Fixed Income Market Structure Working Group

On September 25, 2018, the Bond Dealers of America (BDA) announced the formation of a Fixed Income Market Structure Working Group. The group is co-chaired by Brad Winges, President & CEO of Hilltop Securities, and Kevin Giddis, Head of Fixed Income Capital Markets at Raymond James, and will focus on all aspects of fixed income market structure with retail, institutional, taxable, and muni-focused participants.

The BDA is convening this group to proactively address the challenges and opportunities that changing business practices, technology, regulation and market forces have on fixed income management.  The working group brings together a seasoned and diverse group of industry professionals.  As a ‘Main Street’ thought leader on fixed income market structure, the BDA’s new working group anticipates direct engagement with the SEC, Capitol Hill, federal regulators, and other market participants.

“Underneath the cyclical gyrations in the fixed income marketplace, there are serious secular changes taking place. By virtue of its membership, this working group will provide a unique perspective about the critical issues faced by the fixed income industry. Our collective voice will play a critical role in helping policymakers ensure that tomorrow’s investors will be fairly served in the fixed income markets,” said co-chair Brad Winges, Hilltop Securities, and Kevin Giddis, Raymond James (retired).


Topics of interest to the working group include:

    • Federal regulation and the impact on fixed income liquidity;
    • Technology, execution and the impact on trading and sales;
    • Electronic execution in the taxable primary markets; and
    • Evolving buy-side capabilities and expectations

BDA’s Fixed Income Market Structure Working Group includes the following members:

Brian Brennan, Co-Chair
Head of Fixed Income
KeyBanc Capital Markets

Matt Boardman, Co-Chair
Managing Director and Head of US Wealth Management Fixed Income
RBC Wealth Management

Matt Boles
Managing Director
RBC Capital Markets

Peter Borstelmann
President
ICE Bonds

John Cahalane
Managing Director
Tradeweb

Horace Carter
EVP, Head of Fixed Income Capital Markets
Raymond James

Tom Dannenberg
Group Head, Government and Non-Profit Finance
Huntington Securities Inc.

Marc Dispense
President, Fixed Income Capital Markets
DA Davidson

Mark Evans
Executive Vice President, Director of Trading
Vining Sparks

SJ Guzzo
Head of Debt Capital Markets
Duncan-Williams, Inc.

Michael Haire
Vice President of Fixed Income
LPL Financial

Sean Ladley
Managing Director, Head of Generalist Fixed Income Sales
Wells Fargo Securities

Chris Long
Managing Director, Head of Municipals
US Bank

Mike Marz
Vice-Chairman
Hilltop Securities, Inc.

John Miller
CAO, Head of Municipal Underwriting and Distribution
Piper Sandler

Alan Polsky
Senior Vice President, Fixed Income
Colliers Securities

John Reilly
Managing Director, Capital Markets Trading Business and Strategy
Wells Fargo Advisors

Tim Romanow
Executive Vice President and Director of Trading
FHN Financial Capital Markets

Richard Schiffman
Open Trading Product Manager
MarketAxess

Pete Sirbu
Vice President, Head of Fixed Income Capital Markets Trading and Strategies
Ameriprise Financial

Brad Winges
President & CEO
Hilltop Securities

Don Winton
Chief Operating Officer
Crews & Associates

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