Adam Smith Business School

A view of the Gilbert Scott Building at sunset

24 March 2026

In person: The Hot House, Level 2, Adam Smith Building, 2 Discovery Place, Glasgow, G11 6EY

Online: Live webinar (link provided upon registration)

The Adam Smith Business School is pleased to present the following Hybrid event. 

Government bond markets sit at the core of the financial system. They finance the state, anchor pricing across global markets, and serve as the primary channel for monetary policy transmission. Yet their structure is being reshaped by technology, regulation, and shifting liquidity dynamics.

This roundtable will explore how Treasury and Gilt markets are evolving in the digital age and what these changes mean for market resilience, efficiency, and financial stability.

Traditional dealer-led market making is under growing pressure from balance sheet constraints, increased electronification, and the rise of non-bank liquidity providers. How is the role of primary dealers changing? Can market liquidity remain robust during periods of stress? What new forms of intermediation are emerging through trading platforms, data, and automatic systems? And what enhancements to market infrastructure could help?

Recent episodes of market stress have highlighted the growing role of central banks as backstops to core sovereign bond markets. How should asset purchase tools evolve in more electronic and non-bank-intermediated markets? Where should the line be drawn between supporting market functioning and distorting market outcomes?

Bringing together policymakers, market participants, and experts, this roundtable will examine how market structure, technology, and public sector intervention intersect — and what reforms may be needed to ensure that Treasury and Gilt markets remain deep, liquid, and resilient in the face of future shocks.

Register on Eventbrite now.

Format and Participation

  • Panel discussion
  • Audience Q&A
  • Coffee and drinks reception following the event

Panellists

  • Dr Michael Fleming, Head of Capital Markets, Federal Reserve Bank of New York
  • Professor Philippe Mueller, Professor of Finance, Warwick Business School

Moderated by

  • Professor Mario Cerrato, Professor of Finance, Adam Smith Business School, University of Glasgow

Organised by

  • Professor Mario Cerrato
  • Dr Jonathan Lee

 

Further information: business-events@glasgow.ac.uk 

First published: 17 February 2026

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