Fixed Income Market Structure Advisory Committee — Technology and Electronic Trading Subcommittee

Summary Minutes of March 5, 2018 Call

The Technology and Electronic Trading Subcommittee held a call on March 5, 2018, to discuss, among other things, matters concerning executing retail customer orders on electronic trading platforms.       

The call convened at approximately 11:00 a.m. via telephone. The following Subcommittee members were on the call:    

Dan Allen
Matt Andresen
Brian Archer
John Bagley
Horace Carter
Larry Harris
Amar Kuchinad
Rick McVey
Larry Tabb

The following other industry participants joined the call:

Tom Vales, TMC Bonds
Kristen Maher, Wells Fargo Advisers
Stephen Winterstein, Wilmington Trust

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

David Dimitrious
Tom Eady
Molly Kim
Patrick Norton
Justin Pica
Heidi Pilpel
Tyler Raimo
Ben Bernstein

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

Louis Craig
Abby Kim
Michael Schihl

The Subcommittee discussed several issues concerning executing retail customer orders in corporate and municipal bonds including matters concerning aggregating available pricing data, order handling protocols and current industry practices, access to real-time post-trade pricing data, and the utilization of bid wanted auctions.

The Subcommittee decided to speak again in several weeks to further discuss these topics and to potentially begin discussing other topics concerning the operation of fixed income electronic trading platforms.

The call concluded at approximately 12:20 p.m.