Dan Reichgott, Fabiola Ravazzolo, Lisa Chung, and Alain Chaboud

The foreign exchange (FX) market is the largest financial market by trading volume in the world, with average daily turnover of approximately $7.5 trillion. It has become increasingly complex over time, as its structure has undergone shifts in the types of market participants, the jurisdictions in which they transact, and the mix of instruments traded. The FX market also plays a critical role in supporting international trade, investment, and finance. With this in mind and in light of its role in monitoring and participating in the market, the Federal Reserve Bank of New York hosted the FX Market Structure Conference in November of last year.

Ellen Correia Golay, Trevor Graney, Brian Greene, Erica Gutman, and Sara Kaddoura

As the deepest and most liquid securities market worldwide, the U.S. Treasury market plays a critical role in the global economy. With this in mind, every year, the Federal Reserve Bank of New York, the U.S. Department of the Treasury, the Board of Governors of the Federal Reserve System, the U.S. Securities and Exchange Commission (SEC), and the U.S. Commodity Futures Trading Commission (CFTC) convene the official sector, public sector, and academia to discuss this important market. The U.S. Treasury Market Conference, held in September, marked the 10th of these annual forums.

Julie Lasson

On Thursday, September 26, New York Fed President John Williams spoke at the 10th U.S. Treasury Market Conference about how the annual interagency collaboration has strengthened the understanding of Treasury market resiliency and that of adjacent markets. He also shared news about the New York Fed’s ongoing commitment to ensuring that the financial system continues to stand on a strong foundation of reference rates.

Linda S. Goldberg, Fabiola Ravazzolo, Ricardo Correa, and Juan M. Londono

On May 20 and 21, 2024, the Federal Reserve Board and the New York Fed jointly hosted the Third Conference on the International Roles of the U.S. Dollar. The conference brought together researchers, practitioners, and policymakers to understand how changes in the global economic and financial landscape may affect the central role of the dollar.

Erica Gutman and Brian Greene

At the ninth annual U.S. Treasury Market Conference, Josh Frost, from the U.S. Department of the Treasury, moderated a panel soliciting perspectives on the future of the Treasury cash market. The panel included representatives from two asset management firms, a primary dealer, and the New York Fed. 

Ellen Correia Golay, Brian Greene, Sara Kaddoura, and Brett Rose

At the ninth annual U.S. Treasury Market Conference, Ellen Correia Golay, from the Markets Group at the New York Fed, moderated a panel on Treasury market resiliency and liquidity. The discussion, on November 16, 2023, considered the recent performance of the Treasury market amid higher volatility. It looked particularly at trading behavior, market resiliency, and liquidity, as well as potential initiatives to bolster the market’s resilience. The panel included representatives from a primary dealer, a hedge fund, an asset manager, a principal trading firm (PTF), and the New York Fed.

Leon Barker, Ellen Correia Golay, and Brian Greene

At the ninth annual U.S. Treasury Market Conference, David Bowman, from the Division of Monetary Affairs at the Federal Reserve Board, moderated a panel soliciting perspectives on trading practices, motivations, and risk management considerations in the non-centrally cleared bilateral repo (NCCBR) market. The panel included representatives from three broker-dealer firms, a hedge fund, and the Office of Financial Research (OFR). Although insight into NCCBR activity is relatively limited, it is estimated to be the largest Treasury repo market segment and acts as a major source of funding to nonbank financial institutions, particularly hedge funds.