It is my pleasure to welcome you to the 18th Central Bank Conference on the Microstructure of Financial Markets. This is the first time that this event has been held at the Federal Reserve Board, and we are very pleased to host the conference.
Before I begin, let me remind you that the views I will express today are my own and are not necessarily those of my colleagues in the Federal Reserve System.
Our guests include academics from a number of institutions, both in the U.S. and abroad; fellow central bankers, including colleagues from the Bank of England, the Bank of Japan, and the Bank for International Settlements; and friends from across the Federal Reserve System and from several U.S. government agencies, such as the Commodity Futures Trading Commission (CFTC), the Securities and Exchange Commission (SEC), and the U.S. Treasury, including the Office of Financial Research (OFR).
Now, since this is what you have gathered here to discuss, I do not have to convince this group of the critical importance of well-functioning financial markets for the economy. In my case, coming as a macroeconomist from the academic world to the Federal Reserve has only reinforced that conviction.
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