Fixed Income Market Structure Advisory Committee — Corporate Bond Transparency Subcommittee
Summary Minutes of September 7, 2018 Call
The Corporate Bond Transparency Subcommittee held a call on September 7, 2018 to discuss transparency in the corporate bond market.
The call convened at approximately 3:00 p.m. via telephone. The following Subcommittee Members were on the call:
- Dan Allen
- Tom Gira
- Larry Harris
- Scott Krohn
- Amar Kuchinad
- Sonali Theisen
- Mihir Worah
- Michael Heaney
The following staff from the Division of Trading and Markets were on the call:
- Ben Bernstein
- David Dimitrious
- Michael Gaw
- Molly Kim
- Justin Pica
- John Roeser
- Ted Uliassi
The following staff from the Office of Municipal Securities were also on the call:
- Ahmed Abonamah
The following staff from the Division of Economic and Risk Analysis were also on the call:
- Louis Craig
- Abby Kim
The Subcommittee discussed the specific areas of corporate bond market transparency that it should focus on, and decided to table further discussion of two-sided market making for a subset of the most liquid bonds. The Subcommittee discussed issues that have been raised related to retail corporate bond trading, such as pre-trade disclosure of broker-dealer markups and the higher transaction and execution costs that appear to be correlated with smaller trade size. The Subcommittee decided to invite outside market participants who could speak to transparency issues in the retail corporate bond market to the next call to share their views.
The call concluded at approximately 3:20 p.m.