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SEC Forms Fixed Income Market Structure Advisory Committee

Traders Magazine Online News, November 14, 2017

John D'Antona Jr.

The Securities and Exchange Commission announced the formation and first members of its Fixed Income Market Structure Advisory Committee.

Sounds familiar, doesn’t it? In January 2015 the SEC announced the formation of the Equity Market Structure Advisory Committee to advise the regulator on problem areas and improvements to the stock market.  

The new committee, whose initial focus will be on the corporate bond and municipal securities markets, will provide advice to the Commission on the efficiency and resiliency of these markets and identify opportunities for regulatory improvements.  The committee is comprised of a diverse group of outside experts, including individuals representing the views of retail and institutional investors, small and large issuers, trading venues, dealers, and self-regulatory organizations, among others.

“Individual investors are highly active in fixed income markets, both directly as retail investors and indirectly through various types of funds,” said SEC Chairman Jay Clayton. “This committee will help the Commission ensure that our regulatory approach to these markets meets the needs of retail investors, as well as companies and state and local governments.  I appreciate the committee members’ willingness to participate, and I would like to thank Commissioners Stein and Piwowar for their highly collaborative efforts in establishing the committee.”

“During the past several years, the fixed income markets have changed significantly," said Commissioner Kara Stein. "The Fixed Income Market Structure Advisory Committee should provide the Commission with new ideas about how to enhance the efficiency and resiliency of these evolving markets.”

“I commend Chairman Clayton for making fixed income markets a priority at the Commission,” said Commissioner Michael Piwowar. “I look forward to benefitting from the insights of this talented group of fixed-income experts.”

Chairman Clayton has appointed Michael Heaney, Non-Executive Director, Legal and General Investment Management Americas, as the initial Committee Chairman.  Other committee members include:

Carole Brown, CFO, City of Chicago

Amy McGarrity, CIO, Colorado Public Employees’ Retirement Association

Rachel Wilson, SVP, Finance, Iron Mountain

Scott Krohn, SVP and Treasurer, Verizon

Elisse Walter, Former Chairman of the U.S. Securities and Exchange Commission

Mihir Worah, Managing Director and CIO Asset Allocation and Real Return, PIMCO

Dan Allen, President, Anchorage Capital Group

Matthew Andresen, Co-Chief Executive Officer, Headlands Technologies LLC

Brian Archer, Head, Global Credit Trading, Citigroup

Horace Carter, Managing Director and Head of Trading, Fixed Income Capital Markets, Raymond James

Gilbert Garcia, Managing Partner, Garcia Hamilton & Associates

Amar Kuchinad, Chief Strategy Officer, Trumid Financial

Ananth Madhavan, Managing Director, Global Head of Research for ETFs and Index Investing, BlackRock

Lynn Martin, President and COO, ICE Data Services

Richard McVey, CEO, MarketAxess

Suzanne Shank, Chair and CEO, Siebert Cisneros Shank

Larry Tabb, Founder and Research Chairman, TABB Group

Tom Thees, Head of Fixed Income, Head of DirectPool, CastleOak Securities

Kumar Venkataraman, James M. Collins Chair in Finance, SMU

Larry Harris, Fred V. Keenan Chair in Finance, Professor of Finance and Business Economics, USC Marshall School of Business

Tom Gira, Executive Vice President of Market Regulation and Transparency Services, FINRA

John Bagley, Chief Market Structure Officer, Municipal Securities Rulemaking Board

The committee will be formally established on November 15 for an initial two-year term, which can be renewed by the Commission.  The Commission will announce further details about the committee in the near future. 

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