john c williams : ten years gone remarks by mr john c williams, president and chief executive officer of the federal reserve bank of new york, at the 10th annual us treasury market conference, federal reserve bank of new york, new york city, 26 september 2024. * * * as prepared for delivery introduction welcome, everyone. thank you for joining us. and a special thank you to those who make today's event so powerful : the distinguished speakers, panelists, and event organizers. we have a packed agenda on a variety of important topics, and i look forward to hearing about the progress we've made and priorities for the future. ten years gone today marks our tenth annual u. s. treasury market conference, and a decade of partnership between our agencies. these conferences have proven to be a valuable forum to share insights and perspectives on the evolution of the treasury market, identify challenges and risks to smooth market functioning, and, most importantly, discuss ways to enhance its resilience and effectiveness in both good times and bad times. the new york fed is proud to host this conference each year. it leverages - sorry, i realize that leverage is not a popular word in this crowd - it draws upon our strength as a convener of market participants, academics, policymakers, and central bankers. today, i'll take a look at how our interagency collaboration has strengthened our understanding of treasury market resiliency and that of adjacent markets. and i'll talk about the importance of continuing this work over the next decade and beyond. i will also share some news about our ongoing commitment to ensuring that our financial system continues to stand on a strong foundation of sound reference rates. now, let me give the standard fed disclaimer that the views i express today are mine alone and do not necessarily reflect those of the federal open market committee ( fomc ) or others in the federal reserve system. stairway to the annual conference let's think back to the middle of october 2014, when u. s. treasury yields plunged and then quickly rebounded, an episode later named the " flash rally. " this episode was an impetus for the drafting of a joint staff report that ultimately led to the inaugural u. s. treasury market conference in 2015. 1 that conference first brought together what is now known as the " joint member agencies " to discuss the evolving structure of the treasury market. that meeting focused on potential operational risks, regulatory requirements, and repo market considerations.

– balance sheet leverage ( i. e. total assets / common equity ) for the malaysian banking system of about 15 times ( vs. global average of about 20 to 30 times ). banks had strengthened institutional set - up and capacity post asian financial crisis through : more robust risk management standards and practices. stronger corporate governance structure. smooth implementation of the standardised approach of basel ii ’ s capital adequacy framework. balanced and diversified business portfolios. enhanced financial infrastructure post asian financial crisis through : enhanced depth and size of bond and sukuk market ( about 107 % of gdp ). strengthened financial safety nets ( e. g. establishment of malaysian deposit insurance scheme ) / danajamin / cdrc / sdrs. strengthened regulatory and supervisory approach ( e. g. gradual move towards principles based regulations, adopting of risk based supervision ). legislative reforms ( e. g. introduction of the central banking act to articulate the financial stability mandate ; amendments to the companies act to codify directors ’ duties ). enhanced role by the training institute too develop talent and leaders of tomorrow ( iclif, inceif, aif ).