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

Summary Minutes of March 16, 2018 Call

The Technology and Electronic Trading Subcommittee held a call on March 16, 2018, to continue discussing, 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
Rick McVey
Larry Tabb
Tom Thees
Michael Heaney

The following other persons joined the call:

Tom Vales, TMC Bonds
Kristen Maher, Wells Fargo Advisers
David Umeda, Charles Schwab
Bob Colby, FINRA

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

John Roeser
David Dimitrious
Tom Eady
Molly Kim
Patrick Norton
Justin Pica
Tyler Raimo
Ben Bernstein

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

Rebecca Olsen
William Miller

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

Seung Won Woo

The Subcommittee continued their discussion of several issues concerning executing retail customer orders in corporate and municipal bonds on electronic trading platforms including matters concerning order handling protocols and current industry practices, best execution requirements, and current experiences with 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.