Ellen Correia Golay on All-to-All Trading and Treasury Market Liquidity

Ellen Correia Golay is a lead Treasury advisor in the markets group at the Federal Reserve Bank of New York. Ellen returns to the program to discuss the lessons of the March 2020 "dash for cash," how all-to-all trading and other market structure reforms could strengthen Treasury market liquidity and resilience, the rise of principal trading firms, and the future of the Fed's standing repo operations, and much more.

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Check out the transcript for this week's episode, now with links.

Recorded on August 19th, 2026

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Timestamps

00:00:00 - Intro

00:01:20 - Ellen's Career and Responsibilities

00:09:29 - The Treasury Market