Live - ECB Conference on Money Markets 2026 (Day 1)

The annual ECB Conference on Money Markets brings together academics, market practitioners, and central bankers for in-depth discussions on money markets, monetary policy implementation, central bank operational frameworks, and technological innovation. Through a combination of research presentations, insights from market participants, and high-profile keynote speeches, the conference aims to advance our understanding of money markets and monetary policy transmission. Thursday, 5 and Friday, 6 November 2026 Frankfurt am Main, Hybrid event See the conference programme here: https://www.ecb.europa.eu/press/conferences/html/20261105-money-markets.en.html 00:00 - Welcome and housekeeping 6:33 - Opening remarks Isabel Schnabel, Member of the Executive Board, European Central Bank 40:20 - Session 1 – Money Market Functioning Chair: Gioia Cellai, Deputy Director General for Markets and Monetary Policy Operations, Banca d'Italia Hiding in Plain Sight: Preferred Habitat Effects in Short-Term Rates • Edouard Mattille*, UNSW Business School Discussant: Stefania D’Amico, Federal Reserve Bank of New York Dollar Risk and Dollar Insurance Hedging – Supply and Forward Risk Taking • Robert Czech*, Bank of England • Helena Carvalho, University College London • Ricardo Reis, London School of Economics • Saleem Bahaj, University College London Discussant: Lukas Schmid, USC Marshall 1:58:08 - Coffee break 2:28:22 - Keynote speech Arvind Krishnamurthy, The John S. Osterweis Professor of Finance, Stanford Graduate School of Business Chair: Luc Laeven, Director General Research, European Central Bank 3:32:46 - Lunch break 4:56:15 - Session 2 – Central Bank Balance Sheets and Reserve Demand Chair: Anna Nordstrom, Head of the Markets Group, Federal Reserve Bank of New York The Role of Ambiguity in the Monetary Policy Transmissions: Evidence from the European Repo Market • Natalie Kessler*, Vrije Universiteit Amsterdam and De Nederlandsche Bank • Poramapa Poonpakdee, Bank of Thailand Discussant: Matteo Leombroni, Boston College Ample Reserves for Whom? The Role of Foreign Banks in US Monetary Policy Implementation • Junko Oguri*, Kellogg School of Management, Northwestern University • Cristoforo Pizzimenti, PIMCO, Client Solutions & Analytics Discussant: Benjamin Lester, Federal Reserve Bank of Philadelph-ia 6:19:38 - Coffee break 6:48:25 - Session 3 – Money Markets and NBFIs Chair: Victoria Saporta, Executive Director of the Markets Directorate, Bank of England Elastic in Cash, Inelastic in Repo: The Role of Hedge Funds in the Treasury and Repo Markets • Loriana Pelizzon*, Leibniz Institute for Financial Research SAFE, Goethe University Frankfurt, Ca’ Foscari University of Venice and CEPR • Andrea Poinelli, European Central Bank, Deutsche Bundesbank and Goethe University Frankfurt • Benoit Nguyen, European Central Bank, Banque de France • Davide Tomio, Texas A&M University, Mays Business School and CEPR • Tobias Linzert, European Central Bank Discussant: Mathias Kruttli, Indiana University Treasury Financing by Hedge Funds: A Tale of Three Channels • Sriya Anbil*, Board of Governors of the Federal Reserve • Alyssa Anderson, Board of Governors of the Federal Reserve System • Marco Macchiavelli, Isenberg School of Management, University of Massachusetts, Amherst • Andy Xia, NYU Stern Discussant: Egemen Eren, Bank for International Settlements 8:16:00 - Keynote speech Pablo Hernández de Cos, General Manager, Bank for International Settlements Chair: Imène Rahmouni-Rousseau, Director General Market Operations, European Central Bank