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

Summary Minutes of November 30, 2018 Call

The Technology and Electronic Trading Subcommittee held a call on November 30, 2018.

The call convened at approximately 12:00 p.m. via telephone. The following Subcommittee members were on the call:

Dan Allen
Matt Andresen
John Bagley
Larry Harris
Amar Kuchinad
Rick McVey
Larry Tabb
Sonali Theisen

The following other persons joined the call:

Jude Arena, Bank of America Merrill Lynch
John Lawlor, Bank of America Merrill Lynch
Melissa Plunkett, Bank of America Merrill Lynch
Jim Grandinetti, Gurtin Municipal Bond Management
Richard Tribolet, Raymond James

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

David Dimitrious
Tom Eady
Patrick Norton
Tyler Raimo
Ben Bernstein

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

Abby Kim
Michael Schihl
Seung Won Woo

The Subcommittee continued their discussion of last look practices in bid-wanted auctions on electronic trading platforms. The Subcommittee heard from representatives from retail broker-dealers and an investment manager regarding last look practices and an approach to a potential recommendation. The Subcommittee determined to continue to pursue their discussion of this topic on future calls.

The call concluded at approximately 1:10 p.m.