Fixed Income Market Structure Advisory Committee — Transparency Subcommittee

Summary Minutes of April 27, 2018 Call

The Transparency Subcommittee held a call on April 27, 2018 to discuss pre-trade transparency requirements in the fixed income market.

The call convened at approximately 9:00 a.m. via telephone. The following Subcommittee Members were on the call:

Brian Archer
John Bagley
Gilbert Garcia
Tom Gira
Scott Krohn
Kumar Venkataraman
Elisse Walter
Mihir Worah
Michael Heaney

The following industry participants were on the call:

Silas Findley, Citi
Iohan Perez, PIMCO
Michael Surowiecki, PIMCO

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

Ben Bernstein
David Dimitrious
Tom Eady
Michael Gaw
Molly Kim
Leah Mesfin
Patrick Norton
Justin Pica
Heidi Pilpel
Kelly Riley
Ted Uliassi

The following staff from the Office of Municipal Securities were also on the call:

Ahmed Abonamah
Rebecca Olsen

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

Abby Kim

The Subcommittee discussed the Markets in Financial Instruments Directive (“MiFID”) II rules that recently went into effect in the European Union, specifically MiFID II’s requirements regarding pre-trade transparency in fixed income securities.

The call concluded at approximately 10:00 a.m.