Fixed Income Market Structure Advisory Committee — Credit Ratings Subcommittee

Summary Minutes of September 27, 2019 Call

The Credit Ratings Subcommittee held a telephonic meeting on September 27, 2019.

The call convened at approximately 3:00 p.m. The following Subcommittee Members were on the call:

Amy McGarrity
John Bagley
Tom Gira
Larry Harris
Ananth Madhavan
Lynn Martin
Kumar Venkataraman

The following other person joined the call:

Yale Baron, Anchorage Capital Group (on behalf of Dan Allen)
Kenneth Winston, Western Asset Management Co.
Scott St. John, Wellington Management

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 Office of Credit Ratings joined the call:

Annemarie Ettinger
Harriet Orol
Alexa Strear

The following staff from the Division of Economic and Risk Analysis joined the call:

Diana Knyazeva

Kenneth Winston and Scott St. John shared their views on potential alternative compensation models for nationally recognized statistical rating organizations, or NRSROs.

The call concluded at approximately 4:00 p.m.