SEC Issues Agenda for Nov. 4 Meeting of the Fixed Income Market Structure Advisory Committee

The Securities and Exchange Commission today released the agenda for the Nov. 4 meeting of the Fixed Income Market Structure Advisory Committee (FIMSAC). The meeting will be held at the SEC’s New York Regional Office at 200 Vesey Street, New York, NY.

“I could not be more pleased with the work of the FIMSAC over the last two years, which has enhanced our understanding of the fixed income markets and informed policy decisions on these issues,” said SEC Chairman Jay Clayton. “Monday’s agenda again demonstrates the committee’s commitment to examining important issues in our fixed income markets, including rating agency compensation, index construction, LIBOR transition, and electronic trading. I encourage fixed income market participants to follow the work of the FIMSAC.”

The Commission established the FIMSAC to provide a formal mechanism through which the Commission can receive advice and recommendations on fixed income market structure issues.  Members of the public who wish to attend the Nov. 4 meeting in person must complete the registration form on the FIMSAC webpage. The meeting will be webcast live on the SEC’s website and will be archived on the website for later viewing.

Members of the public who wish to provide their views on the matters to be considered by the Fixed Income Market Structure Advisory Committee may submit comments either electronically or on paper, as described below. Please submit comments using one method only. Information that is submitted will become part of the public record of the meeting.

Electronic submissions:

Use the SEC's Internet submission form or send an email to rule-comments@sec.gov.

Paper submissions:

Send paper submissions in triplicate to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC, 20549-1090.

All submissions should refer to File Number 265-30, and the file number should be included on the subject line if email is used.

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SEC Fixed Income Market Structure Advisory Committee 

Agenda 

Nov. 4, 2019

9:00 a.m.          Welcome and Opening Remarks  

9:15 a.m.          Structured Disclosures by Municipal Issuers

• Duffy Blackburn, Will County, IL
• Mark Kim, MSRB
• Campbell Pryde, XBRL US
• Lisa Washburn, Municipal Market Analytics
• Mike Willis, SEC’s Division of Economic and Risk Analysis

10:15 a.m.        Alternative Compensation Models for Credit Rating Agencies 

• Neil Baron, Consultant
• Mahesh Kotecha, Structured Credit International Corp.
• Jeffrey Manns, George Washington University Law School
• David Raboy, Professor
• Randall Roy, SEC’s Division of Trading and Markets

11:45 a.m.        Updates from the Technology and Electronic Trading Subcommittee and the                          Corporate Bond Transparency Subcommittee 

12:00 p.m.       Lunch Break

12:40 p.m.       Fixed Income Index Construction 

• Bill Ahmuty, State Street Global Advisors
• Steve Berkley, Bloomberg Index Services
• Phil Galdi, ICE Data Indices
• Anish Karyat, Citadel Securities
• Dan Li, Federal Reserve Board

1:45 p.m.         Interdealer Government Securities Trading Platforms

• Shawn Bernardo, TP ICAP
• Ted Bragg, Nasdaq Fixed Income
• Dan Cleaves, BrokerTec
• Deirdre Dunn, Citigroup
• Nate Kalich, Ronin Capital
• Ryan Sheftel, GTS

2:45 p.m.          Break

3:00 p.m.         LIBOR Transition Update and SOFR Volatility

• Deborah Cunningham, Federated Investors
• Brian Grabenstein, Wells Fargo
• Tom Pluta, JP Morgan
• Sam Priyadarshi, Vanguard
• Tom Wipf, Morgan Stanley

4:00 p.m.          Adjournment