"Vice Chair Jefferson's Keynote Address at Central Bank Conference on Financial Market Microstructure"

Vice Chair Jefferson welcomes attendees to the 18th Central Bank Conference on the Microstructure of Financial Markets, emphasizing the importance of well-functioning financial markets for the economy. He highlights the need for effective and efficient markets that aggregate and reflect information accurately, remain deep and resilient during economic stress, and are fair to all participants. Jefferson discusses the significance of understanding the microstructure of financial markets, particularly in the context of the U.S. Treasury market, which has undergone significant changes and experienced episodes of stress. He mentions ongoing interagency efforts to enhance the resilience and transparency of the Treasury market and emphasizes the relevance of market microstructure research in addressing key questions and improving market functioning.