Fixed Income Markup Disclosure Seminar

Date

September 19, 2017

Location

New York, NY or Webinar

Overview

SIFMA’s Fixed Income Markup Disclosure Seminar will feature presentations and roundtable discussions to promote industry dialogue on the final rules and recently released implementation guidance issued by the MSRB and FINRA in July 2017.

This Seminar is designed to provide members with an opportunity to discuss the practical implementation issues and assist members with interpreting the new rules and guidance, given differing business models among firms and different levels of resources. The seminar will also provide attendees with information on, and access to, a number of vendors that will provide compliance tools.

This is a SIFMA Member event. SIFMA Full Members and AMG Members are eligible to register.

Programs

12:00pm – 6:00pm

Registration Desk Hours

12:00pm – 12:30pm

Lunch

12:30pm – 1:30pm

Participants

Leslie Norwood, Paul Eckert, Alexander Ellenberg, Ernesto A. Lanza, Saliha Olgun

Moderator

Leslie Norwood

Managing Director & Associate General Counsel Municipal Securities Division

SIFMA

Panelists

Paul Eckert

Partner

WilmerHale

Alexander Ellenberg

Associate General Counsel

FINRA

Ernesto A. Lanza

Senior Counsel

Clark Hill

Saliha Olgun

Assistant General Counsel

MSRB

1:30pm – 1:40pm

Networking Break

1:40pm – 2:10pm

Vendor Presentations are only open to Full SIFMA Broker-Dealer Members and SIFMA AMG Members. Please visit a vendor of your choice during each round. Featured Vendors: BondWave LLC, ICE (Intercontinental…

Vendor Presentations are only open to Full SIFMA Broker-Dealer Members and SIFMA AMG Members. Please visit a vendor of your choice during each round. Featured Vendors: BondWave LLC, ICE (Intercontinental Exchange), IHS Markit, TMC Bonds LLC, Tradeweb Direct

  • BondWave LLC
    • Presenters:
      • Michael Ruvo, President & CEO, BondWave LLC
      • Paul Daley, Managing Director, Head of Fixed Income Lab, BondWave LLC
      • Anthony Miscimarra, Managing Director, BondWave LLC
    • Vendor Presentation Session Description:
      • BondWave’s Prevailing Market Price (PMP) Solution automates the PMP Waterfall to provide an unbiased and consistent approach resulting in a precise, accurate and defendable PMP value.  Mark-up and Mark-down Disclosure based upon the PMP Waterfall approach can create any number of dangers and risks. Among these are not adhering to the prescribed waterfall approach in a reasonable, consistent, well-documented manner for all retail transactions.  Methodologies with a great deal of subjectivity may be prone to wild swings regarding their PMP calculations. Even determining such methods for defining similar bonds are apt to result in outliers that are not consistent with the actual Mark-ups or Mark-downs applied to a retail trade. A real risk is publishing incorrect numbers on a customer confirmation which is an important legal document. BondWave’s methodology for its PMP Waterfall Solution is underpinned by proprietary data sets which all start with actual reported trade data from FINRA’s TRACE & MSRB’s RTRS data feeds.
  • ICE Data Services
    • Presenters:
      • Tim Monahan, Director, Product Management, ICE Data Services
    • Vendor Presentation Session Description:
      • ICE Data Services has been collaborating with industry participants to support upcoming disclosure requirements involving the impending markup disclosure rules. Advances in the ICE Data Services’ Continuous Evaluated Pricing (CEP) and Best Execution services over the past few years have been critical innovations supporting the needs of fixed income market participants. Join Tim Monahan, Director, Product Management, to explore the use of CEP and see how it can be used to provide a high quality reference price.  He will be presenting results from a recent study highlighting the quality and reliability of CEP to determine a benchmark to calculate markups and markdowns.
  • IHS Markit
    • Presenters:
      • Rashi Garg, Associate Director - Product Development, IHS Markit
      • Dan Huscher, Executive Director - Product Development, IHS Markit
    • Vendor Presentation Session Description:
      • IHS Markit is a leading provider of trusted, independent pricing and valuation information for financial markets. Our comprehensive fixed income pricing services cover a broad range of asset classes with transparent data based on a broad range of market sources. In order to comply with new MSRB and FINRA regulations on price transparency in retail customer transactions, broker-dealers need access to a variety of pricing data inputs. Our purpose-built Markup Disclosure solution will be tailored to help clients comply with the new rules. The tool uses built-in logic based on the "waterfall" model set in the rules to determine the appropriate prevailing market price from among MSRB and TRACE data, inputs from IHS Markit's Parsing service, similar security services or evaluated bond prices. The data will be accessible through an easy-to-use web portal or an API, with configurable inputs for maximum flexibility and ease of use.
  • TMC Bonds LLC
    • Presenters:
      • Thomas Vales, CEO, TMC Bonds LLC
      • James Wangsness, President, TMC Bonds LLC
      • Ted Karn, President, The Karn Group
    • Vendor Presentation Session Description
      • Definitions of What's Covered (Getting Everyone on the Same Page)
        • Prevailing Marketing Price (PMP), Contemporaneous Cost (CC)
      • TMC'S Cascade© Solution
        • Data Variables (7 Waterfall Levels & TMC/TKG's Analytics)
        • Environment (Desktop Users vs. API Users)
        • Availability (Real-time, On Demand, Batch EOD)
        • Configuration Settings
        • Input Files & Output Data
      • Selective "Gotchas" & Wildcards
      • Proof of Concept Phase (Fall 2017)
        • Leverages an existing production-level environment
        • Input/Output walk-through
      • Production Launch (May 14, 2018)
        • Pre-Launch Testing
        • Fee Schedule Overview
  • Tradeweb Direct
    • Presenters:
      • Brian Bellucci, Director, Tradeweb Direct, Tradeweb Markets LLC
      • Tony Troschinetz, Director, Tradeweb Direct, Tradeweb Markets LLC
    • Vendor Presentation Session Description
      • Tradeweb Direct Markup Disclosure Solutions provides a suite of services for broker-dealers to effectively meet the challenge of providing an accurate and verifiable markup on retail client confirmations. The presentation will cover the following topics:
        • Overview of Tradeweb solution
        • Delivery - workstation vs. API
        • Contemporaneous Cost - challenges and solutions
        • PMP Calculation - a flexible approach to support each client's implementation of PMP policy
        • Review of Tradeweb PMP calculation findings
        • Pre-trade and post trade surveillance
        • Integration Services

2:15pm – 2:45pm

Vendor Presentations are only open to Full SIFMA Broker-Dealer Members and SIFMA AMG Members. Please visit a vendor of your choice during each round. Featured Vendors: BondWave LLC, ICE (Intercontinental…

Vendor Presentations are only open to Full SIFMA Broker-Dealer Members and SIFMA AMG Members. Please visit a vendor of your choice during each round. Featured Vendors: BondWave LLC, ICE (Intercontinental Exchange), IHS Markit, TMC Bonds LLC, Tradeweb Direct

  • BondWave LLC
    • Presenters:
      • Michael Ruvo, President & CEO, BondWave LLC
      • Paul Daley, Managing Director, Head of Fixed Income Lab, BondWave LLC
      • Anthony Miscimarra, Managing Director, BondWave LLC
    • Vendor Presentation Session Description:
      • BondWave’s Prevailing Market Price (PMP) Solution automates the PMP Waterfall to provide an unbiased and consistent approach resulting in a precise, accurate and defendable PMP value.  Mark-up and Mark-down Disclosure based upon the PMP Waterfall approach can create any number of dangers and risks. Among these are not adhering to the prescribed waterfall approach in a reasonable, consistent, well-documented manner for all retail transactions.  Methodologies with a great deal of subjectivity may be prone to wild swings regarding their PMP calculations. Even determining such methods for defining similar bonds are apt to result in outliers that are not consistent with the actual Mark-ups or Mark-downs applied to a retail trade. A real risk is publishing incorrect numbers on a customer confirmation which is an important legal document. BondWave’s methodology for its PMP Waterfall Solution is underpinned by proprietary data sets which all start with actual reported trade data from FINRA’s TRACE & MSRB’s RTRS data feeds.
  • ICE Data Services
    • Presenters:
      • Tim Monahan, Director, Product Management, ICE Data Services
    • Vendor Presentation Session Description:
      • ICE Data Services has been collaborating with industry participants to support upcoming disclosure requirements involving the impending markup disclosure rules. Advances in the ICE Data Services’ Continuous Evaluated Pricing (CEP) and Best Execution services over the past few years have been critical innovations supporting the needs of fixed income market participants. Join Tim Monahan, Director, Product Management, to explore the use of CEP and see how it can be used to provide a high quality reference price.  He will be presenting results from a recent study highlighting the quality and reliability of CEP to determine a benchmark to calculate markups and markdowns.
  • IHS Markit
    • Presenters:
      • Rashi Garg, Associate Director - Product Development, IHS Markit
      • Dan Huscher, Executive Director - Product Development, IHS Markit
    • Vendor Presentation Session Description:
      • IHS Markit is a leading provider of trusted, independent pricing and valuation information for financial markets. Our comprehensive fixed income pricing services cover a broad range of asset classes with transparent data based on a broad range of market sources. In order to comply with new MSRB and FINRA regulations on price transparency in retail customer transactions, broker-dealers need access to a variety of pricing data inputs. Our purpose-built Markup Disclosure solution will be tailored to help clients comply with the new rules. The tool uses built-in logic based on the "waterfall" model set in the rules to determine the appropriate prevailing market price from among MSRB and TRACE data, inputs from IHS Markit's Parsing service, similar security services or evaluated bond prices. The data will be accessible through an easy-to-use web portal or an API, with configurable inputs for maximum flexibility and ease of use.
  • TMC Bonds LLC
    • Presenters:
      • Thomas Vales, CEO, TMC Bonds LLC
      • James Wangsness, President, TMC Bonds LLC
      • Ted Karn, President, The Karn Group
    • Vendor Presentation Session Description
      • Definitions of What's Covered (Getting Everyone on the Same Page)
        • Prevailing Marketing Price (PMP), Contemporaneous Cost (CC)
      • TMC'S Cascade© Solution
        • Data Variables (7 Waterfall Levels & TMC/TKG's Analytics)
        • Environment (Desktop Users vs. API Users)
        • Availability (Real-time, On Demand, Batch EOD)
        • Configuration Settings
        • Input Files & Output Data
      • Selective "Gotchas" & Wildcards
      • Proof of Concept Phase (Fall 2017)
        • Leverages an existing production-level environment
        • Input/Output walk-through
      • Production Launch (May 14, 2018)
        • Pre-Launch Testing
        • Fee Schedule Overview
  • Tradeweb Direct
    • Presenters:
      • Brian Bellucci, Director, Tradeweb Direct, Tradeweb Markets LLC
      • Tony Troschinetz, Director, Tradeweb Direct, Tradeweb Markets LLC
    • Vendor Presentation Session Description
      • Tradeweb Direct Markup Disclosure Solutions provides a suite of services for broker-dealers to effectively meet the challenge of providing an accurate and verifiable markup on retail client confirmations. The presentation will cover the following topics:
        • Overview of Tradeweb solution
        • Delivery - workstation vs. API
        • Contemporaneous Cost - challenges and solutions
        • PMP Calculation - a flexible approach to support each client's implementation of PMP policy
        • Review of Tradeweb PMP calculation findings
        • Pre-trade and post trade surveillance
        • Integration Services

2:50pm – 3:20pm

Vendor Presentations are only open to Full SIFMA Broker-Dealer Members and SIFMA AMG Members. Please visit a vendor of your choice during each round. Featured Vendors: BondWave LLC, ICE (Intercontinental…

Vendor Presentations are only open to Full SIFMA Broker-Dealer Members and SIFMA AMG Members. Please visit a vendor of your choice during each round. Featured Vendors: BondWave LLC, ICE (Intercontinental Exchange), IHS Markit, TMC Bonds LLC, Tradeweb Direct

  • BondWave LLC
    • Presenters:
      • Michael Ruvo, President & CEO, BondWave LLC
      • Paul Daley, Managing Director, Head of Fixed Income Lab, BondWave LLC
      • Anthony Miscimarra, Managing Director, BondWave LLC
    • Vendor Presentation Session Description:
      • BondWave’s Prevailing Market Price (PMP) Solution automates the PMP Waterfall to provide an unbiased and consistent approach resulting in a precise, accurate and defendable PMP value.  Mark-up and Mark-down Disclosure based upon the PMP Waterfall approach can create any number of dangers and risks. Among these are not adhering to the prescribed waterfall approach in a reasonable, consistent, well-documented manner for all retail transactions.  Methodologies with a great deal of subjectivity may be prone to wild swings regarding their PMP calculations. Even determining such methods for defining similar bonds are apt to result in outliers that are not consistent with the actual Mark-ups or Mark-downs applied to a retail trade. A real risk is publishing incorrect numbers on a customer confirmation which is an important legal document. BondWave’s methodology for its PMP Waterfall Solution is underpinned by proprietary data sets which all start with actual reported trade data from FINRA’s TRACE & MSRB’s RTRS data feeds.
  • ICE Data Services
    • Presenters:
      • Tim Monahan, Director, Product Management, ICE Data Services
    • Vendor Presentation Session Description:
      • ICE Data Services has been collaborating with industry participants to support upcoming disclosure requirements involving the impending markup disclosure rules. Advances in the ICE Data Services’ Continuous Evaluated Pricing (CEP) and Best Execution services over the past few years have been critical innovations supporting the needs of fixed income market participants. Join Tim Monahan, Director, Product Management, to explore the use of CEP and see how it can be used to provide a high quality reference price.  He will be presenting results from a recent study highlighting the quality and reliability of CEP to determine a benchmark to calculate markups and markdowns.
  • IHS Markit
    • Presenters:
      • Rashi Garg, Associate Director - Product Development, IHS Markit
      • Dan Huscher, Executive Director - Product Development, IHS Markit
    • Vendor Presentation Session Description:
      • IHS Markit is a leading provider of trusted, independent pricing and valuation information for financial markets. Our comprehensive fixed income pricing services cover a broad range of asset classes with transparent data based on a broad range of market sources. In order to comply with new MSRB and FINRA regulations on price transparency in retail customer transactions, broker-dealers need access to a variety of pricing data inputs. Our purpose-built Markup Disclosure solution will be tailored to help clients comply with the new rules. The tool uses built-in logic based on the "waterfall" model set in the rules to determine the appropriate prevailing market price from among MSRB and TRACE data, inputs from IHS Markit's Parsing service, similar security services or evaluated bond prices. The data will be accessible through an easy-to-use web portal or an API, with configurable inputs for maximum flexibility and ease of use.
  • TMC Bonds LLC
    • Presenters:
      • Thomas Vales, CEO, TMC Bonds LLC
      • James Wangsness, President, TMC Bonds LLC
      • Ted Karn, President, The Karn Group
    • Vendor Presentation Session Description
      • Definitions of What's Covered (Getting Everyone on the Same Page)
        • Prevailing Marketing Price (PMP), Contemporaneous Cost (CC)
      • TMC'S Cascade© Solution
        • Data Variables (7 Waterfall Levels & TMC/TKG's Analytics)
        • Environment (Desktop Users vs. API Users)
        • Availability (Real-time, On Demand, Batch EOD)
        • Configuration Settings
        • Input Files & Output Data
      • Selective "Gotchas" & Wildcards
      • Proof of Concept Phase (Fall 2017)
        • Leverages an existing production-level environment
        • Input/Output walk-through
      • Production Launch (May 14, 2018)
        • Pre-Launch Testing
        • Fee Schedule Overview
  • Tradeweb Direct
    • Presenters:
      • Brian Bellucci, Director, Tradeweb Direct, Tradeweb Markets LLC
      • Tony Troschinetz, Director, Tradeweb Direct, Tradeweb Markets LLC
    • Vendor Presentation Session Description
      • Tradeweb Direct Markup Disclosure Solutions provides a suite of services for broker-dealers to effectively meet the challenge of providing an accurate and verifiable markup on retail client confirmations. The presentation will cover the following topics:
        • Overview of Tradeweb solution
        • Delivery - workstation vs. API
        • Contemporaneous Cost - challenges and solutions
        • PMP Calculation - a flexible approach to support each client's implementation of PMP policy
        • Review of Tradeweb PMP calculation findings
        • Pre-trade and post trade surveillance
        • Integration Services

3:20pm – 3:35pm

Networking Break

3:35pm – 4:55pm

(SIFMA Broker-Dealer Members and SIFMA AMG Members only)   Discussion Topics Include: Documentation What is “reasonable” Automation Exception Processing

(SIFMA Broker-Dealer Members and SIFMA AMG Members only)   Discussion Topics Include:

  1. Documentation
  2. What is “reasonable”
  3. Automation
  4. Exception Processing

4:55pm – 6:00pm

Networking Reception

Venue

SIFMA Conference Center

120 Broadway
Floor 2
New York, NY 10271

View on Google Maps

Located at 120 Broadway, a National Historic Landmark and a New York treasure, the SIFMA Conference Center is situated at the heart of New York’s Financial District.

With a rare combination of advanced technologies and sophistication, SIFMA’s Conference Center is fully furnished and equipped to offer unique features that stand alone amongst New York’s leading conference facilities.

Picture of venue

Hotel Accomodations

If you require hotel accommodation, a special SIFMA rate is available at the following:

Double Tree by Hilton Hotel – Financial District
8 Stone Street, New York, NY  10004, Phone# 212-480-9100
DISCOUNT: Corporate ID #0560038852

Club Quarters
52 William Street, New York, NY 10005, Phone# 212-269-6400
DISCOUNT: Password (SIFMA)

Residence Inn New York Downtown Manhattan / World Trade Center
170 Broadway, New York, NY 10007, Phone# 212-600-8900

Terms and Conditions

Policy
SIFMA reserves the right to remove, bar, or expel any attendee or guest from the conference for disruptive, disrespectful, or possibly illegal conduct, statements, or actions or for any reason which may tarnish the conference, SIFMA, or its members, in SIFMA’s sole discretion. SIFMA shall not refund any money paid for such attendee or guest to attend the conference, or for any travel expenses incurred to attend the conference.

Attendee Roster
For your name to be included in the Attendee Roster, your completed registration form and payment must be received no later than two weeks prior to the event. Registrations received after that time will not be included in the Roster.

Substitutions
Conference registration substitutions are welcome. Email conferences@sifma.org with the following information and we will confirm the change: original registrant’s full name, substitute registrant’s full name, mailing address, title, phone and email.

Cancellations
No refunds will be made for cancellations after September 8, 2017. All cancellation requests are subject to a $50 processing fee. Cancellations prior to refund cutoff date must be in writing.