Fixed Income Market Structure Advisory Committee — Corporate Bond Transparency Subcommittee

Summary Minutes of July 1, 2019 Call

The Corporate Bond Transparency Subcommittee held a call on July 1, 2019.

The call convened at approximately 10:00 a.m. via telephone. The following Subcommittee Members were on the call:

Gilbert Garcia
Larry Harris
Scott Krohn
Sonali Theisen
Mihir Worah
Michael Heaney

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 Subcommittee discussed its preliminary recommendation on retail notes as well as a panel for the July 29, 2019 FIMSAC meeting that will focus on retail notes. The Subcommittee then continued its discussion of 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 11:00 a.m.