Fixed Income Market Structure Advisory Committee — Corporate Bond Transparency Subcommittee

Summary Minutes of June 4, 2019 Call

The Corporate Bond Transparency Subcommittee held a call on June 4, 2019.

The call convened at approximately 11:30 a.m. via telephone. The following Subcommittee Members were on the call:

Tom Gira
Larry Harris
Scott Krohn
Amar Kuchinad
Rick McVey
Sonali Theisen
Mihir Worah

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

Ben Bernstein
David Dimitrious
Patrick Norton
Justin Pica
Ted Uliassi

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

Louis Craig
Abby Kim
Michael Schihl

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

David Walz

The following staff from the Office of Investor Education and Advocacy were also on the call:

Rahman Harrison

The Subcommittee discussed having a panel at the July 29, 2019 FIMSAC meeting to present on the Subcommittee’s work on InterNotes. The Subcommittee also discussed possible topics for further discussion by the Subcommittee, including potential improvements to the Trade Reporting and Compliance Engine (“TRACE”), such as how to represent portfolio and spread-based transaction pricing and how to separate out mark-ups on riskless principal transactions and trading platform transaction fees. Finally, the Subcommittee discussed FINRA’s proposed pilot program regarding corporate bond block trade dissemination.

The call concluded at approximately 12:30 p.m.