9th Annual National Fixed Income Conference

October 19-20, 2017

Dallas, TX


Download Agenda (.pdf)


Thank you to all attendees, sponsors, and exhibitors for helping to make our 9th annual National Fixed Income Conference our strongest yet. A detailed summary of our conference is below and please reach out with any questions or comments. We need your feedback to ensure we continue building a tangibly beneficial conference with the right topics and speakers all focused on the U.S. markets.

On October 18th & 19th, the BDA held its 9th Annual National Fixed Income Conference at the Fairmont Hotel in Dallas, TX.

Key Highlights from the Event Include:

  • 220 attendees - fixed income leadership representing all aspects of the markets
  • Over 85 firms represented from literally coast-to-coast
  • Over 30 exhibitors and sponsors whose support helps to make this event possible

Conference Sessions - October 19th

Fixed Income Oversight and Regulation - a Fireside Chat with FINRA President and CEO Robert Cook

The National Fixed Income Conference began with a discussion moderated by Tom Dannenberg, President and CEO, Hutchinson, Shockey, Erley & Co. and 2017 BDA Board Chair, and FINRA President and CEO Robert Cook.  The discussion focused on the trends impacting the fixed-income markets from an oversight and regulatory enforcement perspective from the SEC and FINRA.

Specifically, Dannenberg and Cook discussed:

  • The evolving role of the SRO model
  • Regulation through enforcement
  • Regulatory impact on market liquidity
  • FINRA Rule 4210
  • Retail Confirm Disclosure 

U.S. Corporate Bond Market Structure

Moderator: Kevin McPartland, Principal of Market Structure & Technology Research, Greenwich Associates


  • Fred Allen, Managing Director & Head of Credit Sales, KeyBanc Capital Markets
  • Horace Carter, Managing Director, Head of Fixed Income Trading, Raymond James
  • Richard Schiffman, Open Trading Product Manager, MarketAxess
Moderator Kevin McPartland engaged senior public finance professionals in a conversation about current fixed-income market conditions, the credit and issuance outlook, and how technology has changed the business in recent years.

Additional topics discussed included, electronic trading, corporate bond market liquidity, MiFID II, and buy side activity.

Market Opportunities and Outlook for U.S. Public Finance

Moderator: Dan Deaton, Partner, Nixon Peabody


  • Keith Kolb, Managing Director & Director of Public Finance, Robert W. Baird
  • Scott Sollers, Manager, Western Region, Build America Mutual
  • David Medanich, Vice Chairman, Hilltop Securities, Inc.

This session began with the expert panelists identifying the trends in the market and dealer businesses, including direct purchase and publicly offered transactions, and explained how these trends are impacting middle-market dealers. More specifically, panelists talked about:

  • The impact that tax reform may have on the municipal securities market
  • The current credit landscape and future trends
  • The current regulatory development and the impact to the market and dealer businesses
  • The current overall business activity of middle-market dealers and forecasted trends

Market, Business and Regulatory Trends Impacting the U.S. Fixed Income Markets

Moderator: Kevin Giddis, Executive Vice President - Head of Fixed Income Capital Markets, Raymond James


  • John Fechter, Managing Director Taxable Fixed Income Trading, Wells Fargo Advisors
  • Steve Genyk, Managing Director, Head of Municipal Trading, WMA Capital Markets, UBS
  • Bill Gartland, Vice President, Fixed Income Data and Analytics, Broadridge Financial

During this panel discussion, senior capital markets professionals focused on the most significant trends impacting the fixed-income business, including the sift from the brokerage model to the advisory model, how regulation, including the DOL's Fiduciary Duty Rule and the Muni MA Rule are changing the way dealers engage with clients, as well as how dealers are utilizing technology to connect with clients.

View from the Buy Side: The Future of Fixed Income

Moderator: Kevin McPartland, Principal of Market Structure & Technology Research, Greenwich Associates


  • Jim Switzer, Head of Credit Trading, AllianceBernstein
During this featured interview, Jim Switzer and Kevin McPartland discussed the buy-side perspectives on the future of the U.S. fixed income markets, the market and regulatory forces impacting the fixed-income business, how the buy side is changing the way it does business, and what it means for the U.S. regional dealer community

Conference Sessions - October 20th

Managing the Growing Regulatory Burden

Moderator: Lana Calton, Managing Director, Head of Clearing Services, Hilltop Securities


  • John Holman, Chief Operating Officer/Chief Compliance Officer, First Southern Securities
  • John Reilly, Managing Director, Head of Business Strategy & Capital Markets Trading, Wells Fargo
  • Don Winton, Chief Operating Officer, Crews & Associates
  • Gregg Bienstock, Chief Executive Officer & Co-Founder, Lumesis
Panelists discussed how increased regulation is impacting the fixed-income business--with a special emphasis on smaller firms. More specifically, regulatory discussions focused on how best execution, the Municipal Advisor Rule, and FINRA 4210 will change the fixed-income business for regional dealers.

Municipal Market Rulemaking - An Interview of MSRB Executive Director Lynnette Kelly

Moderator: Bernard Bailey, Managing Director, Assured Guaranty


  • Lynnette Kelly, Executive Director, Municipal Securities Rulemaking Board (MSRB)
This session presented MSRB Executive Director Lynette Kelly the opportunity to discuss the MSRB focus and outlook; their relationship with the SEC and FINRA; the annual review of the MSRB rulebook; plus discussion of retail confirm disclosure and more.

Tax Reform and the DC Outlook 

Moderator: Justin Underwood, Director of Federal Policy & Fixed Income Research, Bond Dealers of America


  • Jane Campbell, Director of Washington Office, National Development Council
  • Bob Kyle, Partner, Hogan Lovells
  • Vince Sampson, Special Counsel, Cooley LLP

Members of the Municipal Bonds for America (MBFA) Coalition discussed the political climate in Washington and the potential for Congressional action on tax reform, including the potential impact on the municipal bond interest exemption, the possibility of a federal infrastructure package and what it could mean for public-private partnerships, and financial services regulatory reform. Panelists also discussed:

  • Five (5) key considerations for tax reform
  • The constant threat of losing the tax-exempt status of municipal bonds balanced withe other "revenue raisers"
  • The differences between comprehensive tax reform and the political challenges that will bring forth a tax cut

Roundtables & Networking Reception


In addition to the featured National Fixed Income Conference, the BDA also hosted for its members, two dealer roundtables:

  • Fixed Income Legal & Compliance Roundtable (view the recap here)  - October 18, 2017
  • The Heads of Public Finance Roundtable (view the recap here) - October 19, 2017
Networking Reception:
At the end of day one of the National Fixed Income Conference, participants gather for the BDA's annual reception to network, visit with product and service providers, many that are sponsors and exhibitors at the conference. Staged in the middle of the exhibit hall, this networking reception provides another opportunity for participants to meet colleagues at other firms, grow your business and your contacts. We appreciate all who attended and participated in one of our best conferences to date.
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