SEC Readies Group to Scrutinize Fixed Income Market

On Friday, October 27th, Reuters reported that the U.S. Securities and Exchange Commission (SEC) took the first step in formally establishing an advisory committee to scrutinize the rules of the fixed income market and advise on potential reforms.

The Advisory Committee, which is to be named the Fixed Income Market Structure Advisory Committee (FIMSAC), will have a two-year mandate and likely meet four times a year, with the potential for subcommittees to meet more often.

SEC Commissioner Michael Piwowar said in prepared remarks that some topics the committee could address include bond market liquidity, the evolving role of the buy side in the provision of liquidity, and the impact of regulatory and monetary policy decisions on fixed income markets.

The new committee will be made up of 21 voting members that will be appointed by the SEC, and according to the regulatory filing, will represent a cross-section of the fixed income market.

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