Market ready to tune in for FIMSAC meeting
WASHINGTON — Issues important to municipal market participants may be on the table when the Securities and Exchange Commission’s Fixed Income Market Structure Advisory Committee meets later this month.
FIMSAC will meet at SEC headquarters Oct. 29 in what will be its fourth meeting since its formation in November 2017. The committee exists to provide the SEC with an increased understanding of the “efficiency, transparency, and effectiveness” of the fixed income markets, and includes significant muni market figures such as Chicago Chief Financial Officer Carole Brown and Municipal Securities Rulemaking Board Chief Market Structure Officer John Bagley. But it has so far spent more time discussing the corporate bond market than the muni market.
SEC chairman Jay Clayton has said he is concerned about the fixed income markets because of the prevalence of corporate and municipal bonds in the investment portfolios of older Americans who he fears may not be knowledgeable about the differences between the bond and equity markets. The meeting will be the first since FIMSAC meeting since the commission’s addition of Elad Roisman as its newest commissioner. He was sworn in in September.
The meeting will begin at 9:30 a.m. and will be mostly public, including a webcast, with the exception of an administrative session taking place during the lunch break.
The SEC has not yet released a detailed agenda, but in the past has made it available in the week leading up to the meeting.