Fixed Income Market Structure Advisory Committee — Credit Ratings Subcommittee
Summary Minutes of March 13, 2019 Meeting
The Credit Ratings Subcommittee held a telephonic meeting on March 13, 2019.
The call convened at approximately 2:00 p.m. The following Subcommittee Members were on the call:
- Amy McGarrity
- Michael Heaney
- Dan Allen
- John Bagley
- Tom Gira
- Larry Harris
- Scott Krohn
- Ananth Madhavan
- Lynn Martin
- Kumar Venkataraman
The following other persons joined the call:
- Dr. Chester S. Spatt, Pamela R. and Kenneth B. Dunn Professor of Finance, Tepper School of Business, Carnegie Mellon University
- Brian Grow, President, Morningstar Credit Ratings
- Michael Brawer, Chief Operating Officer, Morningstar Credit Ratings
- Calvin Wong, Chief Credit Officer, Morningstar Credit Ratings
- Ira Powell, Chief Operating Officer, Kroll Bond Rating Agency
- Bill Cox, Muni Strategist, Kroll Bond Rating Agency
- Kate Kennedy, Senior Managing Director, Kroll Bond Rating Agency
The following staff from the Office of Credit Ratings, or OCR, joined the call:
- Jessica Kane
- Annemarie Ettinger
- Harriet Orol
- Jay Roberts
- Alexa Strear
The following staff from the Division of Trading and Markets joined the call:
- Elizabeth Baird
- David Dimitrious
- Tom Eady
- Ben Bernstein
The following staff from the Division of Economic and Risk Analysis joined the call:
- Diana Knyazeva
- Igor Kozhanov
During the first half of the meeting, the Subcommittee heard from Dr. Chester Spatt and representatives of Morningstar Credit Ratings and Kroll Bond Rating Agency on matters related to market concentration, competition, and issuer pay versus subscriber pay models. During the second half of the meeting, OCR staff provided an overview of the Rule 17g-5 program and the Subcommittee discussed the program.
The call concluded at approximately 3:30 p.m.