Fixed Income Market Structure Advisory Committee — ETFs and Bond Funds Subcommittee

Summary Minutes of February 23, 2018 Call

The ETFs and Bond Funds Subcommittee held a call on February 23, 2018. The call convened at approximately 2:00 p.m. Eastern. The following Subcommittee members were on the call:

Ananth Madhavan
Lynn Martin
Amy McGarrity
Kumar Venkataraman
Rachel Wilson
Michael Heaney

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

David Shillman
John Roeser
David Dimitrious
Thomas Eady
Arun Manoharan
Molly Kim
Heidi Pilpel
Justin Pica
Patrick Norton
Emerald Greywoode
Ben Bernstein

The following staff from the Division of Investment Management joined the call:

Paul Cellupica

The following staff from the Office of Municipal Securities joined the call:

Rebecca Olsen
Ahmed Abonamah

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

Alexander Schiller

Following a brief discussion of administrative matters, the Subcommittee Members suggested and discussed several potential topics for near and long term consideration including: retail education and disclosures concerning ETPs and funds, recent volatility in the markets, index construction, and liquidity risk management and redemption risk.

The Subcommittee agreed to schedule additional calls in the next two weeks to discuss further and to invite other industry members to join the calls in order to inform Subcommittee discussions.

The call concluded at approximately 3:00 p.m. Eastern.