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.

Leon Barker, Ellen Correia Golay, and Brian Greene

The ninth annual U.S. Treasury Market Conference, held at the Federal Reserve Bank of New York last November, brought together market participants, official sector representatives, academics, regulatory authorities, and others to discuss ongoing developments in the U.S. Treasury market. The New York Fed sponsored the conference with 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). This year’s conference included several official-sector speeches and three panels.

Julie Lasson

On Thursday, November 16, 2023, New York Fed President John Williams spoke at the 2023 U.S. Treasury Market Conference about how transactions-based, transparent, and well-documented data is critical to the collective understanding and decision-making at the Federal Reserve and beyond.

Marco Cipriani, Antoine Martin, Patrick McCabe, and Will Riordan

In July 2023, the SEC issued a new set of reforms for the U.S. money market fund (MMF) industry. The reforms increase the amount of daily and weekly liquid assets a fund must hold, eliminate the link between weekly liquid assets (WLA) and the option to impose liquidity fees and redemption gates, and introduce a dynamic liquidity fee. This article describes some of the most important provisions of the reforms.

Nikhil Rathi and John C. Williams

From artificial intelligence to digital assets, innovation is all the talk in finance. But as we think about the benefits of innovation and new financial products, it’s important to heed the lessons of the past. A particularly instructive example is the story of the London interbank offered rate, otherwise known as LIBOR.

Leon Barker, Frank Keane, Monica Scheid, Ellen Correia Golay, and Rania Perry

On November 16, 2022, the New York Fed hosted the eighth U.S. Treasury Market Conference. This annual event is an opportunity for market participants, official sector representatives, academics, regulatory authorities, and other stakeholders to gather and discuss key developments, policy issues, and recent trends in the market for U.S. Treasury securities. It is co-sponsored with 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), and after two years of virtual convenings was held in person again for the first time since 2019. Here are highlights from featured speakers and takeaways from the panel discussions.

Lorie K. Logan and Anna Nordstrom, Markets Group

For most, six trillion of anything is an unimaginable sum. In the world of foreign exchange (FX), $6 trillion of trading volumes is just a typical day in the market.

Judy DeHaven, CEO Communications

On Wednesday, November 17, New York Fed President John Williams spoke at the 2021 U.S. Treasury Market Conference, co-hosted by 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.