Market Structure Working Group

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

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

Peter Borstelmann
President
ICE Bonds

Matt Boles
Managing Director
RBC Capital Markets

John Cahalane
Managing Director
Tradeweb

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
Vice-Chairman
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
MarketAxess

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