Fixed Income Market
Structure Working Group
Market-Driven Solutions for the US Bond Markets
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 2020 co-chairs 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


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

Peter Borstelmann

ICE Bonds

Matt Boles

Managing Director
RBC Capital Markets

John Cahalane

Managing Director

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

David Holleran
Chief Operating Officer
Hilltop Securities, Inc.

Brad Heitman
Managing Director

Wells Fargo Securities

Chris Long

Managing Director, Head of Municipals
US Bank

Mike Marz

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

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