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

Summary Minutes of October 12, 2018 Call

The ETFs and Bond Funds Subcommittee held a call on October 12, 2018. The call convened at approximately 3:30 p.m. Eastern. The following Subcommittee members were on the call:

Ananth Madhavan
Lynn Martin
Amy McGarrity
Kumar Venkataraman

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

Elizabeth Baird
John Roeser
David Dimitrious
Thomas Eady
Justin Pica
Emerald Greywoode
Ben 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:

Benjamin Tecmire

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

Giulio Girardi
Alexander Schiller

The Subcommittee finalized its potential comment letter to the Commission’s recently proposed ETF rule. It voted to present the comment letter to the Committee to vote on whether to formally submit the comment letter to the Commission on behalf of the Committee.

The Subcommittee continued discussion on its recommendation concerning education and data. It plans to finalize the recommendation and circulate it for a Subcommittee vote to present the recommendation to the Committee during the next Committee meeting.

Staff from the Division of Economic and Risk Analysis provided an general overview of bond mutual funds in times of market stress and ETF performance during the 2010 and 2015 flash crashes.

The call concluded at approximately 4:30 p.m. Eastern.