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California Debt and Investment Advisory Commission


Presents the 14th Annual CDIAC Pre-Conference to
The Bond Buyer’s 25th Annual California Public Finance Conference:

Electronic Trading: Market Efficiency and Why
It Matters to Issuers


October 21, 2015
San Francisco Marriott Marquis
San Francisco, CA

Agenda

The municipal securities market is far less regulated and transparent than other segments of the nation’s capital markets. Trades occur in a decentralized, over the counter fashion to a much higher extent than in corporate securities markets. Industry regulators, including the Securities and Exchange Commission, have expressed concern that structural deficiencies render the market inefficient and unfair to issuers as well as to investors. Furthermore, illiquid markets present unique challenges for establishing accurate bond pricing, in both the secondary and primary markets. This pre-conference program examines the opportunities for market participants to benefit from advances in technology and the market. In particular, this program examines the benefits derived from heightened information on pricing and transaction costs offered by electronic trading. It also considers the role of existing alternative trading systems (ATS) in operation today and the challenges they face in expanding transparency, efficiency, and fairness to the entire municipal market.

Presentaion Materials

Full Slide Deck
  • Opening Statements | Why Liquidity in the Municipal Market Will Soon Improve
  • Session 1 | Examining Bond Trading Today: Addressing Transparency, Efficiency, and Fairness
  • Session 2 | The Potential Benefits of an Exchange Platform
  • Session 3 | Impediments to Advancements: Where Policy and Regulation Address the Challenges
  • Session 4 | Current Technological Advances in the Market: Alternative Trading Systems (ATS)
  • Session 5 | Taking Leadership in The Bond Market: The Issuer’s Role

Speakers

  • Mark Campbell, Executive Director, CDIAC
  • Honorable John Chiang, California State Treasurer
  • David Cohen, Senior Counsel, Municipal Markets, RBC Capital Markets
  • Michael Decker, Managing Director, Securities Industry and Financial Markets Association
  • Thomas Doe, Chief Executive Officer and Founder, Municipal Market Analytics, Inc.
  • Nick Goetze, Managing Director, Head of Fixed Income Services Group, Raymond James
  • Lawrence E. Harris Ph.D., Fred V. Keenan Chair in Finance, Marshall School of Business, University of Southern California, and Past Chief Economist 2002
  • Kiran Jain, Chief Strategy Officer, Neighborly
  • Raymond Johnson, Fixed Income Application Specialist, Bloomberg LP
  • Pinky Kottoor, Director, Municipal Securities Capital Markets Division, Citi
  • Colin MacNaught, Former Assistant State Treasurer, Commonwealth of Massachusetts
  • Ananth Madhavan, Ph.D., Managing Director, Global Head of Research, iShares by BlackRock
  • Justin Marlowe Ph.D., Endowed Professor of Public Finance, Evans School of Public Policy and Governance, University of Washington
  • Tom Meder, Senior Vice President, TMC Bonds LLC
  • Rob Novembre, Chief Executive Officer and President, Clarity BidRate Alternative Trading System
  • Clarke Roberts, Managing Partner and Founder, EAX Trading
  • B.J (Johan) Rosenberg, Chairman and Founder, Blue Rose Capital Advisors
  • Howard Salend, Senior Vice President, Municipal Bond Trading, Fidelity Capital Markets
  • Dave Sanchez, Counsel, Sidley Austin LLP
  • Tim Schaefer, Deputy Treasurer, Public Finance, California State Treasurer’s Office
  • Benjamin E. Stern, Managing Director, Public Finance, Stifel, Nicolaus & Company, Inc.
  • Allen Williams, Executive Vice President and Managing Director, Global Debt Capital Markets, Ipreo