Fixed Income Market Structure Advisory Committee — Transparency Subcommittee
Summary Minutes of March 14, 2018 Call
The Transparency Subcommittee held a call on March 14, 2018 to discuss a potential pilot program on the impact of transparency rules on block trading in the corporate bond market as well as municipal bond market transparency and liquidity.
The call convened at approximately 3:30 p.m. via telephone. The following Subcommittee Members were on the call:
The following industry participants were on the call:
Chris Alwine, Vanguard
Bernard Costello, Morgan Stanley
Charles Giffin, JP Morgan
Scott Romans, Nuveen
Rick Taormina, JP Morgan Investment Management
The following staff from the Division of Trading and Markets were on the call:
The following staff from the Office of Municipal Securities were also on the call:
The following staff from the Division of Economic and Risk Analysis were also on the call:
The first order of business was a discussion of the pros and cons of various design alternatives for a potential pilot study on the impact of trade reporting on corporate bond block trading.
The next order of business was a report on the municipal securities market from a group of buy- and sell-side municipal securities market participants, including whether a potential pilot study on the impact of transparency rules on block trading in the municipal securities market would be worthwhile and how such a pilot study might be designed.
The call concluded at approximately 4:30 p.m.