NY Fed: notes from the Fourth Annual Conference on the Evolving Structure of the U.S. Treasury Market

The New York Fed recently hosted the fourth annual Conference on the Evolving Structure of the U.S. Treasury Market. The one-day event was co-sponsored with the U.S. Department of the Treasury, the Federal Reserve Board, the U.S. Securities and Exchange Commission (SEC), and the U.S. Commodity Futures Trading Commission (CFTC). This year’s agenda, which included a series of keynote addresses and expert panels, focused on four key topics: 1) analytical approaches to debt issuance, 2) clearing and settlement, 3) developments in cash and repo markets, and 4) analysis of transactions data. Previous conferences were held in November 2017, October 2016, and October 2015.

The final two panels of the day addressed recent developments and innovations in the Treasury cash and repo markets. The repo panel considered the effects of several recent developments, including the Capped Contingency Liquidity Facility of the Fixed Income Clearing Corporation and the growing use of the Secured Overnight Financing Rate. The cash panel discussed the opportunities and challenges emanating from the growth of trading on electronic venues and the important innovations that might emerge in future years.

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