Liquidity of government debt is an elusive concept, since government bonds have different 

roles, including quasi-money, collateral, hedging instruments, and reference pricing. Therefore, 

the management of liquidity of government debt must take into account the broader context 

of liquidity in the money, asset, and foreign exchange markets and the interactions between 

them that may have systemic and global financial stability implications. The complex interplay 

of liquidity in different markets has manifested itself in various forms in the recent financial 

crisis. For instance, the liquidity mismatch in bank balance sheets has led to a banking crisis in 

some countries. Regulatory changes are having an impact on available collateral and liquidity 

in financial asset markets, including government debt. Central bank asset purchase programs 

are also affecting the liquidity of assets. Market microstructure, including the rise of electronic 

trading systems, collateral management systems, and triparty repos, is influencing trading 

behavior and market access. Finally, the accumulation of cash buffers and international reserves 

around the world has impacted liquidity. The joint event will address these developments and 

their implications for government debt management going forward. 

June 19–20, 2013 Washington, D.C.

Managing Liquidity of Government Debt

13th International Monetary Fund Public Debt Management Forum

and 

3rd U.S. Treasury Roundtable on Treasury Markets and Debt Management
2 

Agenda

DAY 1 Wednesday, June 19, 2013

IMF Headquarters 2, Conference Hall 1

Open Only to Policymakers

1:00–1:15p.m. Registration

1:15–1:30 p.m. Welcome

José Viñals, Financial Counsellor and Director, Monetary and Capital Markets Department, 

International Monetary Fund

Inaugural Remarks

Nemat Shafik, Deputy Managing Director, International Monetary Fund

1:30–3:30 p.m. Session 1: The Impact of Liquidity on Debt Management: What Should 

Debt Managers Do?

This session will focus on policy relevant issues from a sovereign debt issuer’s 

perspective. How should sovereign debt managers incorporate the concept 

of liquidity into their debt management decisions and the tools they employ 

including the following:

• Issuance decisions: Sizes and composition of nominal and real, fixed and floating 

securities, and security design.

• Active debt management: The decision to actively or passively manage the liquidity 

of debt outstanding via tools such as buybacks, conversions, switches, tap issues, and 

securities lending facilities. 

• Dealer requirements: Promulgating requirements on secondary markets in securities 

(e.g., make secondary markets for a proscribed number of hours per day at reasonable 

spreads). 

• Distribution mechanisms: Should sovereigns tailor their primary debt distribution 

mechanism based on the liquidity of the instrument being offered? One presumption could 

be that less liquid/buy-and-hold instruments should be sold via private placements or a 

window in order to avoid paying a premium to market intermediaries for the housing and 

distribution of illiquid instruments. Should syndications always be used as a first step in 

building up bonds to liquid sizes quickly? What are the pros and cons of this practice?

• Other: What can sovereign borrowers do to improve liquidity in their respective markets 

and globally (e.g., transparency, roadshows, repo, developing derivative markets)? Should 

sovereign debt managers play a role in encouraging buy-and-hold investors (pension funds 

and insurance companies) to take advantage of securities lending opportunities to improve 

market liquidity (and also enhance the yield on their holdings)?

• Cost and benefits: Many of these tools/ideas have associated costs including staffing, 

infrastructure, start-up, and regulatory costs. In addition, some of these ideas have potential 

for generating trading losses. How efficient are these various tools/ideas for improving 

liquidity, and which ones provide the greatest return for the level of effort?

Moderator 

Luc Everaert, Assistant Director, Monetary and Capital Markets Department,

International Monetary Fund
3

Discussants

• László Búzás, Deputy Chief Executive Officer, Government Debt Management Agency, 

Hungary

• Otavio Ladeira de Medeiros, Head of Public Debt Strategic Planning Department, 

Brazilian National Treasury, Ministry of Finance, Brazil

• Ove Sten Jensen, Head of Government Debt Management Department,

Danmarks Nationalbank, Denmark

• João Moreira Rato, Chief Executive Officer, Portuguese Treasury and Debt 

Management Agency, Portugal (IGCP) 

• Sergey Anatolyevich Storchak, Deputy Minister of Finance, Ministry of Finance, 

Russian Federation

Panelists’ Discussion 

3:30–4:00 p.m. Coffee Break

4:00–5:30 p.m. Session 2: Global Liquidity Interconnectedness and Consequences for 

Government Bond Markets

Accumulation of cash buffers by governments, asset accumulation by sovereign 

wealth funds, and the build-up of international reserves, coupled with global 

trends in banking sector deleveraging and the collapse of cross-border capital 

flows among advanced countries, are changing the nature of the global investor 

base and liquidity interconnectedness. What are the consequences of these changes 

in global liquidity interconnectedness for government bond market liquidity? What 

are the spill-over effects that these changes might be creating? Will securitization 

of assets be revived as a consequence? Are private investors being forced into less 

liquid and higher risk assets while sovereign investors take up the safe assets? Are 

new liquidity risks being created elsewhere in the economy?

Moderator

Peter Dattels, Assistant Director, Monetary and Capital Markets Department,

International Monetary Fund 

Discussants:

• Ambroise Fayolle, Chief Executive, Agence France Tresór, France

• Phumzile Hazel Maseko, Director of Domestic Debt Management, Asset and 

Liability Management Division, National Treasury, South Africa

• Jo Whelan, Deputy Chief Executive and Head of Policy and Markets, U.K. Debt 

Management Office, United Kingdom

• Erik Wilders, Agent (Head), Dutch State Treasury Agency, Ministry of Finance, 

Netherlands

• Ruijin Yang, Deputy Director General, Treasury Department, Ministry of Finance, 

People’s Republic of China [To Be Confirmed]

Panelists’ Discussion 

Welcome Reception

IMF Headquarters 2, 19th & Penn Reception Hall

Wednesday, June 19, 2013 | 7:00–9:00 p.m.
4 

DAY 2 Thursday, June 20, 2013

IMF Headquarters 2, Conference Hall 1

Open to All Participants

8:00–8:20 a.m. Coffee and Registration

8:20–10:00 a.m. Session 3: Understanding Liquidity and Its Different Perspectives

The objective of this session is to identify and define the different perspectives on 

liquidity. It will begin with an academic survey on the definition of liquidity and 

will provide an overview of the state of liquidity in the global financial markets 

today, as well as projections going forward. The session will also discuss the 

roles liquidity plays from the perspective of government debt managers, central 

bankers, asset managers, financial intermediaries, and regulators and will 

comment on when a liquidity crisis becomes a solvency crisis.

Chair

Luc Everaert, Assistant Director, Monetary and Capital Markets Department,

International Monetary Fund

Speaker 

Tobias Adrian, Vice President, Capital Markets, Federal Reserve Bank of New York

Discussants

• Colin Kim, Executive Director, Global Portfolio Strategy, JP Morgan

• Paul McCulley, Chairman, Society of Fellows, Global Interdependence Center

• Thomas Olofsson, Director and Head of Debt Management,

Swedish National Debt Office, Sweden

• Bruce Tuckman, Clinical Professor of Finance, Stern School of Business, 

New York University

Questions & Answers

10:00–10:30 a.m. Coffee Break

10:30 a.m.–12:00 p.m. Session 4: Drivers and Determinants of Liquidity Across Sectors and 

Implications for Systemic Risk

Because of the different roles that the liquidity of government bonds plays, 

liquidity in money, asset, and foreign exchange markets and the interplay between 

them can have systemic and global financial stability implications. This session 

examines the drivers and determinants of liquidity in government debt and other 

financial asset markets and how liquidity interacts in different markets. It also 

addresses the sources of the differences between liquidity in government bond 

markets and other financial asset markets. 
5

Chair 

Peter Dattels, Assistant Director, Monetary and Capital Markets Department,

International Monetary Fund

Speaker

Jon Kinol, Managing Director, Global Head of Interest Rate Products, Credit Suisse Securities, LLC

Discussants

• Jens Christensen, Senior Economist, Federal Reserve Bank of San Francisco

• Ignacio Fernández-Palomero Morales, Deputy Director for Funding and Debt 

Management, Spanish Treasury Ministry of Economy, Spain

• Rama Gandhi, Executive Director, Reserve Bank of India, India

• Hari N. Hariharan, Chairman and Chief Executive Officer, New World Investments

Questions & Answers

12:00–1:30 p.m. Lunch Special Speaker

Peter R. Fisher, Senior Managing Director, BlackRock

1:30–3:00 p.m. Session 5: Structural Changes in Financial Markets and Their Impact on 

Liquidity of Government Bonds

The recent financial crisis is changing the structural landscape of financial 

markets. New regulations, changes in risk management policies in governments 

and the private sector, and technological improvements are all causing structural 

changes to financial markets operations. This session will discuss the implications 

of these structural changes on market liquidity in general and on the liquidity of 

government bonds in particular.

Moderator

Matthew Rutherford, Assistant Secretary for Financial Markets, U.S. Department of the Treasury

Discussants 

• Richard B. Berner, Office of Financial Research Director, U.S. Department 

of the Treasury

• Louis Crandall, Chief Economist, Wrightson ICAP

• Alejandro Díaz de León, Deputy Undersecretary for Public Credit, Ministry of Finance 

and Public Credit, Mexico

• Elizabeth Hammack, Managing Director, Head of Liquid Products, Goldman, Sachs & Co.

• Stephen Kozeracki, Principle, Co-Head of the Corporate Bond Group,

The Vanguard Group, Inc. 

Questions & Answers

3:00–3:30 p.m. Coffee Break
6 

3:30–5:00 p.m. Session 6: Non-Conventional Monetary Policy, Macroprudential Policies, and 

Their Impact on Liquidity of Government Debt

This session will discuss the impact of central banks’ asset purchase programs 

in executing monetary policies in advanced countries and of the countervailing 

macroprudential policies in developing countries on liquidity of government 

debt in the respective markets. How have quantitative easing and removal of 

high-quality collateral impacted liquidity? Are they potentially in conflict with 

the government debt issuance strategy, and what are the risks? What are the 

likely consequences of central banks unwinding of non-conventional monetary 

policy on government bond market liquidity, and what sequencing and triggers 

should be applied to minimize the negative impact of unwinding on liquidity? 

What have been the results of macroprudential policies in curbing inflows into 

emerging markets?

Moderator

James Clark, Deputy Assistant Secretary, Federal Finance, U.S. Department of the Treasury

Discussants

• Henner Asche, Deputy Head of Markets Department, Deutsche Bundesbank, Germany

• David J. Greenlaw, Managing Director and Senior Desk Economist, Morgan Stanley

• Laurence H. Meyer, Senior Managing Director, Founder, Macroeconomic Advisers

• Brian Sack, Senior Vice President, The D.E. Shaw Group

• Michio Saito, Director, Debt Management Policy Division, Financial Bureau, Ministry of 

Finance, Japan

• Taşkin Temiz, Director General for Public Finance, Undersecretariat of Treasury, Turkey

Questions & Answers

5:00–5:30 p.m. Wrap-up and Next Steps

Mary Miller, Under Secretary for Domestic Finance, U.S. Department of the Treasury

Wrap-up and Closing Remarks

Peter Dattels, Assistant Director, Monetary and Capital Markets Department,

International Monetary Fund
7

Tobias Adrian

Vice President, Capital Markets

Federal Reserve Bank of New York, United States

Tobias Adrian is a Vice President of the Federal Reserve Bank of New York and Head of 

the Capital Markets Function of the Research and Statistics Group. His research covers 

asset pricing, financial intermediation, and macroeconomics, with a focus on the aggregate 

implications of capital market developments. He has contributed to the Federal Bank of New 

York’s financial stability policy and to its monetary policy briefings. Mr. Adrian holds a PhD 

from MIT and a MSc from LSE. He has taught at MIT and Princeton University.

Henner Asche

Deputy Head of Markets Department

Deutsche Bundesbank, Germany

Henner Asche (born 1957) is Deputy Head of Markets Department at the Deutsche 

Bundesbank and responsible for monetary policy instruments and procedures and the 

implementation of monetary policy in the euro area. He has served in his current position since 

August 2012. Since May 2008 he has been Head of Market Analyses, Portfolio Division in 

the Markets Department and responsible for financial market monitoring and the management 

of the Bundesbank’s investment and monetary policy portfolios and foreign reserves. He has 

over 25 years professional experience in the central banking sector. Mr. Asche joined the 

Bundesbank (Central Office in Frankfurt am Main) in 1986 and took on responsibility for 

liquidity management, monetary policy instruments, and monetary policy implementation (in 

the Economics Department). He was involved in the establishment of the monetary policy 

framework of the Eurosystem and worked as an expert with several central banks in Eastern 

Europe and Asia. In 2005, he was placed in charge as Deputy Head of Division Institutional 

and Regulatory Financial Market Issues. Prior to working for the Bundesbank, Mr. Asche was a 

research assistant at the University of Hamburg. His educational background includes a diploma 

in economics from the University of Hamburg.

Richard B. Berner

Director, Office of Financial Research 

U.S. Department of the Treasury, United States

Richard Berner has served as Director of the Office of Financial Research since January 2013. 

In this capacity, he leads the office that serves the Financial Stability Oversight Council, its 

member agencies, and the public by improving the quality, transparency, and accessibility 

of financial data and information; by conducting and sponsoring research related to financial 

stability; and by promoting best practices in risk management.

Mr. Berner previously served as Counselor to the Secretary of the Treasury. Before joining 

the Treasury, he was Co-Head of Global Economics at Morgan Stanley. He has also worked at 

Mellon Bank, Salomon Brothers, Morgan Guaranty Trust Company, Wharton Econometrics, and 

the Federal Reserve Board. 

Mr. Berner received his bachelor’s degree from Harvard College and PhD from the University 

of Pennsylvania.

 Speakers
8 

László Búzás

Deputy Chief Executive Officer

Government Debt Management Agency Pte, Hungary

László Búzás is a Deputy Chief Executive Officer of the Government Debt Management 

Agency Pte (ÁKK) in charge of front office activities. His responsibilities include domestic 

and international fundraising, portfolio management and liquidity management operations, as 

well as the development of the domestic government securities market.

Before joining ÁKK in 1997, Mr. Búzás worked at the National Bank of Hungary for fifteen 

years in various positions related to foreign debt management. 

Mr. Búzás holds a master’s degree from the Moscow State Institute of International Relations 

and an MBA from the Budapest University of Technology and Economics.

Jens Christensen

Senior Economist

Federal Reserve Bank of San Francisco, United States

Jens Christensen is a Senior Economist in the Financial Research Section of the Federal 

Reserve Bank of San Francisco, which he joined in 2006 after receiving his PhD in 

finance from Copenhagen Business School. He also holds an MSc in economics from the 

University of Copenhagen. His research interests include credit risk modeling, credit risk 

management, and interest rate term structure modeling. His past research has been published 

in the Economic Journal, the Econometrics Journal, the Journal of Banking and Finance, the 

Journal of Econometrics, and the Journal of Money, Credit, and Banking amongst others.

James Clark

Deputy Assistant Secretary, Federal Finance

U.S. Department of the Treasury, United States

James Clark currently serves at the U.S. Treasury as the Deputy Assistant Secretary for Federal 

Finance. In this capacity, he is responsible for overseeing the Office of Debt Management, 

which is the policy arm of the Treasury Department. Prior to his appointment at Treasury, 

Mr. Clark worked at the Federal Reserve Bank of New York (FRBNY) where he served in 

a number of different capacities, including the head of Mortgage Analytics and the FRBNY 

liaison to the Treasury Department. Prior to his time at FRBNY, he worked as an investment 

banking analyst at UBS in London, United Kingdom.

James holds a master of arts in international relations and economics from Johns Hopkins 

University – SAIS, and a bachelor of science in management from The London School of 

Economics and Political Science. He also serves as a Board Fellow on the David and Lucile 

Packard Foundation and is a CFA charterholder.
9

Louis Crandall

Chief Economist

Wrightson ICAP

Louis Crandall is Chief Economist of Wrightson ICAP and author of the firm’s widely-read 

newsletter, The Money Market Observer. Mr. Crandall began his career at the New York Fed in 

1980 before joining Wrightson in 1982. The firm has a long-standing expertise in the analysis 

of the U.S. money markets, and its forecasts of Treasury financing activity are a benchmark for 

the government bond market. 

Mr. Crandall is a member of the Wall Street Journal’s forecasting panel, as well as many 

other consensus survey groups. He was recognized by Bloomberg News as the most accurate 

forecaster of high-frequency U.S. economic indicators from 2009 through mid-2011. 

Wrightson ICAP is an independent, subscription-based research firm that has been owned since 

2000 by ICAP plc, the world’s largest inter-dealer broker. Wrightson’s subscribers include 

traders, investors, and official institutions from around the world.

Peter Dattels

Assistant Director, Monetary and Capital Markets Department

International Monetary Fund

Mr. Dattels is a Deputy Director in the Monetary and Capital Markets Department. He has 

responsibility for the IMF’s global markets monitoring and analysis function and debt capital 

markets areas. He oversees the lead chapter of the Global Financial Stability Report that gives 

the IMF’s assessment of global financial stability risks. During the Asian crisis, Mr. Dattels 

was a resident representative to Indonesia assisting the authorities in implementing the Fund’s 

policy advice on monetary policy and bank restructuring. Mr. Dattels has led extensive technical 

assistance efforts in the areas of monetary operations, public debt management, government 

securities, and foreign exchange market development throughout Asia and Eastern Europe on 

a full range of financial sector and monetary topics. Before coming to the Fund, Mr. Dattels 

was an economist with the Bank of Canada and had responsibilities for conducting open market 

operations and worked on public debt management issues. Mr. Dattels spent two years seconded 

to the Government of Pakistan, aiding them in developing local markets, undertaking debt 

management reforms, and instituting open market operations. He holds a master’s in economics 

from Queen’s University and is a Chartered Financial Analyst.

Alejandro Díaz de León Carrillo

Deputy Undersecretary for Public Credit

Ministry of Finance and Public Credit, Mexico

Alejandro Díaz de León holds a master’s degree in public and private management from the 

Yale School of Management and a bachelor’s degree in economics from the Autonomous 

Institute of Technology of Mexico (ITAM).

For 16 years he worked at Banco de Mexico in different areas related to the central bank’s 

operations, financial and macroeconomic analysis. He left the institution as Economic Studies 

Director. For three years he directed the pension fund for government employees with more 

than 7.8 million accounts and over US$7 billion in assets. He was responsible for the creation 

and operation of this fund, which recorded returns well above the average of the industry. Since 

January 2011, Mr. Díaz de León has been the Deputy Undersecretary for Public Credit of the 

Ministry of Finance and Public Credit of Mexico, having responsibility for the public debt 

policy of the Mexican government and the implementation of policies to foster development of 

the financial system and markets in Mexico.
10 

Luc Everaert

Assistant Director, Monetary and Capital Markets Department

International Monetary Fund

Luc Everaert is an Assistant Director in the Monetary and Capital Markets Department, where 

he heads the Debt and Capital Market Instruments Division, which focuses on sovereign risk, 

sovereign asset and liability management, and non-bank financial intermediation. He is also 

involved in financial sector assessment programs (FSAPs), most recently on Australia, the EU, 

and Poland. He joined the IMF in 1992 and worked on European transition economies during 

the 1990s. Subsequently, he took on responsibilities for advanced European economies, regional 

studies on Europe, and the euro area. His writings and public presentations have recently 

focused on sovereign debt management, capital market deepening, and financial stability. Before 

joining the IMF he worked at the World Bank, primarily on economic modeling. As postdoctoral 

fellow he taught macroeconomics at the University of Chicago after completing a PhD in 

international economics at the Graduate Institute of International Studies in Geneva.

Ambroise Fayolle

Chief Executive

Agence France Trésor, France

Ambroise Fayolle was appointed Chief Executive of Agence France Trésor in March 2013. 

Mr. Fayolle, 47, represented France at the Executive Boards of the International Monetary 

Fund (IMF) and of the World Bank, in Washington, D.C., from September 2007 until his 

appointment as head of AFT in March 2013. He was also a staff member of the IMF between 

2003 and 2005. A graduate of the Ecole Nationale d’Administration (ENA), most of his career 

was spent at the Treasury Department in the Ministry of the Economy and Finance. In particular, 

he was division chief in charge of the State Financing and Monetary Affairs Bureau—the 

predecessor to AFT— and, in 2005, was appointed Assistant Secretary for Multilateral and 

Development Affairs at the French Treasury, Sous-Sherpa for the G-8, and Co-Chairman of the 

Paris Club.

Ignacio Fernández-Palomero Morales

Deputy Director for Funding and Debt Management

Spanish Ministry of Economy, Spain

Head of the Funding and Debt Management Unit at the Spanish Treasury, Mr. Fernández-Palomero 

joined the Spanish Ministry of Economy as a high ranking official in 2000, having enjoyed 

several responsibilities: 

• Member of the Cabinet of the Deputy Vice President and Minister of Economy and 

Finance as Advisor to the Fund for Orderly Bank Restructuring (FROB), where he has been 

involved in the design and implementation of the restructuring process of the Saving Banks 

in Spain; 

• Counsellor for Economic and Commercial Affairs in Belgrade and Seoul; 

• Counsellor to the Vice Minister for Trade and Tourism; 

• Deputy Director of Double Use Technology at the Ministry of Trade and Economy; 

• Member of the Governing Board of ICEX (Spanish Trade Promotion Agency). 

Previously he worked in the private sector for IBM, and as Corporate Financial Manager 

VODAFONE, participating actively in the launching of the first private mobile carrier in Spain.
11

Peter R. Fisher

Senior Managing Director

BlackRock

Peter R. Fisher, Senior Managing Director, is a member of BlackRock’s Global Executive 

Committee and a Senior Director at the BlackRock Investment Institute which serves to 

leverage the investment insights of BlackRock’s portfolio managers for the collective benefit 

of its clients.

From 2007 to 2013, Peter served as Co-Head and then Head of BlackRock’s Fixed Income 

Portfolio Management Group. From 2005 to 2007, he served as Chairman of BlackRock Asia. 

Prior to joining BlackRock in 2004, he served as Under Secretary of the U.S. Treasury for 

Domestic Finance from 2001 to 2003 and worked at the Federal Reserve Bank of New York 

from 1985 to 2001.

Mr. Fisher’s other current responsibilities include service as a member of the Strategic Advisory 

Committee at Agence France Trésor, the FDIC’s Advisory Committee on Systemic Resolution, 

the IMF’s Financial Institutions Consultative Group, and the Google Investment Advisory 

Committee.

He earned a BA degree in history from Harvard College in 1980 and a JD degree from Harvard 

Law School in 1985.

Rama Ghandhi

Executive Director

Reserve Bank of India, India

Mr. Gandhi is currently an Executive Director of the Reserve Bank of India, the central bank 

of the country. His current responsibilities in the Reserve Bank, include leading and overall 

direction and oversight on currency management, internal debt management, and management 

and development of human resources in the Bank. 

Over the past thirty-three years, he has built expertise and experience in varied fields which 

include, beside the payment systems and the information technology areas, financial markets 

(money, securities, forex and capital market) operations and regulation, currency operations and 

management, personnel and human resources management, industrial credit, and international 

banking. He has been associated with various committees, working groups, and task forces.

David J. Greenlaw

Managing Director and Senior Desk Economist

Morgan Stanley

David Greenlaw is a Managing Director and Senior Desk Economist with the investment 

banking firm of Morgan Stanley. His primary duties involve analysis of the U.S. economy and 

credit markets, including Federal Reserve and Treasury activity. Greenlaw was named “Best 

Fed Forecaster” in a Bloomberg Markets magazine survey. He was also the first back-to-back 

winner of the Dow Jones MarketWatch “Forecaster of the Month” award. Along with his former 

colleague Richard Berner, David received the “2012 Lawrence Klein Award” for Blue Chip 

survey forecast accuracy and the “2009 Outlook Award” for accuracy in economic forecasting 

presented by the National Association for Business Economics (NABE). 

Before joining Morgan Stanley in 1986, David served on the staff of the Federal Reserve Board 

of Governors in Washington, D.C., for four years.

David holds an MBA degree from New York University and a BA from the University of New 

Hampshire. He has also done graduate work at the University of Chicago and The George 

Washington University.
12 

Elizabeth M. Hammack

Managing Director and Head of Liquid Products

Goldman, Sachs & Co.

Beth Hammack is Global Head of Short-Term Interest Rate Trading. Previously, she was

Co-Head of the U.S. Interest Rate Products cash business, which includes agencies, government 

bonds, and mortgage pass-through securities trading. Ms. Hammack joined Goldman Sachs in 

1993 as an analyst in Capital Markets, and in 1994 she moved to the Interest Rate Derivatives 

desk, where she traded a variety of products, focusing primarily on options. She moved to cash 

trading in 2000 as head of the U.S. Agency desk, adding responsibility for U.S. Treasuries and 

Pass-throughs in 2010. Ms. Hammack was named managing director in 2003 and partner in 2010. 

Ms. Hammack is a member of a number of industry committees, including the Treasury Market 

Practices Group (TMPG) and SIFMA’s Covered Bond Council. She has also been the head 

of SIFMA’s U.S. Covered Bond Traders Committee since 2007 and was chair of its Federal 

Agency Securities Committee from 2002 to 2004. 

Ms. Hammack earned an AB in economics and history from Stanford University in 1993.

Hari N. Hariharan

Chairman and Chief Executive Officer

New World Investments

Hari N. Hariharan is Chairman and Chief Executive Officer of NWI Management LP, a 

New York-based hedge fund group specializing in global macro investing with an emphasis on 

emerging markets. With assets around US$4.2 billion under management, NWI product offerings 

include a global macro fund, an emerging market fixed-income and currency fund, a special 

credit situations fund and separately managed accounts. The group, started in mid-1993, was 

originally known as Santander New World Investments Group and was spun off in April 1999.

From 1976 to 1993, Mr. Hariharan was at Citibank N.A., where his last role was Division 

Executive of the International Corporate Finance Division, which specialized in emerging 

economies. During his Citibank career he built several different and highly successful businesses 

for the bank globally.

His formal education took place at the Harvard Business School (Program for Management 

Development), the Indian Institute of Management in Ahmedabad (MBA–Finance) and at the 

University of Madras (Bachelor of Commerce–Accounting).

Ove Sten Jensen

Head of Government Debt Management Department

Danmarks Nationalbank, Denmark

Since December 1995, Ove Sten Jensen has been Head of the Government Debt Management 

Department (the Danish DMO). The DMO formulates the general principles concerning 

government debt policy and prepares the proposals for borrowing strategies and risk management 

related to debt management, issuance, swaps, and other operations. In addition, the DMO 

undertakes the overall management of re-lending and government guarantees and has advising 

tasks for the Ministry of Finance on issues concerning central government financial risks.

Mr. Jensen was Chairman of the OECD’s Working Party on Government Debt Management in 

the period 2003 to November 2011.

Mr. Jensen began working in Danmarks Nationalbank (the Danish central bank) in 1981. Before 

his present position, he worked as Head of the Debt Management Department as economist 

in different departments in Danmarks Nationalbank (International Department, and Monetary 

Policy Department, Financial Markets Department). In the period 1988–90 he was financial 

attaché at the Danish EU-Representation in Brussels, Belgium.

Mr. Jensen graduated from Aarhus University in 1981 with a master’s of science (economics). 

He was, in the period 1981–96, Associate Professor at Institute of Economics, Copenhagen 

University, and Copenhagen Business School.
13

Colin Kim

Executive Director, Global Portfolio Startegy

JP Morgan

Colin Kim is currently an Executive Director in JP Morgan’s Global Portfolio Strategy team 

within the Chief Investment Office, focused on structural asset-liability management strategies 

and liability modeling.

Prior to JP Morgan, he served as the Director of the Office of Debt Management at the 

U.S. Treasury for four years. Prior to the Treasury, he spent seven years in Tokyo as a Japanese 

government bond market-marker and proprietary trader at Merrill Lynch and UBS Securities. 

After taking time off for further education, he worked for five years as a senior trader at fixed 

income relative value hedge funds, the last of which was Platinum Grove Asset Management, 

whose chairman Myron Scholes was awarded the Nobel Memorial Prize in Economic Sciences 

in 1997. 

Mr. Kim holds a MS in financial mathematics, a MA in economics, and a MS in computer 

science from Columbia University, New York University, and University of Chicago 

respectively, along with a bachelor of arts in public policy from Princeton University.

Jon Kinol

Managing Director, Global Head of Interest Rate Products

JP Morgan

Jon Kinol is a Managing Director of Credit Suisse in the Investment Banking Division based 

in New York. He is the Global Head of Rates and a member of the Fixed Income Operating 

Committee. Prior to joining Credit Suisse in 2010, he worked at Deutsche Bank for 18 years. 

At Deutsche Bank he was a Managing Director and Head of North American Rate Trading, 

Head of Rate Proprietary Trading, and Global Head of Credit Correlation Trading. He has 

a bachelor’s of science degree in business administration from Duquesne University and a 

MBA from Carnegie Mellon University. Mr. Kinol sits on the Treasury Borrowing Advisory 

Committee and the advisory boards for the Tepper School of Business and the Masters in 

Computational Finance Program at Carnegie Mellon University.

Stephen Kozeracki

Principal, Co-Head of the Corporate Bond Group

Vanguard

Stephen Kozeracki is a Principal in Vanguard’s Fixed Income Group and Co-Head of its 

Corporate Bond Group. Throughout his career at Vanguard, Mr. Kozeracki has been involved 

with the credit analysis of domestic and international financial institutions and held roles as the 

Head of Taxable Credit Research and Municipal Credit Research.

Prior to joining Vanguard in 1995, Mr. Kozeracki worked at Goldman, Sachs & Co. for nine 

years as a vice president in its Credit Research Group, covering financial institutions, and as 

an analyst in the Controller’s Department. Prior to Goldman, Stephen worked as an auditor at 

Deloitte, Haskins & Sells.

Stephen earned a BS in economics from The Wharton School at the University of Pennsylvania 

in 1984.
14 

Otavio Ladeira De Medeiros

Head of the Public Debt Strategic Planning Department

Brazilian National Treasury

Ministry of Finance, Brazil

Otavio Ladeira de Medeiros holds a master’s degree in economics from the 

University of Brasilia and certificate in economics from The George Washington University. 

Mr. Ladeira de Medeiros has eighteen years of experience in public debt management in the 

Brazilian National Treasury, within the Ministry of Finance. 

His responsibilities ranged from managing the domestic debt front office and implementing and 

managing the Brazilian Public Debt Strategic Planning Department (middle office) to being 

responsible for issues such as optimum debt composition, debt sustainability, medium-term debt 

strategy, annual borrowing plan, risk analysis, and investor relations.

Phumzile Hazel Maseko

Director Domestic Debt Management

Asset and Liability Management Division

National Treasury, South Africa

Phumzile Maseko is currently the Director of Domestic Debt Management in the Asset and 

Liability Management division within the National Treasury. Her professional career includes 

roles as tutor, central banker, financial analyst, forex and gold trader, as well as debt manager.

Her primary role as debt manager is to source funding for government through issuing local 

currency government bonds in the capital market, to manage the debt portfolio, to contribute 

towards local market development, and to maintain relations with investors. 

Ms. Maseko has worked for the South African Reserve Bank, after undergoing the Bank’s first 

intensive graduate training programme, thus gaining insight into all operations of the Bank. She 

also worked for one of the local commercial banks.

She holds a masters of business leadership degree from the University of South Africa’s School 

of Business Leadership. She obtained her Bcom honours degree in business management, 

from the University of South Africa, and completed her Bcom degree, from Vista University 

Mamelodi Campus, in Pretoria where she also performed duties as an administration assistant 

for the Department of Business Economics.

Paul McCulley

Chairman, Society of Fellows

Global Interdependence Center

Paul McCulley is Chairman of the Society of Fellows of the Global Interdependence Center 

(GIC), Philadelphia, Pennsylvania. The Society, founded in late 2010, had its inaugural event 

at the Bank of France in March of last year: Re-Examining Central Bank Orthodoxy for 

Un-Orthodox Times (http://www.interdependence.org/resources/re-examining-central-bankorthodoxy-for-un-orthodox-times/).

Prior to endowing the Society and becoming its first Chair, Paul was a senior partner at 

PIMCO, where he was a member of the Investment Committee, manager of multi-billion dollar 

portfolios, and founding author of the research publication, Global Central Bank Focus.

A devout Keynesian and interpreter of the work of Hyman Minsky, Paul coined the terms 

“Minsky Moment” and “Shadow Banking System.” Paul was also a member of the U.S. 

Treasury’s Borrowing Advisory Committee (TBAC).

Mr. McCulley earned his BA from Grinnell College, Grinnell, Iowa, where he now sits on the 

Board of Trustees and his MBA from Columbia University’s Graduate School of Business.
15

Laurence H. Meyer

Senior Managing Director and Founder

Macroeconomic Advisers

Laurence H. Meyer is a Senior Managing Director and a Co-Founder of Macroeconomic 

Advisers, a firm that specializes in forecasting and policy analysis. Dr. Meyer served as a 

Governor on the Federal Reserve Board from June 1996 through January 2002. While serving 

as a Fed governor, Dr. Meyer became widely known as an influential member of the Federal 

Open Market Committee and built a reputation for independent thinking and straight talk about 

monetary policy. He has been widely acclaimed for his ability to bring clarity to the chaos of 

economic data and to demystify the art and science of monetary policymaking. Before becoming 

a member of the Federal Reserve Board, Dr. Meyer was President of Laurence H. Meyer and 

Associates, a St. Louis-based economic consulting firm, and he became recognized as one of 

the nation’s leading economic forecasters. When he went to the Board, the name of the firm 

was changed to Macroeconomic Advisers. He was also a professor of economics and a former 

chairman of the economics department at Washington University, where he taught for 27 years 

before joining the Federal Reserve Board. During that period, he spent a year as a visiting scholar 

at both the Federal Reserve Bank of New York and the Federal Reserve Bank of St. Louis.

He is a fellow of the National Association of Business Economics, a member of the Board of 

Directors of the National Bureau of Economic Research, and has served on the advisory panel 

to the Congressional Budget Office. He is the author of A Term at the Fed: An Insider’s View, 

published by HarperBusiness in July 2004.

Mary J. Miller 

Under Secretary for Domestic Finance

U.S. Department of the Treasury, United States

Mary John Miller serves as the U.S. Department of the Treasury’s Under Secretary for 

Domestic Finance. As Under Secretary for Domestic Finance, Ms. Miller is responsible 

for developing and coordinating Treasury’s policies and guidance in the areas of financial 

institutions, federal debt financing, financial regulation, and capital markets.

Previously, Ms. Miller served as Assistant Secretary for Financial Markets, where she advised 

the Secretary on broad matters of domestic finance, financial markets, federal, state and local 

finance, and federal government lending policies. In this role, she has been responsible for 

Treasury’s management of the public debt. 

Prior to joining Treasury, Ms. Miller spent 26 years working for T. Rowe Price Group, Inc.,

where she was the Director of the Fixed Income Division and a member of the firm’s 

Management Committee.

Ms. Miller earned a BA from Cornell University and an MCRP from the University of 

North Carolina at Chapel Hill. Miller also has earned her Chartered Financial Analyst (CFA) 

designation.

João Moreira Rato

Chief Executive Officer

Portuguese Treasury and Debt Management Agency (IGCP), Portugal

João de Almada Moreira Rato, born in September 29, 1971 is a PhD in economics with

a specialization in finances by the University of Chicago and a degree in economics by 

Universidade Nova de Lisboa. He has been Chief Executive Officer and Chairman of the 

Portuguese Treasury and Debt Management Agency since June 2012. Previously he was 

Executive Director of Morgan Stanley, after occupying several positions in some relevant 

foreign institutions.
16 

Thomas Olofsson

Director and Head of Debt Management

Swedish National Debt Office, Sweden 

Thomas Olofsson is Director and Head of Debt Management at the Debt Management 

Department, Swedish National Debt Office. He joined the Debt Office in 2001.

Prior to joining the Debt Office Mr. Olofsson was Director at the Ministry of Finance, 

Department of Financial Markets and Institutions during 1999–01. Mr. Olofsson has been Chief 

Economist at Alfred Berg, Fixed Income/ABN Amro Stockholm during 1994–99. Before that

Mr. Olofsson worked at different departments at the Ministry of Finance and was also, during 

1991, Head Secretary in the Swedish Central Bank Commission. Mr. Olofsson has received a BA 

in economics and took the post graduate program in economics at University of Uppsala.

Matthew Rutherford 

Assistant Secretary for Financial Markets

U.S. Department of the Treasury, United States

Matthew Rutherford currently serves as the Assistant Secretary for Financial Markets. In 

this capacity, he is responsible for overseeing the Office of Debt Management, which is the 

policy arm of the Treasury Department that makes Treasury financing decisions. Prior to this 

appointment at Treasury, Mr. Rutherford worked at the Federal Reserve Bank of New York 

(FRBNY), where he served in a number of different capacities, including: the FRBNY liaison 

to the Treasury Department, debt management advisor, and Treasury market analyst. Prior to his 

time at FRBNY, he served as a Presidential Management Fellow in”Washington, D.C.

Mr. Rutherford holds a master’s in public policy from The University of Chicago and a bachelor 

of arts in economics from Lafayette College.

Brian Sack

Senior Vice President

The D.E. Shaw Group

Brian Sack is Co-Director of Global Economics in the discretionary macro investing unit of 

The D.E. Shaw Group. Prior to that role, Mr. Sack served as Head of the Markets Group at 

the Federal Reserve Bank of New York and Manager of the Federal Reserve’s SOMA portfolio 

from June 2009 to June 2012. In that capacity, Mr. Sack was responsible for implementing 

the monetary policy decisions of the Federal Open Market Committee (FOMC), briefing the 

FOMC on financial market developments, and providing analysis to the FOMC on monetary 

policy issues. Mr. Sack had previously worked at Macroeconomic Advisers, a consulting firm, 

and the Board of Governors of the Federal Reserve System. Mr. Sack has published a number 

of research articles in academic journals in the fields of economics and finance. He received his 

PhD in economics from the Massachusetts Institute of Technology in 1997.

Michio Saito

Director, Debt Management Policy Division, Financial Bureau

Ministry of Finance, Japan

Mr. Saito graduated from University of Tokyo. He joined the Ministry of Finance in 1987. 

Throughout his career, he has had extensive experience in financial markets mainly in the 

Financial Bureau at the Ministry. After serving as Consul in Consulate-General of Japan in 

Frankfurt, he was assigned as Deputy Director to the Government Debt Division, Financial 

Bureau. Thereafter, he experienced a role as a Liaison Officer for Monetary Policies with Bank 

of Japan. He was engaged in fiscal policies before returning to the Financial Bureau in 2010 as 

Director of Market Finance Division. He has been working as the Director of Debt Management 

Policy Division since July 2011.
17

Nemat Shafik

Deputy Managing Director

International Monetary Fund

Nemat Shafik assumed the position of Deputy Managing Director of the International 

Monetary Fund on April 11, 2011.

A national of Egypt, the United Kingdom, and the United States, Ms. Shafik is a global citizen 

with a global reputation in fields ranging from emerging markets, international development, 

the Middle East and Africa, to the financial sector. She brings to the Fund a wealth of 

experience in policymaking, management, and academia.

She was the youngest-ever Vice President at the World Bank, where she was responsible for a 

private sector and infrastructure portfolio of investments, and was part of the senior management 

team of the International Finance Corporation. She was the Permanent Secretary of the 

U.K. Department for International Development (DFID). Prior to serving at the World Bank and 

DFID, she worked in Cairo as a consultant on development issues.

After graduating from high school in Alexandria, Egypt, and attending the American University 

in Cairo, Ms. Shafik earned degrees from the University of Massachusetts—Amherst, and the 

London School of Economics, and a PhD in economics from Oxford University. She was a 

member of the Middle East Advisory Group to the Fund. She has published widely, especially 

on the Middle East and North Africa, and has taught at the Wharton School of Business and 

Georgetown University. She speaks Arabic, English, and French.

Sergey Anatolyevich Storchak 

Deputy Minister of Finance

Ministry of Finance, Russian Federation

Sergey A. Storchak was born on June 8, 1954, in Olevsk, Zhitomir region, Ukrainian Soviet 

Republic, USSR. He has candidate’s degree in economics. In 1981, Mr. Storchak graduated 

from the Moscow State Institute of International Relations at the Ministry for Foreign Affairs 

of the USSR, specializing in international economic relations. Mr. Storchak is fluent in English 

and French.

September 1971–October 1972. Transport worker at Krasnodar Fat-and-Oil Factory.

November 1972–November 1974. Military service in the Soviet Army.

January 1975–August 1976. Second category transport worker at the construction unit No 207 

of Mosstroy-29 trust of Glavmospromstroy. 

September 1976–July 1981. Student of the Moscow State Institute of International Relations at 

the Ministry for Foreign Affairs of the USSR.

August 1981–November 1988. Research Assistant, Senior Researcher at the Institute of World 

Economy and Foreign Affairs of the Academy of Sciences of the USSR. 

December 1988–February 1992. Second Secretary of the USSR Permanent Mission to the UN 

Office and other International Organizations of the Ministry for Foreign Affairs of the USSR.

February 1992–August 1994. Second Secretary, Senior Researcher of the Permanent Mission of 

the Russian Federation to the UN Office and other International Organizations of the Ministry 

for Foreign Affairs of the Russian Federation.

August 1994– pril 1998. Deputy Director of Department–Director of Division of the Foreign 

Credit and External Debt Department; Deputy Director of the Foreign Credit and External Debt 

Department of the Finance Ministry of the Russian Federation.

April 1998–September 2004. Deputy Chairman of the Bank for Foreign Economic Affairs of the USSR.

September 2004–October 2005. Director of the Foreign Finance Relations, State Debt, and State 

Financial Assets Department of the Finance Ministry of the Russian Federation.

November 2005–present time. Deputy Finance Minister of the Russian Federation.

In 2000, Mr. Storchak was rewarded with medal “For Distinguished Service to the Fatherland,” 

2nd grade. In 2006, he was distinguished by Decree of the President of the Russian Federation. 

In 2007, he was rewarded with the“Order of Friendship.”
18 

Taşkin Temiz

Director General for Public Finance

Undersecretariat of Treasury, Turkey

Mr. Taskin Temiz joined the Turkish Treasury in 1998 after working as a financial analyst in 

a company. He was promoted to the Department Head in 2007 as Director General for SOEs 

subsequent to his service in annual financing programs for public corporations, corporate 

governance issues, and restructuring projects. He then moved to Director General for Public 

Finance as the department head in charge of monitoring, analyzing, and reporting total public 

sector fiscal balances. Between 2010 and 2012, he worked as Deputy Director General for 

Public Finance directly responsible for domestic debt and cash management and monitoring 

public fiscal balances. Mr. Temiz served as a member of Tax Council, TOBB Capital Market 

Council, and a state company board. Currently he is the Director General for Public Finance 

under Turkish Treasury. 

Mr. Temiz received his BA degree in management from Bogazici University, Istanbul, in 1997, 

and his MPA degree from Cornell University, New York, in 2006.

Bruce Tuckman

Clinical Professor of Finance

Stern School of Business, New York University

Bruce Tuckman is a Clinical Professor of Finance at New York University’s Stern School of 

Business. He teaches fixed-income securities and writes on public policy issues with respect to 

financial markets. The third edition of his textbook, Fixed Income Securities: Tools for Today’s 

Markets, was published in fall 2011.

Prior to joining the Stern School, Mr. Tuckman was a Managing Director and Global Head 

of Research for Prime Services at Lehman Brothers and then Barclays Capital, where he was 

also an executive committee member. His tenure oversaw significant improvements to the 

risk governance of the financing and prime brokerage businesses, as well as the development 

and implementation of an industry-leading portfolio margin product. Mr. Tuckman began his 

industry career at Salomon Brothers’ Fixed Income Proprietary Trading Group.

Mr. Tuckman received an AB in statistics with economics from Harvard College and a PhD in 

economics from MIT.
19

José Viñals

Financial Counsellor and Director, Monetary and Capital Markets Department

International Monetary Fund

José Viñals is currently the Financial Counsellor and Director of the Monetary and Capital 

Markets Department of the International Monetary Fund (IMF). He represents the IMF at the 

Financial Stability Board. He holds a bachelor’s degree in economics from the University of 

Valencia; a master’s degree in economics from the London School of Economics; and master’s 

and doctoral (PhD) degrees in economics from Harvard University. He is a former faculty 

member of the Economics Department at Stanford University.

His professional career has been closely tied to the Central Bank of Spain, where he served as 

Deputy Governor after holding successive positions as Head of Economic Studies; Head of 

Economic, Monetary, and Financial Studies; and Director-General. He has also played a role in 

international fora. He headed the team of economic advisors to the Committee of Governors of 

European Union Central Banks and was a member of: the Bank for International Settlements 

(BIS) Committee on the Global Financial System; the European Central Bank Monetary Policy 

Committee; and the high-level group appointed by the President of the European Commission 

to examine economic challenges in the European Union. He was also a member of the European 

Union Economic and Financial Committee and a Board Member of the Spanish Securities 

Authority, the Comisión Nacional del Mercado de Valores.

Mr. Viñals served as Chairman of the Center for Monetary and Financial Studies (CEMFI) 

in Spain; Chairman of the European Central Bank International Relations Committee; and 

Chairman of Spain’s Deposit Guarantee Funds, the Fondo de Garantía de Depósitos de Bancos, 

Cajas de Ahorros y Cooperativas del Crédito de España.

His awards include the Premio Rey Jaime I (King James I Prize) in Economics in 2001.

Jo Whelan 

Deputy Chief Executive and Head of Policy and Markets

U.K. Debt Management Office, United Kingdom

Jo Whelan, formerly a Reserves Manager at the Bank of England where she was responsible 

for the strategic allocation of the reserves and overall risk positioning, Jo has been involved in 

sovereign debt issuance since the late 1990s. Initially joining the HM Treasury project team to set 

up the new U.K. Debt Management Office in 1998, she then set up a cash management function 

for government–launched in 2000–at the DMO where she became Deputy Chief Executive 

in 2000. Her main responsibility is the design and implementation of government’s borrowing 

programmes in Gilts and Treasury Bills as well as overseeing cash management operations for 

government. Ms. Whelan’s role also covers acting as Comptroller General to the Commissioners 

for the Reduction of the National Debt, as well as overseeing the government’s lending and deposit 

taking functions with the local government sector and other advisory and treasury management 

activities for government bodies, including in relation to financial crisis interventions.
20 

List of Participants, as of June 10, 2013

Government I

Arge

Paulo Enrico Farina

Coordinator General of the Secretary of Finance

Ministry of Economy and Public Finance

German Plessen

Undersecretary of Finance

Ministry of Economy and Public Finance

Argentina, Bolivia, Chi

and

Pablo Garcia-Silva

Executive Director

International Monetary Fund

Sergio Chodos

Alternate Executive Director

International Monetary Fund

Oscar A. Hendrick

Advisor to the Executive Director, Representative for Peru

International Monetary Fund

A

Nighi Luu 

Senior Advisor to the Executive Director

International Monetary Fund

Be

Jean Hilgers

Director-Treasurer

National Bank of Belgium

Br

Otavio Ladeira de Medeiros

Head of Public Debt Strategic Planning Department

Brazilian National Treasury, Ministry of Finance

B

Damyan Staykov

Head of Issuance Division

Government Debt and Financial Markets, Directorate 

Ministry of Finance

Ca

Marc Larson

Assistant Director, Debt Management

Funds Management and Banking Department

Bank of Canada

Donald Bélanger

Senior Advisor/Economist

Department of Finance

Kaetlynd McRae

Economist, Debt Management Policy

Department of Finance

Chi

Claudia Sotz Pantoja

Head of Domestic Markets

Central Bank of Chile

People’s Repub

Zhou Ye

Section Chief

People’s Bank of China

Ruijin Yang

Deputy Director General

Treasury Department

Ministry of Finance 

Fangqiang Gong

Senior Analyst, Debt Issuance Division

Treasury Department

Ministry of Finance

Col

Michel Janna Gandur

Director General

Directorate of Public Credit

Denm

Ove Sten Jensen

Head of Government Debt Management Department

Danmarks Nationalbank
21

Ann-Louise Winther

Economist 

Danmarks Nationalbank

Fra

Ambroise Fayolle

Chief Executive 

Agence France Trésor

Romain Valenty

Co-Head of Market Operations

Agence France Trésor

Ger

Henner Asche

Deputy Head of Markets Department

Deutsche Bundesbank

H

László Búzás

Deputy Chief Executive Officer

Government Debt Management Agency

Ice

Bjorgvin Sighvatsson

Head of Government Debt Management

Central Bank of Iceland

Esther Finnbogadóttir

Head of Funding and Debt Management

Ministry of Finance and Economic Affairs

In

Rama Gandhi

Executive Director

Reserve Bank of India

Indon

Hilzahra Pheni

Head of Department

Bank Indonesia

Syafruddin Kartikawulan

Assistant Director

Bank Indonesia

Ire

Frank O’Connor

Deputy Director, Funding and Debt Management

National Treasury Management Agency Pte

Mary O’Dea

Alternate Executive Director 

International Monetary Fund

I

Michele Manna

Head of Public Debt Division

Bank of Italy

Alessandro Cascino

Department of the Treasury

Ministry of Economy and Finance

J

Dian Black

Director, Portfolio Management

Ministry of Finance

Ja

Michio Saito

Director, Debt Management Policy Division 

Financial Bureau

Ministry of Finance

Hiroki Hara

Deputy Director, Debt Management Policy Division 

Financial Bureau

Ministry of Finance

Ko

Yang Su Park

Director, Macroeconomic Modeling Division

The Bank of Korea

Beomseok Kim

Director, Fiscal Planning Division

Ministry of Strategy and Finance

Eunsuk Park

Deputy Director, Government Bond Policy Division

Ministry of Strategy and Finance

La

Janis Pone

Deputy Treasurer

Treasury of the Republic of Latvia

Ģirts Helmanis

Director of Financial Resources Department

Treasury of the Republic of Latvia
22 

Mexi

Alejandro Díaz de León Carrillo

Deputy Undersecretary for Public Credit

Ministry of Finance and Public Credit

Neth

Erik Wilders

Agent (Head)

Dutch State Treasury Agency, Ministry of Finance

M.C.B. (Martine) Reurings

Policy Advisor

Dutch State Treasury Agency, Ministry of Finance

Pol

Katarzyna Zajdel-Kurowska

Member of the Management Board

National Bank of Poland

Wojciech Kowalczyk

Undersecretary of State

Ministry of Finance

Robert Zima

Head of Investor Relations Division

Ministry of Finance

Po

João Moreira Rato

Chief Executive Officer

Portuguese Treasury and Debt

Management Agency (IGCP)

Russian 

Sergey Anatolyevich Storchak

Deputy Minister of Finance

Ministry of Finance

Sergey Potapov

Deputy Head of Division

Ministry of Finance

Andrei Lushin

Alternate Executive Director for Russian Federation

International Monetary Fund

Sing

Evi Farida

Deputy Director, Monetary and Domestic Markets 

Management Department

Monetary Authority of Singapore

Republic o

Marjan Divjak

Acting Director General

Ministry of Finance

South

Phumzile Maseko

Director Domestic Debt Management

Asset and Liability Management Division

National Treasury 

Sp

Javier Maycas

Head of the Monetary Policy Implementation Division

Bank of Spain

Ignacio Fernández-Palomero Morales

Deputy Director of Funding and Debt Management

Spanish Treasury, Ministry of Economy

Swed

Thomas Olofsson

Director and Head of Debt Management 

Swedish National Debt Office

Swit

Enzo Rossi

Economic Advisor

Swiss National Bank

Tha

Tada Phutthitada

Director of Policy and Planning Bureau

Ministry of Finance

Upama Jaihong 

Director of International Cooperation Division

Policy and Planning Bureau

Ministry of Finance

Kanokkarn Suteethorn

Senior Economist

Strategic Risk Management Division

Ministry of Finance
23

Tur

Taşkin Temiz

Director General for Public Finance

Undersecretariat of Treasury

Yasin Ünal

Undersecretariat of Treasury

United 

Nadia Sultan

Project Director of the Public Debt Management Office

Ministry of Finance

United

Jo Whelan

Deputy Chief Executive and Head of Policy and Markets

Debt Management Office

United

Kenneth D. Garbade

Senior Vice President, Money and Payment Studies

Federal Reserve Bank of New York

Tobias Adrian

Vice President, Capital Markets

Federal Reserve Bank of New York

Josh Frost

Vice President, Treasury Markets

Federal Reserve Bank of New York

Mike McMorrow

Markets Officer

Federal Reserve Bank of New York

Jens Christensen

Senior Economist

Federal Reserve Bank of San Francisco

Jim Clouse

Deputy Director, Division of Monetary Affairs

Federal Reserve Board of Governors

Mary J. Miller

Under Secretary for Domestic Finance

U.S. Department of the Treasury

Matthew Rutherford

Assistant Secretary for Financial Markets

U.S. Department of the Treasury

Richard B. Berner

Director, Office of Financial Research

U.S. Department of the Treasury

James Clark

Deputy Assistant Secretary, Federal Finance

U.S. Department of the Treasury

Fred Pietrangeli

Deputy Director, Office of Debt Management

U.S. Department of the Treasury

Jill Cetina

Assistant Director, Office of Financial Research

U.S. Department of the Treasury

Allen Zhang

Head of the Quantitative Strategies Group

U.S. Department of the Treasury

Amar Reganti

Head of the Marketable Debt Issuance Group

U.S. Department of the Treasury

Richard Haynes

Senior Advisor

U.S. Department of the Treasury

John Dolan

Financial Economist

U.S. Department of the Treasury

Guo Zhu

Financial Economist

U.S. Department of the Treasury

U

Azucena Arbeleche

Director of the Debt Management Unit

Ministry of Economy and Finance
24 

Multilaterals, A

Bank for Internati

Fabrizio Zampolli

Senior Economist

Bank of America

Priya Misra

Managing Director, Head of U.S. Rates Strategy

Barcla

Lev Dynkin

Managing Director

Head of the Quantitative Portfolio Strategy Group

Black

Peter R. Fisher

Senior Managing Director

CME G

Mike Kobida

Executive Director, Collateral Services

Credit Suisse 

Jon Kinol

Managing Director, Global Head of Interest Rate Products

The D.E. Shaw

Brian Sack

Senior Vice President 

Eurocl

Fernando Diaz

Head of Banking Division

Janet McGrath

Head of New York Office

European Bank fo

and Devel

Axel Van Nederveen

Treasurer

Fidelity 

William Irving

Portfolio Manager, Government and Mortgages

J. Lee Ormiston

Portfolio Manager, Short Duration Portfolio Management 

Global Interdepen

Paul McCulley

Chairman, Society of Fellows

Goldman, Sach

Elizabeth M. Hammack

Managing Director, Head of Liquid Products

Inter-American Deve

Søren Elbech

Treasurer

International 

Nemat Shafik

Deputy Managing Director

José Viñals

Director

Monetary and Capital Markets Department

Helge Berger

Advisor

European Department

Gaston Gelos

Advisor

Institute for Capacity Development

Peter Dattels

Assistant Director

Monetary and Capital Markets Department

Luc Everaert

Assistant Director

Monetary and Capital Markets Department

Reza Baqir

Division Chief

Strategy, Policy, and Review Department

Brian Olden

Deputy Division Chief

Fiscal Affairs Department
25

Miguel Segoviano

Deputy Division Chief

Monetary and Capital Markets Department

Guilherme Pedras

Senior Financial Sector Expert

Monetary and Capital Markets Department

Eriko Togo

Senior Financial Sector Expert

Monetary and Capital Markets Department

JP Mor

Colin Kim

Executive Director, Global Portfolio Strategy

Macroecono

Laurence H. Meyer

Senior Managing Director, Founder

Morgan 

David J. Greenlaw

Managing Director and Senior Desk Economist

New World I

Hari N. Hariharan

Chairman and Chief Executive Officer

New York U

Stern School o

Bruce Tuckman

Clinical Professor of Finance

Royal Bank o

William O’Donnell

Head Treasury Strategist and Co-Head Strategy, Americas

T. Rowe P

Geoffrey M. Hardin

Vice President, Fixed Income Trading

Taconic Capi

Adam Bowman

Director

World 

Phillip Anderson

Senior Manager, Financial Advisory and Banking

Thor Jonasson

Senior Securities Market Specialist

UBS Global Asse

Michael G. Dow

Managing Director, Head of Sovereign Research

Global Fixed Income

The Vanguard 

Stephen Kozeracki

Principal, Co-Head of the Corporate Bond Group

Gemma Wright-Casparius

Head of Inflation Products

Wrightson

Louis Crandall

Chief Economist
26 
27
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