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

Summary Minutes of May 2, 2018 Call

The Technology and Electronic Trading Subcommittee held a call on May 2, 2018.

The call convened at approximately 10:30 a.m. via telephone. The following Subcommittee members were on the call:

Dan Allen
Matt Andresen
John Bagley
Horace Carter
Larry Harris
Amar Kuchinad
Rick McVey
Larry Tabb
Tom Thees
Michael Heaney

The following other persons joined the call:

Rob Dunleavy, Anchorage Capital
Andrew Silverman, Anchorage Capital

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

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

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

Rebecca Olsen
Ahmed Abonamah
Ben Tecmire

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

Michael Schihl
Seung Won Woo

The Subcommittee continued their discussion of best practices regarding operating standards for fixed income electronic trading platforms. The Subcommittee discussed the current regulatory framework for fixed income electronic trading platforms and the potential need for increased transparency and uniformity regarding operational standards.

The Subcommittee then discussed the market for providing bond reference data. The members discussed the cost of accessing such data, methods for providing access to reference data, and potential related areas for further Subcommittee consideration.

The final topic the Subcommittee discussed was best execution guidance for institutional investors.

The Subcommittee decided to speak again in several weeks to further discuss these topics.

The call concluded at approximately 12:15 p.m.