Fixed Income Market Structure Advisory Committee — ETFs and Bond Funds Subcommittee
Summary Minutes of April 26, 2018 Call
The ETFs and Bond Funds Subcommittee held a call on April 26, 2018. The call convened at approximately 9:00 a.m. Eastern. The following Subcommittee members were on the call:
The following industry participants were on the call:
Matt Berger, Global Head of Fixed Income and Commodities, Jane Street
David LaValle, US Head of Capital Markets, SPDR Business, State Street
Maile Robichard, Fixed Income Trading, State Street
Andrew Upward, ETF Strategist, Jane Street
The following staff from the Division of Trading and Markets joined the call:
The following staff from the Division of Investment Management joined the call:
The following staff from the Office of Municipal Securities joined the call:
The following staff from the Division of Economic and Risk Analysis also joined the call:
The focus of the discussion was on the bond ETF ecosystem. The participants explained their role in and provided their perspective of the bond ecosystem as an ETF issuer, an ETF market maker and authorized participant, and an exchange. The discussion also included considerations of whether there are any areas where regulatory changes could improve the bond ETF ecosystem.
The call concluded at approximately 10:00 a.m. Eastern.