# Volatility and Risk Institute | Nonbank Financial Intermediation and Financial Stability (2025)

![Financial district skyline through the Brooklyn Bridge](/sites/default/files/styles/866w/public/assets/images/colton-duke-UExx0KnnkjY-unsplash.jpg?h=b4d592c6&itok=pBQSLlou)

Friday, April 25, 2025

##  Sixth Annual Volatility and Risk Institute Conference

Sixth Annual Volatility and Risk Institute Conference: Nonbank Financial Intermediation and Financial Stability

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## **Sixth Annual Volatility and Risk Institute Conference**

### **Nonbank Financial Intermediation and Financial Stability**

Friday, April 25, 2025
44 West 4th Street, New York, NY 10012

The Volatility and Risk Institute held our annual conference on Friday, April 25, 2025 on the topic is "Nonbank Financial Intermediation and Financial Stability"

A conference agenda and theme description can be found below.

**Agenda**

**7:45am:** *Registration & Coffee*

**8:25am - 8:30am: Introduction** with [**Richard Berner**](https://www.stern.nyu.edu/faculty/bio/richard-berner), *Co-Director, Volatility and Risk Institute at NYU Stern*

**8:30am - 9:00am**: **Morning Keynote**: [**Donald Kohn**](https://www.brookings.edu/people/donald-kohn/), *Robert V. Roosa Chair in International Economics, Senior Fellow – Economic Studies, Brookings* ([**Video**](https://youtu.be/bykzR5TNXH4?feature=shared))

**9:00am - 10:15am:** **How are the Sources of Finance Changing? Opportunities and Risks** ([**Video**](https://www.youtube.com/watch?v=t5S4_RdKfW8))

- [**Stephen Cecchetti**](https://people.brandeis.edu/~cecchett/), *Rosen Family Chair in International Finance, Brandeis University* (moderator)
- [**James Millstein**](https://www.guggenheimsecurities.com/about/leadership), *Co-Chairman, Guggenheim Securities LLC*
- [**Gustavo Schwed**](https://www.stern.nyu.edu/faculty/bio/gustavo-schwed), *Clinical Professor of Finance and Professor of Management Practice, NYU Stern*
- [**Bruce Tuckman**](https://www.stern.nyu.edu/faculty/bio/bruce-tuckman), *Clinical Professor of Finance, NYU Stern*
- [**Huw van Steenis**](https://www.oliverwyman.com/our-culture/our-people/huw-van-steenis.html), *Partner and Vice Chair, Oliver Wyman*

**10:15am- 10:30am:** *Break*

**10:30am - 11:45am: Contagion, Leverage and Liquidity Risks** ([**Video**](https://youtu.be/lsqHjl6ML1g?feature=shared))

- [**Andrew Metrick**](https://som.yale.edu/faculty/andrew-metrick), *Janet L. Yellen Professor of Finance and Management, Yale School of Management* (Moderator)
- [**Stijn Claessens**](https://som.yale.edu/faculty-research/faculty-directory/stijn-claessens), *Executive Fellow,* *Yale School of Management*
- [**Kristy Jansen**](https://www.marshall.usc.edu/personnel/kristy-jansen), *Assistant Professor of Finance and Business Economics, USC Marshall*
- [**Nathaniel Wuerffel**](https://www.sifma.org/people/nate-wuerffel/), *Head of Market Structure and Head of Product, Global Collateral,* *BNY*
- [**David Elliott**](https://davidelliott.uk/index.html), *Senior Economist, Bank of England*

**12:00pm - 1:30pm:** Lunch

**12:45pm - 1:15pm: Lunch Keynote** with [**Nellie Liang**](https://www.brookings.edu/people/nellie-liang/), *Senior Fellow, The Brookings Institution/former Undersecretary, United States Treasury* ([**Video**](https://www.youtube.com/watch?v=-zdVsHNoEpk))

**1:45pm - 2:45pm: System-Wide Stress Testing** ([**Video**](https://youtu.be/ZY-XHj4telg?feature=shared))

- [**David Aikman**](https://www.kcl.ac.uk/people/david-aikman), *Director of the Qatar Centre for Global Banking & Finance; Professor of Finance, King’s College London* (moderator)
- [**Cornelia Holthausen**](https://www.ecb.europa.eu/pub/research/authors/profiles/cornelia-holthausen.en.html), *Director General Macroprudential Policy and Financial Stability*, *European Central Bank*
- [***Nathanaël Benjamin***](https://www.bankofengland.co.uk/about/people/nathanael-benjamin/biography)*, Executive Director, Financial Stability Strategy and Risk, Bank of England*

**2:45pm - 3:45pm: Liquidity Regulations & Stress Testing (**[**Video**](https://youtu.be/qX0CcDSd-oE?feature=shared)**)**

- [**Tim Cuddihy**](https://www.dtcc.com/about/leadership/executive-committee/timothy-cuddihy), *Managing Director and Group Chief Risk Officer, DTCC* (moderator)
- [**Jill Cetina**](https://mays.tamu.edu/directory/jill-cetina/), *Executive Professor; Associate Director of Commercial Banking Program, Mays Business School*, *Texas A&M University*
- [**Or Shachar**](https://www.newyorkfed.org/research/economists/shachar), *Financial Research Advisor, Capital Markets, Federal Reserve Bank of New York*
- [**Linda Goldberg**](https://www.newyorkfed.org/research/economists/goldberg), *Financial Research Advisor, Federal Reserve Bank of New York*
- [**Richard Berner**](https://www.stern.nyu.edu/faculty/bio/richard-berner), *Co-Director, Volatility and Risk Institute at NYU Stern*
- [**Ricardo Correa**](https://www.federalreserve.gov/econres/ricardo-correa.htm), *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**](https://gceps.princeton.edu/william-c-dudley/), *Senior Advisor, Griswold Center for Economic Policy Studies at Princeton University (moderated by Richard Berner)* ([**Video**](https://youtu.be/WC_LShoRN08?feature=shared))

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

- [**Robert Engle**](https://www.stern.nyu.edu/faculty/bio/robert-engle), *Co-Director, Volatility and Risk Institute at NYU Stern* ([**Video**](https://youtu.be/ozBezt0Ssz0?feature=shared))
- [**Riccardo Pizzeghello**](https://www.ecb.europa.eu/pub/research/authors/profiles/riccardo-pizzeghello.en.html), *European Central Bank* ([**Video**](https://youtu.be/tN0Gxpy2-Jk?feature=shared))
- [**Richard Berner**](https://www.stern.nyu.edu/faculty/bio/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**](mailto:vri@stern.nyu.edu).

**Related Publications from Conference Speakers**

- Acharya, Viral, Nicola Cetorelli, and Bruce Tuckman. [***Where Do Banks End and NBFIs Begin?***](https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr1119.pdf) No. w32316. *National Bureau of Economic Research*, 2024.
- [***Huw van Steenis on Why Banks Keep Partnering with Private Credit***](https://www.bloomberg.com/news/articles/2024-10-24/huw-van-steenis-on-why-banks-keep-partnering-with-private-credit)*. Odd Lots Podcast, Bloomberg. Oct 24, 2024.*
- Claessens, Stijn "[**Nonbank Financial Intermediation: Stock Take of Research, Policy, and Data**](https://doi.org/10.1146/annurev-financial-082123-105416)" *Annual Review of Financial Economics*. Volume 16, 2024.
- Jansen, Kristy, Sven Klingler, Angelo Ranaldo, and Patty Duijm. [***Pension Liquidity Risk***](https://ssrn.com/abstract=4485970)*.*  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**](https://www.bankofengland.co.uk/working-paper/2023/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***](https://www.bankofengland.co.uk/financial-stability/boe-system-wide-exploratory-scenario-exercise/boe-swes-exercise-final-report) *Bank of England. 29 November 2024.*
- [***A system-wide approach to macroprudential policy***](https://www.esrb.europa.eu/news/pr/date/2024/html/esrb.pr241204~116893e3e8.en.html)*. The European Systemic Risk Board.* November 2024.
- [***2025 EU-wide stress test methodology***](https://www.eba.europa.eu/publications-and-media/press-releases/eba-starts-dialogue-banking-industry-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**](https://www.sciencedirect.com/science/article/pii/S037842662300198X?casa_token=5kdsi7XmNhgAAAAA:lNxciNKjAI_DnK9IhhbxFJhKJwPYrBtxzRGYY3XZ6UN2j9kWODDumznlq_klRcVrES3iHaw)." *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**](https://www.newyorkfed.org/research/staff_reports/sr1091.html).” *Federal Reserve Bank of New York Staff Reports*, no. 1091, March 2024.
- Engle, R. F., Emambakhsh, T., Manganelli, S., Parisi, L., & Pizzeghello, R. (2024). “[**Estimating systemic risk for non-listed euro-area banks**](https://doi.org/10.1016/j.jfs.2024.101339)”. Journal of Financial Stability, 75. 101339.