50am	Conference Overview Brian Smith, Deputy Assistant Secretary for Federal Finance, U.S. Department of the Treasury Rania Perry, Director of Treasury Markets, Federal Reserve Bank of New York
9:50am-10:05am	New York Fed Keynote Address John Williams, President and Chief Executive Officer, Federal Reserve Bank of New York \| Remarks
10:05am-10:50am	Panel: Central Clearing A discussion on the potential benefits and costs of broader central clearing in the U.S. Treasury market. Moderator: Josh Frost, Assistant Secretary for Financial Markets, U.S. Department of the Treasury Kavi Gupta, Co-Head of Global Rates Trading and Counterparty Portfolio Management, Bank of America Securities Laura Klimpel, General Manager of Fixed Income Clearing Corporation & Head of SIFMU Business Development, DTCC Lynn Paschen, Senior Portfolio Manager, Schwab Asset Management Gerald Pucci, Jr., Managing Director, CEO BlackRock Execution Services, Global Head of LTT Fixed Income Trading, Global Head of Repo, BlackRock
10:50am-11:15am	Break
11:15am-11:35am	Treasury Keynote Address Nellie Liang, Under Secretary for Domestic Finance, U.S. Department of the Treasury \| Remarks
11:35am-1:05pm	Lunch
1:05pm-2:05pm	Panel: All-to-All Trading A discussion on why all-to-all trading has not become more widespread in the Treasury market, the potential impact a broader adoption could have on Treasury market resilience, as well as key factors that could make broader adoption of all-to-all trading more likely. Moderator: Nate Wuerffel, Head of Domestic Markets, Federal Reserve Bank of New York Rick Chan, Managing Director and Portfolio Manager, PIMCO Isaac Chang, Head of Central Execution, Global Fixed Income, Citadel Darrell Duffie, Adams Distinguished Professor of Management and Professor of Finance, Stanford University Nichola Hunter, Global Head of Fixed Income Sales, TP ICAP Richard McVey, Chairman and CEO, MarketAxess Priya Misra, Head of Global Rates Strategy, TD Securities Thomas Pluta, President-elect, Tradeweb Markets
2:05pm-2:35pm	SEC Keynote Address Gary Gensler, Chair, U.S. Securities and Exchange Commission \| Remarks
2:35pm-3:00pm	Break
3:00pm-3:45pm	Panel: Official Versus Private Sector Roles with Liquidity A discussion on the appropriate roles for the official sector versus the private sector in ensuring resiliency and liquidity in the Treasury market. Moderator: Donald Kohn, Robert V. Roosa Chair in International Economics, Brookings Institution Beth Hammack, Co-Head of the Global Financing Group, Goldman Sachs Andrew Metrick, Janet L. Yellen Professor of Finance and Management, Yale School of Management Jeremy Stein, Moise Y. Safra Professor of Economics, Harvard University
3:45pm-4:05pm	Break
4:05pm-4:35pm	CFTC Keynote Address Rostin Behnam, Chairman, U.S. Commodity Futures Trading Commission
4:35pm-4:40pm	Closing Remarks Patricia Zobel, System Open Market Account Manager, Pro Tem, Federal Reserve Bank of New York
4:40pm-6:30pm	Reception

Media

This event is on the record and open to media, though space is limited for in-person attendees. To register, please contact Brian Manning at the New York Fed at [email protected]. Members of the press who are unable to attend in person are invited to view the conference via webcast.

Speakers