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

Summary Minutes of March 13, 2018 Call

The ETFs and Bond Funds Subcommittee held a call on March 13, 2018. The call convened at approximately 1:00 p.m. Eastern. The following Subcommittee members were on the call:

Ananth Madhavan
Lynn Martin
Amy McGarrity
Kumar Venkataraman
Rachel Wilson

The following industry participants were on the call:

Sean Collins, Chief Economist, Investment Company Institute
Daniel Goldman, Assistant Portfolio Manager and Global Head of ETFs, Vanguard
Dan Li, Federal Reserve Board
Jim Rowley, Head of Active/Passive Portfolio Research, Vanguard
James Shanahan, Managing Director- Global Fixed Income, Currency & Commodities, J.P. Morgan Asset Management
Adi Sundermam, Associate Professor, Harvard Business School

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

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

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

Paul Cellupica
Sarah ten Siethoff  

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

Ahmed Abonamah
William Miller
Benjamin Tecmire

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

Diana Knyazeva
John Ritter

The Subcommittee discussed several issues surrounding volatility and bond funds. In particular, the discussion concerned liquidity risk management rules, fund risk management practices, and the implications of bond funds on the market.

The Subcommittee plans to meet again to discuss further.

The call concluded at approximately 2:00 p.m. Eastern.