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
RBC Capital Markets
EVP, Head of Fixed Income Capital Markets
Group Head, Government and Non-Profit Finance
Huntington Securities Inc.
President, Fixed Income Capital Markets
Executive Vice President, Director of Trading
Head of Debt Capital Markets
Vice President of Fixed Income
Wells Fargo Securities
Managing Director, Head of Municipals
Hilltop Securities, Inc.
CAO, Head of Municipal Underwriting and Distribution
Senior Vice President, Fixed Income
Managing Director, Capital Markets Trading Business and Strategy
Wells Fargo Advisors
Executive Vice President and Director of Trading
FHN Financial Capital Markets
Open Trading Product Manager
Vice President, Head of Fixed Income Capital Markets Trading and Strategies
Chief Operating Officer
Chief Operating Officer
Crews & Associates