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CFA Society San Francisco:  Redesigning the U.S. Treasury market after COVID-19 (Webinar)



Start Time

5/26/2021 1:30 PM

End Time

5/26/2021 2:30 PM

Event Description

​The world’s biggest and supposedly safest financial market is much more rickety than anybody thought, and came alarmingly close to a meltdown last spring. The current trading system isn’t sustainable without a major upgrade. Under post crisis capital requirements, big banks no longer have the flexibility to absorb surges of investor trade demands. The quantity of Treasuries outstanding has doubled in the last decade, and will increase from $20 trillion, when Covid-induced trades overwhelmed dealer banks in 2020, to $120 trillion by the year 2050, according to the Congressional Budget Office. The Treasury market has no particular regulator. Transaction prices are not reported. There is no venue at which investors can trade directly with other investors. All investor trades are with dealers. The Treasury market underpins the global reserve currency status of the US dollar. A more resilient Treasury market is needed for the United States to fund future societal needs. Fixing the Treasury market is a matter of national economic security.
Attendees will learn about the size and importance of the US Treasury market which underpins the global reserve currency status of the US dollar, and how it buckled under the rush of trading in March 2020. Prof Duffie is a leader in proposing changes to shore up the Treasury market and will present a narration of events, challenges, and proposed solutions in this highly interactive session in which attendees can ask questions and contribute to an engaging conversation on Treasuries, LIBOR to SOFR transitions, and digital currencies.


Darrell Duffie, The Adams Distinguished Professor of Management and Professor of Finance, Stanford Graduate School of Business

Darrell Duffie is the The Adams Distinguished Professor of Management and Professor of Finance at Stanford Graduate School of Business. He is a fellow and member of the Council of the Econometric Society, a research fellow of the National Bureau of Economic Research, and a fellow of the American Academy of Arts and Sciences. Prof. Duffie was the 2009 president of the American Finance Association. In 2014, he chaired the Market Participants Group, charged by the Financial Stability Board with recommending reforms to Libor, Euribor, and other interest rate benchmarks. Prof. Duffie’s recent books include "How Big Banks Fail" (Princeton University Press, 2010), "Measuring Corporate Default Risk" (Oxford University Press, 2011), and "Dark Markets" (Princeton University Press, 2012).

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Content Type: MyCFA Calendar
Created at 5/21/2021 11:18 AM by
Last modified at 5/21/2021 11:18 AM by