FIMSAC is currently inactive
The committee will provide the Commission with diverse perspectives on the structure and operations of the U.S. fixed income markets, as well as advice and recommendations on matters related to fixed income market structure.
Committee Members
- Michael Heaney, Committee Chairman
- Legal and General Investment Management America
- Dan Allen
- Anchorage Capital Group
- Matthew Andresen
- Headlands Technologies LLC
- Horace Carter
- Raymond James
- Robin Foley
- Fidelity Investments
- Gilbert Garcia
- Garcia Hamilton & Associates
- Larry Harris
- USC Marshall School of Business
- Scott Krohn
- Verizon
- Mark Kim
- Municipal Securities Rulemaking Board
- Ananth Madhavan
- BlackRock
- Lynn Martin
- ICE Data Services
- Amy McGarrity
- Colorado Public Employees’ Retirement Association
- Richard McVey
- MarketAxess
- Lee Olesky
- Tradeweb Markets
- Ola Persson
- FINRA
- Suzanne Shank
- Siebert Cisneros Shank
- Darryl Street
- Government of the District of Columbia
- Larry Tabb
- Bloomberg Intelligence
- Sonali Theisen
- Bank of America Merrill Lynch
- Kumar Venkataraman
- SMU Cox School of Business
- Elisse Walter
- Former Chairman, U.S. Securities and Exchange Commission
- Rachel Wilson
- R1 RCM Inc.
- Brad Winges
- Hilltop Securities
Recommendations of the Fixed Income Market Structure Advisory Committee
Recommendation for a Pilot Program for Block-Size Trades in Corporate Bonds
Recommendation to Review the Oversight Framework of Electronic Trading Platforms
Recommendation for an Exchange-Traded Products Classification Scheme
Recommendations for Investor Education and Data on ETFs
Recommendation to Establish a New Issue Reference Data Service for Corporate Bonds
Recommendation Regarding the Practice of Pennying
Recommendation Regarding Investor Education on Retail Notes
Recommendation Regarding Principal Transactions with Advisory Clients Selling Municipal Securities
Recommendation Regarding Additional TRACE Reporting Indicators for Corporate Bond Trades
Recommendation Regarding Timeliness of Financial Disclosures in the Municipal Securities Market
Recommendation Regarding Modernizing Rule 17a-7 under the 1940 Act
Recommendation Regarding Ways to Mitigate Conflicts of Interest in Credit Ratings
Recommendation Concerning Pre-Trade Transparency in the Municipal Securities Market
Recommendation Regarding Defining “Electronic Trading” for Regulatory Purposes
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Meetings
October 5, 2020
Meeting Materials:
Preliminary Recommendation Regarding Defining Electronic Trading
Corporate Bond Market Presentations:
Kumar Venkataraman Presentation
Municipal Securities Market Presentations:
Municipal Securities Market Presentation
Bond Fund and ETF Presentations:
Kumar Venkataraman Presentation
June 1, 2020
Background Materials
Technology and Electronic Trading Subcommittee Preliminary Recommendation
Credit Ratings Subcommittee Preliminary Recommendation
Municipal Securities Transparency Subcommittee Preliminary Recommendation
A Survey of Microstructure of Fixed Income Markets
FINRA Block Pilot Comment Summary
TRACE Transparency Considerations
Transparency Panel Presentation
Feb. 10, 2020
Background Materials
Nov. 4, 2019
Background Materials
Jul. 29, 2019
Corporate Bond Transparency Subcommittee – Preliminary Recommendation
Municipal Securities Transparency Subcommittee – Preliminary Recommendation
Jun. 11, 2019
Technology and Electronic Trading Subcommittee – Preliminary Recommendation 1
Technology and Electronic Trading Subcommittee – Preliminary Recommendation 2
Apr. 15, 2019
Technology and Electronic Trading Subcommittee – Preliminary Recommendation
Municipal Securities Transparency Subcommittee – Preliminary Recommendations
Background Materials
Meeting Archives
Public Comments
- Discussion Document – Alternate Model and Other Potential Initiatives
- Municipal Securities Transparency Subcommittee Preliminary Recommendation
- Technology and Electronic Trading Subcommittee Preliminary Recommendation
- Background Information on Alternative Compensation Models for NRSROs
- Dick-Nielsen and Rossi – The Cost of Immediacy for Corporate Bonds
- Ottonello – The Impact of Benchmarking in Fixed Income Markets
- IOSCO – Principles for Financial Benchmarks
Modified: July 24, 2023