ECB Conference on Money Markets 2026
Thursday, 5 and Friday, 6 November 2026
Frankfurt am Main
Hybrid event
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.
Join the Conference in person
If you would like to join us in Frankfurt, register your interest by 15 October 2026 using the link below.
Express your interestProgramme
Follow the livestream from 09:00 on 5 November
- 8:00
-
Breakfast and Registration
- 9:00
-
Welcome and Housekeeping
- 9:05
-
Opening Remarks
Isabel Schnabel, Member of the Executive Board, European Central Bank
- 9:40
-
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
-
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
- 11:00
-
Coffee Break
- 11:30
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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
- 12:30
-
Lunch Break
- 14:00
-
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
-
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
- 15:20
-
Coffee Break & Poster Session
- 15:50
-
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
-
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
- 17:10
-
Keynote Speech
Pablo Hernández de Cos, General Manager, Bank for International Settlements
Chair: Imène Rahmouni-Rousseau, Director General Market Operations, European Central Bank
- 18:10
-
Get Together and Drinks
- 19:00
-
Seated Dinner at the European Central Bank hosted by Ms Schnabel (by invitation only)
Follow the livestream from 09:00 on 6 November
- 8:00
-
Breakfast and Registration
- 9:00
-
Welcome and Housekeeping
- 9:05
-
Fireside Chat
- Philip R. Lane, Member of the Executive Board, European Central Bank
- John Williams, President and Chief Executive Officer, Federal Reserve Bank of New York
- 10:00
-
Session 4 – Evolution in Money Markets
Chair: Thomas Vlassopoulos, Director General Market Infrastructure & Payments, European Central Bank
-
Short-Circuiting Short-Term Funding
- Mark Paddrik*, Office of Financial Research, U.S. Department of the Treasury
- Neth Karunamuni, Goldman Sachs
- Robert Jay Kahn, Federal Reserve Board of Governors
-
Stablecoins and safe asset prices
Inaki Aldasoro*, Bank for International Settlements
Rashad Ahmed, Andersen Institute for Finance and Economics
- 11:20
-
Coffee Break & Poster Session
- 12:00
-
Market Panel
Chair: Imène Rahmouni-Rousseau, Director General Market Operations, European Central Bank
Panellists:
- Raja Akram, Chief Financial Officer, Deutsche Bank
- Jean-Jacques Barbéris, Deputy Chief Executive Officer, CACEIS - Crédit Agricole Group
- Petra Tschudin, Member of the Governing Board, Swiss National Bank
- Nate Wuerffel, Global Head of Market Structure and Head of Product – Global Collateral, BNY
- 13:00
-
Closing Remarks, Lunch and End of Conference
Please note that this programme may be subject to change without notice.
Audiovisual notice: A photographer will be present at the event taking photographs for our internet/intranet webpage. If you prefer not to have your photograph taken, please inform us in advance of the Conference on Money Markets 2026. In addition, the event will be filmed and the video recording (or parts of it) will be published on the internet and the ECB’s intranet.
General information
European Central Bank
Sonnemannstrasse 20
60314 Frankfurt am Main
English
Participants are requested to arrange their own transfers, unless indicated otherwise.
- Francesca Barbiero (Directorate General Research – Financial Research Division)
- Alessandro Ferrari (Directorate General Monetary Policy – Monetary Analysis Division)
- Margherita Giuzio (Directorate General Monetary Policy – Monetary Policy Strategy Division)
- Niels Krieghoff (Directorate General Market Operations – Cross-Market Analysis and Intelligence Division)
- Yannik Schneider (Directorate General Market Operations – Cross-Market Analysis and Intelligence Division)
- Francesca Zucchi (Directorate General Research – Financial Research Division)