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:

Ananth Madhavan
Lynn Martin
Amy McGarrity
Michael Heaney

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:

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

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

Paul Cellupica
Christian Broadbent

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

Rebecca Olsen
Ahmed Abonamah
William Miller
Benjamin Tecmire

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

Mike Anderson
Alexander Schiller

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.