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

Summary Minutes of May 18, 2018 Call

The Technology and Electronic Trading Subcommittee held a call on May 18, 2018.

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

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

The following other persons joined the call:

Andrew Silverman, Anchorage Capital

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

John Roeser
David Dimitrious
Tom Eady
Molly Kim
Andrea Orr
Justin Pica
Heidi Pilpel
Tyler Raimo
Ben Bernstein

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

Rebecca Olsen
Ben Tecmire

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

Louis Craig
Abby Kim
Michael Schihl

The Subcommittee continued their discussion of 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 continued to discuss the market for providing bond reference data.

The final topic the Subcommittee discussed was the current availability to market participants of pre-trade price information.

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

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