Fixed Income Market Structure Advisory Committee — Transparency Subcommittee

Summary Minutes of February 21, 2018 Call

The Transparency Subcommittee held a call on February 21, 2018 to discuss the issues the Subcommittee will focus on, the deliverables the Subcommittee will develop, and the timing and frequency of Subcommittee meetings.       

The call convened at approximately 2:30 p.m. via telephone. The following Subcommittee Members were on the call:     

Matt Andresen
Brian Archer
John Bagley
Gilbert Garcia
Tom Gira
Scott Krohn
Suzanne Shank
Elisse Walter
Mihir Worah
Michael Heaney

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

David Shillman
David Dimitrious
Tom Eady
Michael Gaw
Molly Kim
Patrick Norton
Justin Pica
Ben Bernstein
Ted Uliassi

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

Rebecca Olsen
Ahmed Abonamah

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

Abby Kim
Michael Schihl

The first order of business was a discussion of the particular issues that the subcommittee should focus on and the near and long term deliverables that the subcommittee should develop. Subcommittee members discussed various issues, including the impact of disclosure and reporting requirements on fixed income markets, particularly liquidity and block trades, and the need for the Subcommittee to collect both quantitative and anecdotal data. With respect to anecdotal data, the Subcommittee discussed potentially developing a survey that could be distributed to market participants.

The next order of business was a discussion of next steps and expectations regarding meetings. The Subcommittee determined that it would be helpful to have buy- and sell-side municipal securities market participants on future calls and that a draft of the survey and any additional input on next steps should be circulated prior to the next meeting. The Subcommittee determined to meet approximately every two weeks but to set the exact day and time prior to each meeting.

The call concluded at approximately 3:20 p.m.