Fixed Income Market Structure Advisory Committee — Municipal Securities Transparency Subcommittee

Summary Minutes of October 19, 2018 Call

The Municipal Securities Transparency Subcommittee held a call on October 19, 2018.

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

Lynn Martin
John Bagley
Ananth Madhavan
Elisse Walter
Horace Carter
Amy McGarrity
Carole Brown
Brad Winges

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

Rebecca Olsen
Ahmed Abonamah
Ben Tecmire
Will Miller

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

Tom Eady
Justin Pica
Ben Bernstein

The Subcommittee invited Dan Kelly from Morgan Stanley and Brendan Troy and John Lawlor from Bank of America Merrill Lynch to address issues related to retail participation in the primary offering process. Subcommittee members discussed potential solutions to increase retail participation. Subcommittee members also briefly discussed pre-trade price transparency issues.

The call concluded at approximately 2:00 p.m.