Michael J. Fleming

Federal Reserve Bank of New York

Research Officer

33 Liberty Street

New York, NY 10045

United States

http://www.newyorkfed.org/research/economists/fleming/

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SCHOLARLY PAPERS

44

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15,405

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166

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532

Scholarly Papers (44)

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1.

Measuring Treasury Market Liquidity

Downloads 1,807 ( 8,927)
Citation 59

Measuring Treasury Market Liquidity

Economic Policy Review, Vol. 9, No. 3, September 2003
Number of pages: 26 Posted: 25 Aug 2005
Michael J. Fleming
Federal Reserve Bank of New York
Downloads 1,054 (20,294)
Citation 6

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liquidity, trading volume, bid-ask spread, quote size, price impact

Measuring Treasury Market Liquidity

FRB of New York Staff Report No. 133
Number of pages: 57 Posted: 29 Jul 2001
Michael J. Fleming
Federal Reserve Bank of New York
Downloads 753 (32,916)
Citation 51

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Liquidity, Trading volume, Bid-ask spreads, Quote sizes, Price impact

2.

What Moves the Bond Market?

Economic Policy Review, Vol. 3, No. 4, December 1997
Number of pages: 20 Posted: 24 Sep 2007
Michael J. Fleming and Eli M. Remolona
Federal Reserve Bank of New York and Bank for International Settlements (BIS) - Monetary and Economic Department
Downloads 1,556 (11,370)
Citation 9

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bonds, U.S. Treasury Market

3.

The Repurchase Agreement Refined: Gcf Repo

Current Issues in Economics and Finance, Vol. 9, No. 6, June 2003
Number of pages: 7 Posted: 14 Mar 2005
Michael J. Fleming and Kenneth Garbade
Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 1,179 (17,521)
Citation 1

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repurchase agreements, RP, repo, fails, negative interest rates

4.

Repurchase Agreements with Negative Interest Rates

Current Issues in Economics and Finance, Vol. 10, No. 5, April 2004
Number of pages: 7 Posted: 04 Oct 2004
Michael J. Fleming and Kenneth Garbade
Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 936 (24,653)

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repurchase agreements, gcf repo, general collateral, fixed income clearing corporation, dealer finance

5.

Price Formation and Liquidity in the U.S. Treasury Market: The Response to Public Information

Downloads 604 ( 45,035)

Price Formation and Liquidity in the U.S. Treasury Market: The Response to Public Information

Number of pages: 21 Posted: 09 Mar 1999
Michael J. Fleming and Eli M. Remolona
Federal Reserve Bank of New York and Bank for International Settlements (BIS) - Monetary and Economic Department
Downloads 604 (44,416)
Citation 33

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Price Formation and Liquidity in the U.S. Treasury Market: The Response to Public Information

Journal of Finance
Posted: 09 Mar 1999
Michael J. Fleming and Eli M. Remolona
Federal Reserve Bank of New York and Bank for International Settlements (BIS) - Monetary and Economic Department

Abstract:

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6.

The Term Securities Lending Facility: Origin, Design, and Effects

Current Issues in Economics and Finance, Vol. 15, No. 2, February 2009
Number of pages: 11 Posted: 27 Feb 2009 Last Revised: 28 Feb 2009
Michael J. Fleming, Frank M. Keane and Warren B. Hrung
Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 575 (48,055)
Citation 1

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federal reserve, liquidity facility, securities lending, financing market, repo market

7.

The Term Structure of Announcement Effects

BIS Working Paper No. 71
Number of pages: 36 Posted: 13 Dec 2005
Michael J. Fleming and Eli M. Remolona
Federal Reserve Bank of New York and Bank for International Settlements (BIS) - Monetary and Economic Department
Downloads 554 (50,312)
Citation 35

Abstract:

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Announcements, Term structure, Expectations

8.

The Failure Resolution of Lehman Brothers

Economic Policy Review, Forthcoming
Number of pages: 57 Posted: 10 Apr 2014
Michael J. Fleming and Asani Sarkar
Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 540 (51,949)
Citation 3

Abstract:

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Chapter 11, derivatives

9.

The Microstructure of a U.S. Treasury ECN: The BrokerTec Platform

Journal of Financial Markets, Vol. 40, No. September, 2018
Number of pages: 54 Posted: 31 Jul 2009 Last Revised: 30 Oct 2018
Michael J. Fleming, Bruce Mizrach and Giang Nguyen
Federal Reserve Bank of New York, Rutgers University, Department of Economics and Pennsylvania State University - Smeal College of Business
Downloads 539 (52,071)
Citation 17

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microstructure, Treasury market, bid-ask spread, price impact, information

10.

Intraday Market Making with Overnight Inventory Costs

Downloads 503 ( 56,886)
Citation 3

Intraday Market Making with Overnight Inventory Costs

Number of pages: 56 Posted: 29 Sep 2016 Last Revised: 14 Nov 2019
Tobias Adrian, Agostino Capponi, Michael J. Fleming, Erik Vogt and Hongzhong Zhang
International Monetary Fund, Columbia University, Federal Reserve Bank of New York, Citadel LLC and Columbia University
Downloads 389 (76,952)
Citation 3

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inventory control, jump-driven stochastic control, market microstructure theory, market making

Intraday Market Making with Overnight Inventory Costs

FRB of NY Staff Report No. 799
Number of pages: 57 Posted: 25 Oct 2016
Tobias Adrian, Agostino Capponi, Michael J. Fleming, Erik Vogt and Hongzhong Zhang
International Monetary Fund, Columbia University, Federal Reserve Bank of New York, Citadel LLC and Columbia University
Downloads 114 (250,647)

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market making, market microstructure, inventory control, jump-driven stochastic control

11.

Explaining Settlement Fails

Current Issues in Economics and Finance, Vol. 11, No. 9, September 2005
Number of pages: 7 Posted: 26 Oct 2005
Michael J. Fleming and Kenneth Garbade
Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 443 (66,457)
Citation 2

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settlement fails, securities lending, repurchase agreements, Treasury securities

12.

Repo Market Effects of the Term Securities Lending Facility

FRB of New York Staff Report No. 426
Number of pages: 37 Posted: 21 Jan 2010
Michael J. Fleming, Warren B. Hrung and Frank M. Keane
Federal Reserve Bank of New York, Federal Reserve Bank of New York and Federal Reserve Banks - Federal Reserve Bank of New York
Downloads 427 (69,524)
Citation 36

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Federal Reserve, liquidity facility, repo market, repurchase agreement

13.

How do Treasury Dealers Manage their Positions?

Downloads 422 ( 70,545)
Citation 18

How do Treasury Dealers Manage their Positions?

AFA 2008 New Orleans Meetings Paper
Number of pages: 40 Posted: 22 Mar 2007
Michael J. Fleming and Joshua V. Rosenberg
Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 216 (145,318)
Citation 14

Abstract:

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Treasury market, dealer, positions, inventory, hedging, issuance

How Do Treasury Dealers Manage Their Positions?

FRB of New York Staff Report No. 299
Number of pages: 48 Posted: 13 Sep 2007 Last Revised: 10 Jun 2010
Michael J. Fleming and Joshua V. Rosenberg
Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 206 (152,127)
Citation 9

Abstract:

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treasury market, dealer, positions, inventory, hedging, issuance

14.

Liquidity and Volatility in the U.S. Treasury Market

Journal of Econometrics, Forthcoming, FRB of New York Staff Report No. 590, UNC Kenan-Flagler Research Paper No. 2013-20
Number of pages: 55 Posted: 02 Jan 2013 Last Revised: 14 Nov 2018
Giang Nguyen, Robert F. Engle, Michael J. Fleming and Eric Ghysels
Pennsylvania State University - Smeal College of Business, New York University - Leonard N. Stern School of Business - Department of Economics, Federal Reserve Bank of New York and University of North Carolina Kenan-Flagler Business School
Downloads 420 (70,963)
Citation 24

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liquidity, Treasury market, limit order book, financial crisis, volatility, announcement

15.

Who Buys Treasury Securities at Auction?

Current Issues in Economics and Finance, Vol. 13, No. 1, January 2007
Number of pages: 7 Posted: 14 Feb 2007
Michael J. Fleming
Federal Reserve Bank of New York
Downloads 344 (89,501)

Abstract:

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treasury securities, auction

16.

What Financing Data Reveal About Dealer Leverage

Current Issues in Economics and Finance, Vol. 11, No. 3, March 2005
Number of pages: 7 Posted: 05 Apr 2005
Tobias Adrian and Michael J. Fleming
International Monetary Fund and Federal Reserve Bank of New York
Downloads 335 (92,181)

Abstract:

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leverage, primary dealers, risk taking, volatility, treasury market

17.

The Microstructure of the TIPS Market

Downloads 325 ( 95,312)
Citation 11

The Microstructure of the TIPS Market

Economic Policy Review, 2012
Number of pages: 19 Posted: 24 Dec 2011
Michael J. Fleming and Neel Krishnan
Federal Reserve Bank of New York and affiliation not provided to SSRN
Downloads 163 (188,064)
Citation 3

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Treasury inflation-protected securities, announcements

The Microstructure of the TIPS Market

FRB of New York Staff Report No. 414
Number of pages: 33 Posted: 21 Dec 2009
Michael J. Fleming and Neel Krishnan
Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 162 (189,039)
Citation 9

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Treasury inflation-protected securities, liquidity, seasonality, announcements

18.

Heat Waves, Meteor Showers, and Trading Volume: An Analysis of Volatility Spillovers in the U.S. Treasury Market

FRB of New York Staff Report No. 82
Number of pages: 37 Posted: 13 Nov 1999
Michael J. Fleming and Jose A. Lopez
Federal Reserve Bank of New York and Federal Reserve Bank of San Francisco
Downloads 301 (103,664)
Citation 10

Abstract:

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volatility, trading volume, GARCH, intraday, U.S. Treasury securities market

19.

Market Liquidity after the Financial Crisis

Downloads 295 (106,021)
Citation 23

Market Liquidity after the Financial Crisis

FRB of NY Staff Report No. 796
Number of pages: 47 Posted: 20 Oct 2016 Last Revised: 21 Sep 2017
Tobias Adrian, Michael J. Fleming, Or Shachar and Erik Vogt
International Monetary Fund, Federal Reserve Bank of New York, Federal Reserve Bank of New York and Citadel LLC
Downloads 295 (105,450)

Abstract:

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liquidity, market making, Treasury market, corporate bonds, regulation

Market Liquidity after the Financial Crisis

CEPR Discussion Paper No. DP12248
Number of pages: 49 Posted: 29 Aug 2017
Tobias Adrian, Michael J. Fleming, Or Shachar and Erik Vogt
International Monetary Fund, Federal Reserve Bank of New York, Federal Reserve Bank of New York and Citadel LLC
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Citation 12
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corporate bonds, liquidity, market making, regulation, Treasury securities

Market Liquidity after the Financial Crisis

Annual Review of Financial Economics, Vol. 9, pp. 43-83, 2017
Posted: 03 Jan 2018
Tobias Adrian, Michael J. Fleming, Or Shachar and Erik Vogt
International Monetary Fund, Federal Reserve Bank of New York, Federal Reserve Bank of New York and Citadel LLC

Abstract:

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20.

The Microstructure of China's Government Bond Market

FRB of New York Staff Report No. 622
Number of pages: 45 Posted: 04 Jun 2013 Last Revised: 14 Aug 2013
Jennie Bai, Michael J. Fleming and Casidhe Horan
Georgetown University - Department of Finance, Federal Reserve Bank of New York and The Stephen M. Ross School of Business at the University of Michigan
Downloads 269 (116,881)
Citation 6

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trading activity, market efficiency, announcements, interest rates

21.

The Federal Reserve’s Foreign Exchange Swap Lines

Current Issues in Economics and Finance, Vol. 16, No. 4, April 2010
Number of pages: 7 Posted: 30 Apr 2010
Michael J. Fleming and Nicholas Klagge
Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 266 (118,308)
Citation 15

Abstract:

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swap line, liquidity facility

22.

Federal Reserve Liquidity Provision during the Financial Crisis of 2007-2009

Downloads 257 (122,675)

Federal Reserve Liquidity Provision during the Financial Crisis of 2007-2009

FRB of New York Staff Report No. 563
Number of pages: 33 Posted: 08 Aug 2012
Michael J. Fleming
Federal Reserve Bank of New York
Downloads 257 (122,069)
Citation 18

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central bank , liquidity facilities, lender of last resort

Federal Reserve Liquidity Provision During the Financial Crisis of 2007–2009

Annual Review of Financial Economics, Vol. 4, pp. 161-177, 2012
Posted: 04 Nov 2012
Michael J. Fleming
Federal Reserve Bank of New York

Abstract:

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23.

When the Back Office Moved to the Front Burner: Settlement Fails in the Treasury Market after September 11

Economic Policy Review, Vol. 8, No. 2, November 2002
Number of pages: 23 Posted: 15 Sep 2004
Michael J. Fleming and Kenneth Garbade
Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 237 (133,169)
Citation 1

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Settlement fails, Treasury market, repurchase agreement, repo market, securities lending, September 11

24.

The Round-the-Clock Market for U.S. Treasury Securities

Economic Policy Review, Vol. 3, No. 2, July 1997
Number of pages: 24 Posted: 27 Sep 2007
Michael J. Fleming
Federal Reserve Bank of New York
Downloads 229 (137,696)

Abstract:

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intraday, trading volume, volatility, liquidity

25.

An Analysis of CDS Transactions: Implications for Public Reporting

FRB of New York Staff Report No. 517
Number of pages: 25 Posted: 08 Oct 2011 Last Revised: 18 Sep 2012
Kathryn Chen, Michael J. Fleming, John P. Jackson, Ada Li and Asani Sarkar
Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Bank of New York, Bank of England, Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 219 (143,768)
Citation 37

Abstract:

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block trade, clearing eligible, credit derivatives, dealer hedging, price reporting, public transparency

26.

An Analysis of OTC Interest Rate Derivatives Transactions: Implications for Public Reporting

FRB of New York Staff Report No. 557
Number of pages: 23 Posted: 19 Apr 2012
Michael J. Fleming, John P. Jackson, Ada Li, Asani Sarkar and Patricia Zobel
Federal Reserve Bank of New York, Bank of England, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 189 (164,946)
Citation 10

Abstract:

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interest rate derivatives, price reporting, public transparency, standardization

27.

How Workers Use 401(K) Plans: The Participation, Contribution, and Withdrawal Decisions

FRB of New York Staff Report No. 38
Number of pages: 48 Posted: 28 Oct 2006
Michael J. Fleming, William F. Bassett and Anthony P. Rodrigues
Federal Reserve Bank of New York, Board of Governors of the Federal Reserve System (FRB) and Federal Reserve Bank of New York
Downloads 180 (172,419)
Citation 11

Abstract:

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28.

Price Formation and Liquidity in the U.S. Treasury Market: Evidence from Intraday Patterns Around Announcements

Downloads 179 (173,303)

Price Formation and Liquidity in the U.S. Treasury Market: Evidence from Intraday Patterns Around Announcements

FRB of New York Staff Report No. 27
Number of pages: 55 Posted: 11 Nov 2006
Michael J. Fleming and Eli M. Remolona
Federal Reserve Bank of New York and Bank for International Settlements (BIS) - Monetary and Economic Department
Downloads 179 (173,291)
Citation 13

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Price Formation and Liquidity in the U.S. Treasury Market: Evidence from Intraday Patterns Around Announcements

Federal Reserve Bank of New York Staff Reports Number 27
Posted: 14 Jan 1998
Michael J. Fleming and Eli M. Remolona
Federal Reserve Bank of New York and Bank for International Settlements (BIS) - Monetary and Economic Department

Abstract:

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29.

The Benchmark U.S. Treasury Market: Recent Performance and Possible Alternatives

Economic Policy Review, Vol. 6, No. 1, April 2000
Number of pages: 17 Posted: 08 Mar 2006
Michael J. Fleming
Federal Reserve Bank of New York
Downloads 178 (174,115)

Abstract:

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treasury, benchmark, debt, agency, market, securities

30.

Price and Size Discovery in Financial Markets: Evidence from the U.S. Treasury Securities Market

Forthcoming in Review of Asset Pricing Studies
Number of pages: 56 Posted: 11 Aug 2013 Last Revised: 30 Oct 2018
Michael J. Fleming and Giang Nguyen
Federal Reserve Bank of New York and Pennsylvania State University - Smeal College of Business
Downloads 138 (217,026)
Citation 9

Abstract:

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dark pool, liquidity, price impact, information share, fixed income market

31.

Are Larger Treasury Issues More Liquid? Evidence from Bill Reopenings

Downloads 138 (215,672)

Are Larger Treasury Issues More Liquid? Evidence from Bill Reopenings

FRB of New York Staff Reports No. 145
Number of pages: 40 Posted: 18 Mar 2002
Michael J. Fleming
Federal Reserve Bank of New York
Downloads 138 (216,313)
Citation 16

Abstract:

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Treasury Market, Liquidity, Bid-ask spread, Trading volume, Issue size

Are Larger Treasury Issues More Liquid? Evidence from Bill Reopenings

Forthcoming in Journal of Money, Credit and Banking
Posted: 27 May 2002
Michael J. Fleming
Federal Reserve Bank of New York

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Treasury Market, Liquidity, Bid-ask spread, Trading volume, Issue size

32.

Anomalous Bidding in Short-Term Treasury Bill Auctions

Downloads 131 (224,823)

Anomalous Bidding in Short-Term Treasury Bill Auctions

FRB of New York Staff Report No. 184
Number of pages: 21 Posted: 28 Sep 2004
Michael J. Fleming, Kenneth Garbade and Frank M. Keane
Federal Reserve Bank of New York, Federal Reserve Bank of New York and Federal Reserve Banks - Federal Reserve Bank of New York
Downloads 131 (225,600)
Citation 3

Abstract:

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Treasury bill, auction procedures, bidding behavior

Anomalous Bidding in Short-Term Treasury Bill Auctions

Journal of Financial Research, Forthcoming
Posted: 04 May 2004
Michael J. Fleming, Kenneth Garbade and Frank M. Keane
Federal Reserve Bank of New York, Federal Reserve Bank of New York and Federal Reserve Banks - Federal Reserve Bank of New York

Abstract:

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Treasury bills, auctions, bidding

33.

Preserving Firm Value Through Exit: The Case of Voluntary Liquidations

FRB of New York Staff Report No. 8
Number of pages: 53 Posted: 22 Jun 2007
Michael J. Fleming and John J. Moon
Federal Reserve Bank of New York and Columbia University - Columbia Business School
Downloads 129 (227,489)
Citation 4

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voluntary liquidation, asset reallocation

34.

Dealer Financial Conditions and Lender-of-Last Resort Facilities

FRB of New York Staff Report No. 673
Number of pages: 57 Posted: 20 May 2014
Viral V. Acharya, Michael J. Fleming, Warren B. Hrung and Asani Sarkar
New York University - Leonard N. Stern School of Business, Federal Reserve Bank of New York, Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 89 (294,477)
Citation 12

Abstract:

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lender of last resort, central banking, crises, illiquidity, insolvency, stigma

35.

An Index of Treasury Market Liquidity: 1991-2017

FRB of NY Staff Report No. 827
Number of pages: 39 Posted: 17 Nov 2017
Tobias Adrian, Michael J. Fleming and Erik Vogt
International Monetary Fund, Federal Reserve Bank of New York and Citadel LLC
Downloads 84 (305,233)
Citation 2

Abstract:

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Treasury securities, market liquidity, funding liquidity, volatility, index

36.

Trading Activity and Price Transparency in the Inflation Swap Market

Economic Policy Review, Vol. 19, No. 1, 2013
Number of pages: 13 Posted: 11 Sep 2013
Michael J. Fleming and John Sporn
Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 71 (336,598)
Citation 4

Abstract:

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inflation swap, trading activity, liquidity, price transparency, inflation expectations

37.

Income Effects of Federal Reserve Liquidity Facilities

Current Issues in Economics and Finance, Vol. 17, No. 1, February 2011
Number of pages: 7 Posted: 06 Mar 2011
Michael J. Fleming and Nicholas Klagge
Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 71 (336,598)
Citation 5

Abstract:

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Federal Reserve, Liquidity facilities, Lender of last resort

38.

Trading Activity in the Indian Government Bond Market

FRB of NY Staff Report No. 785
Number of pages: 39 Posted: 09 Aug 2016 Last Revised: 30 Aug 2017
Michael J. Fleming, Seema Saggar and Samita Sareen
Federal Reserve Bank of New York, Government of India - Reserve Bank of India and New York University (NYU)
Downloads 68 (344,657)

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India, government bonds, trading activity

39.

ECB Monetary Operations and the Interbank Repo Market

FRB of New York Staff Report No. 654
Number of pages: 46 Posted: 11 Jan 2014
Peter G. Dunne, Michael J. Fleming and Andrey Zholos
Central Bank of Ireland, Federal Reserve Bank of New York and Queen's University Management School
Downloads 67 (347,443)
Citation 4

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repo, funding, liquidity, monetary policy, reserve management

40.

Financial Market Implications of the Federal Debt Paydown

FRB of New York Staff Report No. 120
Number of pages: 42 Posted: 09 Aug 2006
Michael J. Fleming
Federal Reserve Bank of New York
Downloads 65 (352,866)
Citation 3

Abstract:

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treasury market, benchmark, reserve asset, liquidity

41.

Tick Size Change and Market Quality in the U.S. Treasury Market

FRB of New York Staff Report No. 886 (2019)
Number of pages: 50 Posted: 23 Apr 2019 Last Revised: 11 Nov 2019
Michael J. Fleming, Giang Nguyen and Francisco Ruela
Federal Reserve Bank of New York, Pennsylvania State University - Smeal College of Business and Federal Reserve Banks - Federal Reserve Bank of New York
Downloads 46 (414,079)

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tick size reduction, bid-ask spread, market liquidity, price efficiency, Treasury securities

42.

Breaking Down Trace Volumes Further

FED Notes No. 2018-11-29
Posted: 06 Dec 2018 Last Revised: 21 Feb 2019
Doug Brain, Michiel De Pooter, Dobrislav Dobrev, Michael J. Fleming, Peter Johansson, Frank M. Keane, Michael Puglia, Tony Rodrigues and Or Shachar
Nassau Community College, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York, affiliation not provided to SSRN, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Federal Reserve Bank of New York

Abstract:

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43.

Unlocking the Treasury Market Through Trace

FED Notes No. 2018-09-28
Posted: 08 Oct 2018 Last Revised: 21 Feb 2019
Doug Brain, Michiel De Pooter, Dobrislav Dobrev, Michael J. Fleming, Pete Johansson, Collin Jones, Frank M. Keane, Michael Puglia, liza reiderman, Tony Rodrigues and Or Shachar
Nassau Community College, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Federal Reserve Bank of New York, Board of Governors of the Federal Reserve System, Federal Reserve Banks - Federal Reserve Bank of New York, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Columbia University, Board of Governors of the Federal Reserve System and Federal Reserve Bank of New York

Abstract:

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44.

Preserving Firm Value Through Exit: The Case of Voluntary Liquidations

Federal Reserve Bank of New York Staff Report No. 8
Posted: 19 May 2000
Michael J. Fleming and John J. Moon
Federal Reserve Bank of New York and Columbia University - Columbia Business School

Abstract:

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