The Financial Markets Group analyzes public policy issues in financial markets from multiple perspectives. The group applies legal, market practitioner, technological and other expertise to study challenges and risks in financial markets and infrastructures.
By communicating its findings to policymakers, regulators, industry leaders and the public, primarily through published work and conferences, the group contributes to the Federal Reserve’s mission of fostering the stability, integrity, and efficiency of the nation’s monetary, financial, and payment systems. The group has particular expertise in the derivatives markets and clearinghouses in which Chicago is a global leader.
We support a diverse and inclusive work environment where employees and stakeholders are respected, treated fairly, and given equal opportunities to perform to their fullest potential. By valuing diverse experiences, styles, approaches and ideas, we can achieve our goals, serve our stakeholders and become a higher-performing organization.
Meet our staff
Publications, conferences and news
Our staff frequently publishes articles, working papers, conference agendas, and more. You can view them all below, or use the dropdown to select a specific category.
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Chicago Fed Hires Ketan B. Patel as Policy Advisor and Head of Financial Markets Risk Analysis
Patel will be responsible for analyzing the public policy implications of risks in financial markets and financial market infrastructures. The group’s research on financial market institutions, technology and infrastructure helps inform and foster stable and efficient national monetary, financial and payments systems.
The next Joint Deutsche Bundesbank – European Central Bank – Federal Reserve Bank of Chicago Conference on CCP Risk Management will be hosted in early March 2021
Monetary Policy Implementation With an Ample Supply of Reserves
By Gara Afonso, Kyungmin Kim, Antoine Martin, Ed Nosal, Simon Potter and Sam Schulhofer-Wohl
Chicago Fed Hires Maggie Sklar as Senior Policy Advisor and Director of International Engagement
Maggie Sklar joined the economic research department as senior policy advisor and director of international engagement in the financial markets group. Sklar reports to Vice President Alessandro Cocco.
Chicago Fed Hires Vice President of Financial Markets Group
The Federal Reserve Bank of Chicago announced that Alessandro Cocco will join the economic research department on October 21 as vice president of the financial markets group. Cocco will report to senior vice president Sam Schulhofer-Wohl.
Understanding Recent Fluctuations in Short-Term Interest Rates
By Sam Schulhofer-Wohl
Second Joint Deutsche Bundesbank - European Central Bank - Federal Reserve Bank of Chicago Conference on CCP Risk Management
Conference agenda
The Concentration of Cleared Derivatives: Can Access to Direct CCP Clearing for End-Users Address the Challenge?
By Nahiomy Alvarez and John W. McPartland
First Joint Deutsche Bundesbank - European Central Bank - Federal Reserve Bank of Chicago Conference on CCP Risk Management
Conference agenda
First Joint Deutsche Bundesbank - European Central Bank - Federal Reserve Bank of Chicago Conference on CCP Risk Management
Conference summary
Symposium on OTC Derivatives and Central Clearing
Conference agenda
Managing Risk in Global Financial Markets: CCP Governance, Supervisory Stress Testing, and Default Management Auctions
By Nahiomy Alvarez
International Regulators Conference
Conference agenda
Central Counterparty Risk Management: Beyond Default Risk
By Rebecca Lewis
Symposium on OTC Derivatives—A Conference Summary
By Rebecca Lewis and Ning Yu
A CCP Is a CCP Is a CCP
By Robert Cox and Robert Steigerwald
Statement on 'Clearing the Next Crisis: Resilience, Recovery and Resolution of Derivatives Clearinghouses'
By Robert Steigerwald
The Goldilocks Problem: How to Get Incentives and Default Waterfalls 'Just Right'
By John W. McPartland and Rebecca Lewis
Non-Default Loss Allocation at CCPs
By Rebecca Lewis and John W. McPartland
Blockchain and Financial Market Innovation
By Rebecca Lewis, John W. McPartland and Rajeev Ranjan
Resolving Central Counterparties after Dodd-Frank: Are They Eligible for 'Orderly Liquidation'?
By Robert Steigerwald and David W. DeCarlo
Symposium on OTC Derivatives
Conference agenda
Symposium on Central Clearing
Conference agenda
Fourth Annual Conference on CCP Risk Management
Conference agenda
Taking a Deep Dive into Margins for Cleared Derivatives
By Rebecca Lewis
First Joint Deutsche Bundesbank - European Central Bank - Federal Reserve Bank of Chicago Conference on CCP Risk Management
Conference agenda
Issues in clearing and settlement
Conference agenda
Conference on CCP Public Quantitative Disclosure
Conference agenda
Third Annual Conference on CCP Risk Management
Conference agenda
A New Approach to Stock Market Execution
By John W. McPartland and Rebecca Lewis
2015 Symposium on Central Clearing
Conference agenda
2015 Conference on CCP Risk Management — Central Counterparty Resolution
Conference agenda
2014 Derivatives Symposium
Conference agenda
CCP Recovery and Resolution Conference
Conference agenda
The Role of Time-Critical Liquidity in Financial Markets
By Robert Steigerwald and David Marshall
Recommendations for Equitable Allocation of Trades in High Frequency Trading Environments
By John W. McPartland
How Do Clearing Organizations Control the Risks of High Speed Trading?
By John W. McPartland and Carol Clark
2013 Derivatives Symposium
Conference agenda
Public Policy Symposium on Central Clearing of OTC Derivatives
Conference agenda
What Tools Do Vendors Provide to Control the Risks of High Speed Trading?
By Carol Clark, Richard Heckinger, Rajeev Ranjan and John W. McPartland
What Is Clearing and Why Is It Important?
By Robert Steigerwald and Ed Nosal
Clearing and Settlement of Exchange Traded Derivatives
By John W. McPartland, 2009
Derivatives Clearing and Settlement: A Comparison of Central Counterparties and Alternative Structures
By Robert Steigerwald and Robert R. Bliss, 2006
Foreign Exchange Trading and Settlement: Past and Present
By John W. McPartland, 2006
Policymakers, Researchers, and Practitioners Discuss the Role of Central Counterparties
By Douglas D. Evanoff, Daniela Russo, and Robert Steigerwald, 2006
Featured publication
A CCP Is a CCP Is a CCP
By Robert Cox and Robert Steigerwald
Central counterparties (CCPs) are an important part of contemporary financial market infrastructure. The orderly risk management operations and financial resilience of CCPs and other market infrastructures are essential for financial stability. This paper discusses many differences between CCPs and banks and the significance of those differences, including their business models and risk profiles, with CCPs acting as risk managers that are uniquely subject to the credit and liquidity risk of clearing member default.
