The Evolving Structure of the U.S. Treasury Market: Second Annual Conference Monday, October 24, 2016 Participants in Attendance

Steve Adamske, U.S. Commodity Futures Trading Robert Collender, Federal Housing Finance Agency Commission Charlie Comiskey, Scotiabank Tobias Adrian, Federal Reserve Bank of New York Julia Coronado, Graham Capital Management Nashrah Ahmed, Federal Reserve Bank of New Ellen Correia Golay, Federal Reserve Bank of New York York Lee Alexander, Federal Reserve Bank of New York Samantha Coyne, Knight Capital Group Haider Ali, RBC Capital Markets Louis Crandall, Wrightson Robert Allen, J.P. Morgan Securities Jonah Crane, U.S. Department of the Treasury Rob Almgren, Quantitative Brokers Timothy Cuddihy, DTCC Chris Amen, Tradeweb Jason Cummins, Brevan Howard Andrew Ansel, RBC Capital Markets David Cushing, Wellington Management Company Zahir Antia, Bank of Canada Milan Dalal, U.S. Senate Banking Committee Gail Armendinger, Federal Reserve Bank of New Michiel De Pooter, Federal Reserve Board of York Governors Mirza Baig, Citadel Isabel DeJesus, Daiwa Capital Markets America Jeff Bandman, U.S. Commodity Futures Trading Saraphin Dhanani, Federal Reserve Bank of New Commission York Kiman Bassi, British Embassy Kevin Di Russa, Loop Capital Markets Eric Bergstrom, BMO Capital Markets David Dimitrious, U.S. Securities and Exchange Hirak Biswas, LiquidityEdge Commission Pratik Biswas, Morgan Stanley Dobrislav Dobrev, Federal Reserve Board of David Bowman, Federal Reserve Board of Governors Governors John Dolan, U.S. Department of the Treasury Darcy Bradbury, DE Shaw Maria Douvas‐Orme, Morgan Stanley Peter Breuer, International Monetary Fund Sean Dowling, Reserve Bank of Australia Adam Brown, Bank of America Merrill Lynch William Dudley, Federal Reserve Bank of New York Seamus Brown, Moore Capital Deirdre Dunn, Citigroup Nisso Bucay, Federal Reserve Bank of New York Bryan Durkin, Chicago Mercantile Exchange Chris Burke, Federal Reserve Bank of New York Richard Dzina, Federal Reserve Bank of New York Katy Burne, George Eckerd, Federal Reserve Bank of New York Mark Cabana, Bank of America Merrill Lynch Fredrik Ekstrom, Nasdaq eSpeed Nick Carmi, Tower Research Capital Suzanne Elio, Federal Reserve Bank of New York Mark Cartier, Mizuho Securities Simon Emrich, Norges Bank Investment Laura Cerami, Banca d'Italia Management Arthur Certosimo, South Street Securities Emre Ergungor, Federal Reserve Bank of Cleveland Jill Cetina, Office of Financial Research Susan Estes, OpenDoor Trading Alain Chaboud, Federal Reserve Board of Joe Fazzino, United Technologies Corporation Governors Daniel Fichtler, U.S. Department of the Treasury Vic Chakrian, Federal Reserve Bank of New York Joseph Fiorica, Federal Reserve Bank of New York Isaac Chang, AQR Mark Flannery, U.S. Securities and Exchange Brian Chappatta, Bloomberg News Commission Mark Chase, Fidelity Jennifer Fortner, Bank of America Merrill Lynch Jae Yong Choi, Bank of Korea Douglas Friedman, Tradeweb Dan Cleaves, ICAP Joshua Frost, Federal Reserve Bank of New York Mike Cloherty, RBC Capital Markets Andre Galeano, Federal Housing Finance Agency Robert Colby, FINRA Gerardo García, Banco de México The Evolving Structure of the U.S. Treasury Market: Second Annual Conference Monday, October 24, 2016 Participants in Attendance

Patrick Geraghty, FINRA Derek Kleinbauer, Bloomberg George Gilbert, Investment Company Institute Thomas Kleinhappl, Oesterreichische Harvey Goldsmith, Cantor Fitzgerald Nationalbank Toni Gravelle, Bank of Canada Laura Klimpel, DTCC Dan Gray, U.S. Securities and Exchange Aaron Kohli, BMO Capital Markets Commission Chris Korpi, BNP Paribas Micah Greene, Steptoe & Johnson Anthony Kourtakis, Federal Reserve Bank of New David Greenlaw, Morgan Stanley York John Gulliver, Igor Kozhanov, U.S. Securities and Exchange Jack Gutt, Federal Reserve Bank of New York Commission Blake Gwinn, RBS Cheryl Krauss, BNY Mellon Beth Hammack, Goldman Sachs Sandy Krieger, Former Federal Reserve Bank of Matt Haraburda, XR Trading New York Zachary Harl, Bank of America Merrill Lynch Tomoyuki Kubota, Bank of Japan Charlene Hasib, Federal Reserve Board of Carey Lathrop, Citigroup Governors Laurent Lecomte, Banque de France Harris Hassan, Bank Negara Malaysia Justin Lederer, Cantor Fitzgerald Gerald Hassell, BNY Mellon Matt Leising, Bloomberg News Christian Hauff, Quantitative Brokers Chris Leonard, Arcem Capital Richard Haynes, U.S. Commodity Futures Trading Richard Leong, Commission Jon Levy, Federal Reserve Bank of New York David Heatley, Jump Trading Alex Li, Deutsche Bank Eric Hickman, Kessler Investment Advisors Jake Liebschutz, U.S. Department of the Treasury Jonathan Hill, Federal Reserve Bank of New York Chrissy Lione, Federal Reserve Bank of New York Sue Hill, Federated Investors Laura Lipscomb, Federal Reserve Board of Jason Hinkle, Federal Reserve Board of Governors Governors Andrew Hollenhorst, Citigroup Jun Ma, SAFE Jim Hraska, DTCC Rob Mackenzie Smith, Risk Magazine Yesol Huh, Federal Reserve Board of Governors Phil Mackintosh, KCG Nichola Hunter, LiquidityEdge Giovanni Majnoni, Banca d'Italia Lyndsay Huot, U.S. Department of the Treasury John Malitzis, Citadel Melanie Huryn, Federal Reserve Bank of New York Jessica Mandel, Credit Suisse Bob Hynes, Federal Housing Finance Agency Brian Manning, Federal Reserve Bank of New York Kittipat Jeamsripong, Bank of Thailand Nicholas Marion, Department of Finance, Canada Steve Joachim, FINRA Gaetano Marseglia, Banca d'Italia David Jones, International Monetary Fund Timothy Massad, U.S. Commodity Futures Trading Olivier Jonglez, French Treasury Commission Eric Juzenas, Bloomberg Matthew McCormick, Office of Financial Research Nate Kalich, Ronin Capital Bill McDonough, Bloomberg Sima KAMMOURIEH, BNP Paribas Susan McLaughlin, Federal Reserve Bank of New Tom Katzenbach, U.S. Department of the Treasury York Kamyar Kazaveh, Signature Chris McLean, Société Générale Frank Keane, Federal Reserve Bank of New York Michael McMorrow, Federal Reserve Bank of New Noel Kimmel, Cantor Fitzgerald York Sheryl King, Bank of Canada Kevin McPartland, Greenwich Associates Anne Klein Gray, Chicago Mercantile Exchange Christopher McReynolds, Jefferies The Evolving Structure of the U.S. Treasury Market: Second Annual Conference Monday, October 24, 2016 Participants in Attendance

Cronin McTigue, Wells Fargo Jerome Powell, Federal Reserve Board of Swati Mehta, Capital Group Governors Lev Menand, U.S. Department of the Treasury Murray Pozmanter, DTCC Agha Mirza, Chicago Mercantile Exchange Marcel Priebsch, Federal Reserve Board of Priya Misra, TD Securities Governors Saleha Mohsin, Bloomberg News Sam Priyadarshi, Vanguard Romen Mookerjee, Federal Reserve Bank of New Mike Puglia, U.S. Department of the Treasury York Subadra Rajappa, Société Générale Mary Mooney, Virtu Financial Rajeev Ranjan, Federal Reserve Bank of Chicago David Moore, BNP Paribas Matthew Raskin, Federal Reserve Bank of New Tarik Mouakil, Banque de France York Anja Mozar, Deutsche Bundesbank Trent Reasons, Boston Consulting Group John Mulvaney, XR Trading Amar Reganti, GMO Colm Murtagh, Tradeweb Liza Reiderman, Federal Reserve Bank of New Kristopher Natoli, Federal Reserve Board of York Governors Eric Reinauer, U.S. Department of the Treasury Peter Newland, Element Capital Joe Rennison, Dawn Newsome, Nomura Securities Will Rhode, Boston Consulting Group Giang Nguyen, Pennsylvania State University Sameer Rijhsinghani, BNY Mellon Joe Noviello, Nasdaq eSpeed Robert Rinaldi, Federal Reserve Bank of New York Peter Nowicki, Liquidity and Funding Advisors Elad Roisman, Senate Committee on Banking, Yoshio Nozawa, Federal Reserve Board of Housing, and Urban Affairs Governors Monique Rollins, U.S. Department of the Treasury Adam Nunes, Hudson River Trading Eliza Ronalds‐Hannon, Bloomberg News Seth Oberman, Convergex Jared Roscoe, U.S. Department of the Treasury Jim O'Brien, RBC Capital Markets Alexis Rosenblum, BlackRock John O'Callaghan, Barclays Brian Ruane, BNY Mellon Shane O'Cuinn, Credit Suisse Rob Runyan, U.S. Department of the Treasury Steve Odierna, Pershing Caroline Ryng, Federal Reserve Bank of New York Lee Olesky, Tradeweb David Saltiel, U.S. Securities and Exchange Dan Olsen, Jump Trading Commission Arne Osnes, Norges Bank Lori Santamorena, U.S. Department of the Charles Parkhurst, Graham Capital Management Treasury Anthony Perrotta, Tabb Group Sean Savage, Federal Reserve Board of Governors Nils Ola Persson, FINRA Alexandra Scaggs, Financial Times Trevor Petrellese, Federal Reserve Board of Bryan Scarfone, Credit Agricole Governors Erik Schiller, Prudential Fixed Income Andrea Pfenning, BNY Mellon Denise Schmedes, Federal Reserve Bank of New Jack Phelps, Federal Housing Finance Agency York Fred Pietrangeli, U.S. Department of the Treasury Julie Schoening, U.S. Commodity Futures Trading Kevin Pilarski, Pricewaterhouse Coopers Commission Michael Piwowar, U.S. Securities and Exchange Brian Scholl, U.S. Securities and Exchange Commission Commission Jonah Platt, Citadel Jake Schurmeier, Federal Reserve Bank of New Michael Pond, Barclays York Simon Potter, Federal Reserve Bank of New York Carl Schwartz, Reserve Bank of Australia The Evolving Structure of the U.S. Treasury Market: Second Annual Conference Monday, October 24, 2016 Participants in Attendance

Alex Sedgwick, T. Rowe Price David Weisbrod, Office of Financial Research Ryan Sheftel, GTSX Advisory Committee David Shillman, U.S. Securities and Exchange Antonio Weiss, U.S. Department of the Treasury Commission Mark Wetjen, DTCC Nicole Shumpert, ICAP Mary Jo White, U.S. Securities and Exchange Maria Jose Sin, Bank of Spain Commission Don Sinclair, World Bank Andrew Widdows, Abu Dhabi Investment Daleep Singh, U.S. Department of the Treasury Authority James Slater, BNY Mellon Robin Wigglesworth, Financial Times Brian Smith, U.S. Department of the Treasury Tom Wipf, Morgan Stanley Randy Snook, SIFMA Lundy Wright, Weiss Multi‐Strategy Advisers Jonathan Sokobin, FINRA Gemma Wright‐Casparius, Vanguard Robb Soukup, S&P Global Jason Wu, Federal Reserve Board of Governors Jonathan Spicer, Reuters Nathaniel Wuerffel, Federal Reserve Bank of New Sayee Srinivasan, U.S. Commodity Futures Trading York Commission Dora Xia, Bank for International Settlements Nick Steele, Federal Reserve Bank of New York Amir Zaidi, U.S. Commodity Futures Trading Robert Stheeman, UK DMO Commission James Tabacchi, South Street Securities John Zitko, Office of Financial Research Glenn Taitz, Invesco Gina Talamona, U.S. Securities and Exchange Commission Richard Tang, Element Capital Mary Ellen Taylor, Federal Housing Finance Agency Sam Tegel, Jump Trading Laura Temel, U.S. Department of the Treasury Patrick Temple‐West, Daniel Tenengauzer, TSE Capital Charles Teschner, Boston Consulting Group Bart Theys, National Bank of Belgium Debbie Toennies, JP Morgan Chase & Co Rob Toomey, SIFMA Janine Tramontana, Federal Reserve Bank of New York Sean Tully, Chicago Mercantile Exchange Peter Van Vredenburch, HSBC Raphael Vives, Federal Reserve Bank of New York James Wackett, Bank of England David Wagner, RBS JB Wakefield, Nasdaq eSpeed Fredrik Wallin, Sveriges Riksbank Kevin Walter, Barclays Jeremy Ward, Federal Reserve Board of Governors Jason Warner, Federal Reserve Bank of New York