Fixed Income Market Structure Advisory Committee — Municipal Securities Transparency Subcommittee

Summary Minutes of June 27, 2018 Call

The Municipal Securities Transparency Subcommittee held a call on June 27, 2018 to discuss the issues the Subcommittee will focus on and the deliverables the Subcommittee will develop.

The call convened at approximately 1:00 p.m. via telephone. The following Subcommittee Members were on the call:

Matt Andresen
Elisse Walter
Lynn Martin
John Bagley
Amy McGarrity

The following staff from the Office of Municipal Securities were also on the call:

Rebecca Olsen
Ahmed Abonamah
Ben Tecmire
Will Miller

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

David Dimitrious
Tom Eady
Justin Pica
Ben Bernstein
Molly Kim

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

Abby Kim

The discussion focused on identifying the particular issues that the subcommittee should address and the deliverables that the subcommittee should develop. Subcommittee members discussed various issues, including the prior suggestions of the predecessor Transparency Subcommittee and whether those suggestions could apply to the municipal securities market. Subcommittee members also discussed differences between the municipal securities market and the rest of fixed income market and how those differences could inform the work and suggestions of the Subcommittee. Subcommittee members agreed to focus on, among other issues, pre-trade price transparency. The discussion also included considerations of speakers and topics for the next FIMSAC committee meeting.

The call concluded at approximately 1:55 p.m.