Volatility and Risk Institute | Conferences

Sixth Annual Volatility and Risk Institute Conference

Nonbank Financial Intermediation and Financial Stability

Friday, April 25, 2025 | In-person with Zoom simulcast
Registration is now open for the Volatility and Risk Institute's annual conference on Friday, April 25, 2025 from 8:30am to 5:30pm EDT. The topic is "Nonbank Financial Intermediation and Financial Stability"

A conference agenda and theme description can be found below.  The conference is free and open to the public, but please note that you must register in advance. We will be holding the conference in-person at 44 West 4th Street, New York, NY. If you are unable to attend in-person, you can register to watch the event via Zoom.

Registration

Please register for the conference by selecting your preferred attendance type:

In-Person Registration

Zoom Registration

Agenda

7:45am: Registration & Coffee

8:15am - 8:30am: Introduction with Richard Berner, Co-Director, Volatility and Risk Institute at NYU Stern

8:30am - 9:00am: Morning Keynote: Donald Kohn, Robert V. Roosa Chair in International Economics, Senior Fellow – Economic Studies, Brookings

9:00am - 10:15am: Private Credit and Equity: Interconnectedness and Partnerships with Banks

• Stephen Cecchetti, Rosen Family Chair in International Finance, Brandeis University (moderator)
• James Millstein, Co-Chairman, Guggenheim Securities LLC
• Gustavo Schwed, Clinical Professor of Finance and Professor of Management Practice, NYU Stern
• Bruce Tuckman, Clinical Professor of Finance, NYU Stern
• Huw Van Steenis, Partner and Vice Chair, Oliver Wyman

10:15am- 10:30am: Break

10:30am - 11:45am: Contagion, Leverage and Liquidity Risks

• Andrew Metrick, Janet L. Yellen Professor of Finance and Management, Yale School of Management (Moderator)
• Stijn Claessens, Executive Fellow, Yale School of Management
• Kristy Jansen, Assistant Professor of Finance and Business Economics, USC Marshall 
• Nathaniel Wuerffel, Head of Market Structure and Head of Product, Global Collateral, BNY
• David Elliott, Senior Economist, Bank of England 

12:00pm - 1:30pm: Lunch 

12:45pm - 1:15pm: Lunch Keynote with Nellie Liang, Senior Fellow, The Brookings Institution/former Undersecretary, United States Treasury

1:45pm - 2:45pm: System-Wide Stress Testing

• David Aikman, Director of the Qatar Centre for Global Banking & Finance; Professor of Finance, King’s College London (moderator)
• Cornelia Holthausen, Director General Macroprudential Policy and Financial Stability, European Central Bank
• Nathanaël Benjamin, Executive Director, Financial Stability Strategy and Risk, Bank of England 

2:45pm - 3:45pm: Liquidity Regulations & Stress Testing

• Tim Cuddihy, Managing Director and Group Chief Risk Officer, DTCC (moderator)
• Jill Cetina, Executive Professor; Associate Director of Commercial Banking Program, Mays Business School, Texas A&M University
• Or Shachar, Financial Research Advisor, Capital Markets, Federal Reserve Bank of New York 
• Linda Goldberg, Federal Reserve Bank of New York 
• Richard Berner, Co-Director, Volatility and Risk Institute at NYU Stern
• Ricardo Correa, Senior Adviser, Board of Governors of the Federal Reserve System

3:45pm - 4:00pm: Break

4:00pm - 4:45pm: Fireside Chat on Central Bank Tools with William C. Dudley, Senior Advisor, Griswold Center for Economic Policy Studies at Princeton University (moderated by Richard Berner)

4:45pm - 5:30pm: New Tools for Risk Assessment in VLab

• Robert Engle, Co-Director, Volatility and Risk Institute at NYU Stern
• Riccardo Pizzeghello, European Central Bank
• Richard Berner, Co-Director, Volatility and Risk Institute at NYU Stern

5:30pm: Wine & cheese reception

Conference Theme

This conference will explore the implications for financial stability of the changing roles of banks and nonbank financial intermediaries (NBFIs) and of the interconnections and partnerships among them. It brings together market participants, regulators/policymakers and analysts to understand the evolving structure of bank and non-bank firms and markets, the development of new tools to analyze their resilience and remedies to improve it, including incentives to build resilience and the ways it will affect the appropriate role for central bank policy tools.

If you have any questions related to the conference, please contact vri@stern.nyu.edu.

Related Publications from Conference Speakers

• Acharya, Viral, Nicola Cetorelli, and Bruce Tuckman. Where Do Banks End and NBFIs Begin? No. w32316. National Bureau of Economic Research, 2024.
• Huw van Steenis on Why Banks Keep Partnering with Private Credit. Odd Lots Podcast, Bloomberg. Oct 24, 2024.
• Jansen, Kristy, Sven Klingler, Angelo Ranaldo, and Patty Duijm. Pension Liquidity Risk.  Available at SSRN. 2023.
• Elliott, David, Ralf R. Meisenzahl, and José-Luis Peydró. "Nonbank lenders as global shock absorbers: Evidence from US monetary policy spillovers." Journal of International Economics 149: 103908. 2024.
• The Bank of England's system-wide exploratory scenario exercise final report Bank of England. 29 November 2024.
• A system-wide approach to macroprudential policy. The European Systemic Risk Board. November 2024.
• 2025 EU-wide stress test methodology European Banking Authority (EBA). 5 July 2024.
• Roberts, Daniel T., Asani Sarkar, and Or Shachar. "Liquidity regulations, bank lending and fire-sale risk." Journal of Banking & Finance 156 (2023): 107007.
• Buch, Claudia M. and Linda S. Goldberg. “International Banking and Nonbank Financial Intermediation: Global Liquidity, Regulation, and Implications.” Federal Reserve Bank of New York Staff Reports, no. 1091, March 2024.

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