Fixed Income 2018: Evolutionary Tipping Point

Fixed income markets are approaching a critical stage in their evolution. Besieged on all sides, markets are struggling to find proper balance between a demand for efficiency and the dependency on principal-based risk transfer. Ten years removed from the credit crisis, markets are larger, less liquid, and increasingly fragmented. Market structure reform threatens, but thus far the debate has trumped substantive change. The time to act is now.   


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11:00 am – 11:45 am – Registration & Networking


11:45 am – 12:00 pm – Opening Remarks: Anthony Perrotta, CEO, TABB Group


12:00 pm – 12:30 pm – Executive Leadership Panel: Characterizing Market Interaction

JP Morgan Asset Management and Citigroup share insight into the changing fixed income market structure and regulatory environment and what it means for the investor-dealer relationship. What is the value of the principal-risk model, and can agency execution evolve? Is new product development the solution to alpha generation? Is the evolving market structure altering portfolio management and therefore the liquidity dynamic?


  • Bob Michele, Chief Investment Officer and Head of the Global Fixed Income, Currency & Commodities Group, J.P. Morgan Asset Management
  • Brian Archer, Managing Director, Head of Global Credit Trading, Citi

Moderated by: Anthony Perrotta, CEO, TABB Group


12:30 pm – 1:10 pm – Data Management Solutions: How You Do It May Make All the Difference

Trade data, pre-trade disclosure, security identifiers, private data, voice recording, and surveillance all are becoming valuable parts of the investment decision and execution cycle. Global market dynamics will shift as the impending data deluge is scraped and assessed for informational advantage. We talk to the solution providers at the cutting edge of this new world as liquidity intelligence grows more valuable and front-to-back integration becomes critical.


  • Bill Gartland, CFA – Vice President, Fixed Income Data and Analytics, Broadridge Financial Solutions, Inc.
  • Alex Sedgwick, Head of Fixed Income Market Structure and Electronic Trading, Global Trading, T. Rowe Price
  • Shari Noonan, CEO, Rialto Trading

Moderated by: Dayle Scher, Senior Analyst, TABB Group


1:10 pm – 1:40 pm – Armchair Discussion: The Lost Blueprint for Reviving Financial Markets 

  • Chris White, CEO, BondCliQ & ViableMkts
  • Anthony Perrotta, CEO, TABB Group


1:40 pm – 2:20 pm – Municipal Market Revival

As the Federal Reserve raises interest rates and the US government pushes for an infrastructure rebuild, the US municipal bond market is suddenly back in vogue among both institutional and retail investors.  Our panel will delve into tremendous change underway in the municipal market, both from a regulatory and market structure perspective.


  • John Bagley, Chief Market Structure Officer, MSRB
  • Justin Pica, Senior Policy Advisor, Division of Trading and Markets, Securities and Exchange Commission
  • Ron Valinoti, Founder, Triangle Park Capital Markets Data
  • Stephen Winterstein, Chief Municipal Strategist and Managing Director of Research, Wilmington Trust Investment Advisors, Inc.

Moderated by: Chris Ferreri, Chief Operating Officer, Hartfield, Titus & Donnelly



2:20 pm – 2:50 pm – Networking Break


2:50 pm – 3:30 pm – Oxford Discussion: The Evolving Nature of Execution

Electronification is a growing part of the US credit trading lexicon, but its impact on the lion’s share of notional transactions doesn’t live up to the hype. As the market increasingly faces liquidity challenges, how does the traditional model of bilateral negotiation stack up against the evolving efficiencies of the electronic ecosystem? This panel features participants at varying stages of acceptance, adoption and acclimation to the shifting sands of execution.


  • Constantinos Antoniades, Head of Fixed Income, Liquidnet
  • Brian Callahan, Managing Director, Bank of America Merrill Lynch
  • Gregory C. Heller, CFA, Director of Global Fixed Income Trading, MFS Investment Management
  • James Switzer, Head of Credit Trading, AllianceBernstein

Moderated by: Larry Tabb, Founder & Research Chairman, TABB Group


3:30 pm – 4:10 pm – Marketplace Convergence: The Devil Is in the Details

As returns are increasingly challenged, fixed income asset managers need to employ a wide range of investment tools – including cash bonds, derivatives, and listed products (ETFs) – to achieve results. Evolving to an intelligent and efficient marketplace to meet their needs requires convergence of products, protocols, and platforms. Two different paths are possible: unification or centralization. The devil is in the details.


  • Hemant Baijal, Global Debt Team Co-Head and Portfolio Manager, OppenheimerFunds
  • Chris Bruner, Managing Director and Head of U.S. Credit Product, Tradeweb
  • Thomas M. Farina, CFA, Managing Director, Co-Head of US Credit, Deutsche Asset Management
  • David Parker, Head of Sales, MTS Markets International
  • Matthew Tucker, CFA, Managing Director, Head of Americas Systematic Fixed Income Strategy within Global Fixed Income, BlackRock
Moderated by: Terry Roche, Principal, Head of Business Development and FinTech Research, TABB Group


4:10 pm – 4:50 pm – Connectivity & Liquidity: Same Value, New Paradigm

As OTC fixed income markets become increasingly connected via an electronic infrastructure, connectivity is emerging as one of the most critical elements to coalescing, provisioning, and accessing liquidity. What challenges confront the market as it seeks to build an efficient community? What is the role of connectivity providers, and is the market at risk of dependency?


  • Susan Estes, Co-Founder, President & CEO, OpenDoor Securities
  • Nichola Hunter, COO, LiquidityEdge
  • Andrew M. Khatri, Partner & Director of Trading, Taxable Fixed Income, Lord Abbett
  • Paul Reynolds, Head of Fixed Income, TradingScreen

Moderated by: Chris White, CEO, BondCliQ & ViableMkts



4:50 pm  – Closing Remarks: Anthony Perrotta, CEO, TABB Group


5 pm – Cocktail Reception