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Venue

Webex
15:00-16:30 CET

Format

online

Date

Monday, May 27, 2024

In cooperation with

US Treasuries are very widely held by investors across the globe. They serve as a vital safe asset and provide the global risk-free rate. In March 2020, this market suffered a severe dislocation which was only solved by large-scale intervention by the Federal Reserve. The wide-ranging reforms of the US Treasury market, which have been launched in the aftermath of this unprecedented stress event  have recently made material progress. A core element is an expansion of central clearing for cash and repo transactions.  These reforms will substantially change the market structure of Treasury markets. They also further increase the systemic role of CCPs, which has recently been strongly illustrated both in the COVID as well as the energy stress. Against this background this Webinar aims to discuss the state of play and implications for Europe with a panel of senior academics, policymakers and practitioners.

Key questions:

Scientific coordination: Martin Scheicher, SSM/ECB and SUERF Fellow

Program

Time
Monday, 27 May 2024
15:00
Welcome and Introduction
Welcome by Ernest Gnan, Secretary General, SUERF

Treasury Clearing and bond market resilience: Introduction

Martin Scheicher, Adviser, SSM I ECB Presentation (pdf)
15:15
Panel
Moderation by Aino Bunge, Deputy Governor, Sveriges Riksbank

The resilience of the US Treasury market

Darrell Duffie, Professor, Stanford University Presentation (pdf)

Central clearing in fixed income markets

Klaus Loeber, Chair, CCP Supervisory Committee, ESMA Presentation (pdf)

Expanding clearing in the US Treasury market: Future-proofing the world’s safe asset?

Imene Rahmouni-Rousseau, Director General, Market Operations, ECB Presentation (pdf)

Central clearing in fixed income markets

Andreas Schrimpf, Head of Financial Markets, BIS Presentation (pdf)
16:30
End