Fixed Income Market Structure Advisory Committee — Municipal Securities Transparency Subcommittee

Summary Minutes of August 7, 2018 Call

The Municipal Securities Transparency Subcommittee held a call on August 7, 2018.

The call convened at approximately 3:00 p.m. via telephone. The following Subcommittee Members were on the call:

Lynn Martin
Matt Andresen
Michael Heaney
Elisse Walter
John Bagley
Ananth Madhavan
Horace Carter

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

Ahmed Abonamah
Ben Tecmire
Will Miller

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

David Dimitrious
Tom Eady
Justin Pica
Ben Bernstein
Emerald Greywoode
Michael Gaw

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

Abby Kim

The Subcommittee discussed issues concerning pre-trade price transparency in the municipal securities market, including subcommittee member reactions to the pre-trade transparency panel discussions at the July 2018 FIMSAC meeting, and a recent paper on the topic published by the SEC’s Division of Economic Risk and Analysis. Subcommittee members discussed other potential topics that the subcommittee could examine in the future. Subcommittee members also proposed inviting market participants to a future subcommittee meeting to discuss the impact of recent post-trade price transparency rules on the market.

The call concluded at approximately 3:45 p.m.