New York Fed-ECB Conference on Nonbank Financial Institutions 2026
Federal Reserve Bank of New York
Friday, 13 November 2026
On-site event - by invitation only
A conference jointly sponsored by the Federal Reserve Bank of New York and the European Central Bank.
The goal of the conference is to stimulate discussion and advance our collective understanding of nonbank financial institutions (NBFIs) and their activities. The conference will cover a broad set of topics, including vulnerabilities in the NBFI sector, prudential regulation of NBFIs, private credit, linkages between bank and nonbank financial institutions, and the role of NBFIs in the transmission of monetary policy. This will be an in-person event held at the Federal Reserve Bank of New York.
This event is invitation-only for in-person attendees but is open to the public virtually.
Programme
Times are Eastern Standard Time (UTC-5)
* indicates the presenting author
- 8:30
-
Registration and Continental Breakfast
- 9:00
-
Opening Remarks
- 9:05
-
Hidden Aggregate Risk in Bank Lending
- Jing Huang*, Mays Business School, Texas A&M University
- Erica Jiang, Anderson School of Management, University of California, Los Angeles
Discussant: Dominik Supera, Columbia Business School
- 9:55
-
Lending by Servicing: Monetary Policy Transmission Through Shadow Banks
- Isha Agarwal*, Sauder School of Business, University of British Columbia
- Malin Hu, Cornell University
- Raluca A. Roman, Federal Reserve Bank of Philadelphia
- Keling Zheng, Sauder School of Business, University of British Columbia
Discussant: Lu Liu, The Wharton School
- 10:45
-
Break
- 11:10
-
The Effect of QE and Regulation on the Structure of the Financial System
- Stelios Kotronis, European Insurance and Occupational Pensions Authority
- Matteo Leombroni*, Carroll School of Management, Boston College
- Ciaran Rogers, HEC Paris
- Philippe van der Beck, Harvard Business School
Discussant: Benoît Nguyen, Banque de France
- 12:00
-
Lunch
- 12:45
-
Panel Discussion
- Thierry Foucault, HEC Paris
- Laura Blattner, FinRegLab
- Randall Guynn, Board of Governors of the Federal Reserve System
- Luc Laeven, European Central Bank
- 13:45
-
Break
- 14:00
-
Regulatory Arbitrage Within the Firm
- Nicola Cetorelli, Federal Reserve Bank of New York
- Shohini Kundu*, Anderson School of Management, University of California, Los Angeles
Discussant: Philip Strahan, Boston College
- 14:50
-
Break
- 15:15
-
Hedge Fund Trading and Sovereign Bond Yield Sensitivity
Felix Hermes*, Goethe University Frankfurt and European Central Bank
Discussant: Or Shachar, Federal Reserve Bank of New York
- 16:05
-
Break
- 16:30
-
Target Allocation Funds, Strategic Complementarities, and Market Fragility
- Chuck Fang*, Drexel University
- Itay Goldstein, Wharton School, University of Pennsylvania
Discussant: Jane Li, Columbia Business School
- 17:20
-
Closing Remarks and Adjourn
This programme may be subject to change without notice.
Federal Reserve Bank of New York
13th Floor, Room 13-36
33 Liberty Street
New York, N.Y.
English
- Johannes Breckenfelder, European Central Bank
- Nicola Cetorelli, Federal Reserve Bank of New York
- Maurizio Habib, European Central Bank
- Fulvia Fringuellotti, Federal Reserve Bank of New York
- Christoph Kaufmann, European Central Bank
- Simone Lenzu, Federal Reserve Bank of New York, University of Cambridge
- Angela Maddaloni, European Central Bank
- Asani Sarkar, Federal Reserve Bank of New York
- Lee Seltzer, Federal Reserve Bank of New York
The event is open to media and all remarks are on the record. The event will be recorded, with the recording to be made available afterward. Media who wish to attend or have questions should contact Ellen.Simon@ny.frb.org.
For logistical inquiries, please contact ny.researchconference@ny.frb.org.