Fixed Income Market Structure Advisory Committee — Corporate Bond Transparency Subcommittee

Summary Minutes of May 2, 2019 Call

The Corporate Bond Transparency Subcommittee held a call on May 2, 2019.

The call convened at approximately 2:00 p.m. via telephone. The following Subcommittee Members were on the call:

Gilbert Garcia
Tom Gira
Larry Harris
Scott Krohn
Amar Kuchinad
Rick McVey
Sonali Theisen
Kumar Venkataraman
Mihir Worah

The following staff from the Division of Trading and Markets were on the call:

Ben Bernstein
David Dimitrious
Tom Eady
Patrick Norton
Justin Pica
Ted Uliassi

The following staff from the Division of Economic and Risk Analysis were also on the call:

Abby Kim

The following staff from the Division of Corporation Finance were also on the call:

David Walz

The Subcommittee decided to consider a potential recommendation concerning investor education regarding the secondary market for retail notes compared to larger bond offerings by the same issuer, subject to further analysis of issue.

The Subcommittee also discussed other possible topics for further exploration, including separating out markups in TRACE data, the extent of pre-trade access to TRACE data by end-users, and pre-trade quote transparency for fixed income securities.

The call concluded at approximately 3:00 pm.