2017 FINRA Fixed Income Conference Speaker Biographies

Transcription

1 2017 FINRA Fixed Income Conference Speaker Biographies Gregory Bair is a senior analyst in FINRA s Operations department of Transparency Services. He has extensive experience in operational and regulatory matters including fixed income and equity trade reporting systems, reference data management, and equity symbology. He began work with FINRA in 2000 and has developed a wide area of expertise. Bonnie Bowes is Associate Director of Fixed Income Regulation within FINRA Member Regulation. Ms. Bowes drives key FINRA fixed income initiatives in municipal, corporate and government securities and securitized products. She focuses on the policy and examination implications of current fixed income regulatory matters in order to provide guidance to FINRA staff and member firms. Prior to joining FINRA in 2013, her career encompassed leadership roles in fixed income compliance, operations, product management and credit risk. Ms. Bowes has worked at top-tier wealth management and capital markets broker-dealers, an alternative trading system (ATS) and the Depository Trust and Clearing Corp. (DTCC). She holds a bachelor s degree in Mathematics and Economics from the University of Rochester. Robert Cantwell is a principal regulatory coordinator who has been with the Financial Industry Regulatory Authority and prior to that NASD for 31 years. He was an examiner in the New Orleans District Office and examination manager in the Dallas District Office prior to serving in his current role. Mr. Cantwell has a bachelor of science degree in accounting. Gene C. Davis is a FINRA examination manager. Specifically he is the manager of the South Region Fixed Income Team, which conducts examinations of firms engaged in a material fixed income business. Mr. Davis has been employed with FINRA since February Mr. Davis has directed numerous examinations of member firms engaged in a myriad of fixed income business lines and has directed numerous focused examinations with regard to fixed income related issues. Mr. Davis has completed the FINRA Institute at Wharton Certificate Program, obtaining the Certified Regulatory and Compliance Professional (CRCP ) designation in Shelly Davis is a managing regulatory coordinator with the Financial Industry Regulatory Authority, where she currently assists with managing the Surveillance Program in the Dallas District Office. In this capacity, she provides ongoing, proactive monitoring, analysis, and assessment of risk. Ms. Davis has worked with FINRA for almost 20 years in various departments for the Nasdaq Stock Market/NASD/FINRA in Washington, DC, New York City, and New Jersey. Ms. Davis has a Bachelor s Degree from Wellesley College. Paxton Dunn, Principal Regulatory Coordinator, has spent more than 16 years in the financial services industry with 14 years at FINRA. Mr. dunn has been a Regulatory Coordinator with FINRA Member Regulation Dallas District Office for 7 years and was an examiner in the Dallas office for 7 years prior. Prior to coming to FINRA, Mr. Dunn spent 18 months as an Account Executive for CitiStreet. In 2002, Mr. Dunn earned his BBA in Finance from Angelo State University, and in May 2017 became a Certified Anti-Money laundering Specialist (CAMS). Outside of FINRA, Mr. Dunn is involved with various charities. He is a current Board

2 Member and acting Audit Committee Chair for the Epilepsy Foundation of Texas, a member of the Plano Masonic Lodge, and is involved with divorce recovery ministries at his local church. Noah Egorin is Product Manager and Director of FINRA s Firm Compliance Tools unit. Since joining FINRA in 2003, he has focused on developing tools to assist broker-dealers with compliance activities. Recently his efforts have focused on compliance tool offerings associated with variable annuity exams, mutual funds, and municipal bond disclosure. Mr. Egorin has responsibility for the FINRA Report Center (and associated Report Cards), FINRA s Online Manual, and other interactive tools. Mr. Egorin has also supported FINRA s efforts to syndicate investor education materials and developing data interfaces for FINRA systems. Prior to joining FINRA, Mr. Egorin served as Group Manager for the Product Planning practice of the Adrenaline Group, a Washington, DC-based consulting firm that assisted firms with commercial product development, and also spent time as Program Manager on the Microsoft Office team in Redmond, WA. Mr. Egorin holds a BS in Computer Science from Washington & Lee University. Alex Ellenberg is Associate General Counsel in FINRA s Office of General Counsel. Mr. Ellenberg works with others in the Office to develop and interpret FINRA rules and to provide legal and policy advice to FINRA management and staff. His work focuses in particular on matters related to market structure, market integrity, and order and trade reporting for equity, options, and fixed income securities. Mr. Ellenberg worked previously in the SEC s Division of Trading and Markets and in private practice, and he received a J.D. from Cornell Law School and a B.A. from the University of Pennsylvania. John F. Fechter is Managing Director and Head of Taxable Fixed Income Trading at Wells Fargo Advisors LLC. Mr. Fechter has more than 32 years of fixed income experience, 29 of which have been with Wells Fargo and predecessor firms. Over the course of his career, Mr. Fechter has traded and managed a number of fixed income products, including: Treasury, Agency, Corporate, and Mortgage-Backed Securities. Mr. Fechter recently ended his tenure as the Chairman of the Board of Directors of the Bond Dealers of America (BDA) and he is a longtime member of the SIFMA Retail Fixed Income Committee. Mr. Fechter sits on the Board of Directors of the Security Traders Association of St. Louis, Big Brothers Big Sisters of Eastern Missouri, and the Herman T. Pott Charitable Foundation. In addition, Mr. Fechter sits on the Wells Fargo Advisors Best Execution I Trading Oversight Committee, as well as the firm's Volker Committee. Mr. Fechter holds a BA in Business Administration from Benedictine College. Cynthia Friedlander is Director of Fixed Income Regulation within FINRA Regulatory Operations. Ms. Friedlander is responsible for directing FINRA s policies and national programs related to fixed income securities, including related regulatory matters in FINRA District Offices. Specifically, she is responsible for the design, development and delivery of fixed income policy guidance to staff throughout FINRA, as well as to member firms, and is one of FINRA s primary representatives in fixed income regulatory matters with the Municipal Securities Rulemaking Board (MSRB) and the Securities and Exchange Commission (SEC). Ms. Friedlander represents FINRA at government agency, SRO, and industry and advisory meetings and is a staff liaison to FINRA s Fixed Income Committee. She holds a bachelor s degree in government from the University of Virginia and an M.B.A. with a concentration in finance from George Mason University. Patrick Geraghty is Vice President, Fixed Income, Offerings and Customer Issues Group, in FINRA s Market Regulation Department. In his current capacity, Mr. Geraghty oversees the fixed income groups, which conduct markup reviews and data-integrity surveillance for corporate, agency, asset-backed and municipal securities. He served in the same role at NASD before its 2007 consolidation with NYSE Member Regulation, which resulted in the formation of FINRA. Previously, Mr. Geraghty managed the trading practices and customer issues sections, which conduct surveillance for best execution, limit order protection and ITS/CAES trade-throughs, along with providing secondary offering surveillance under Regulation M. Upon joining NASD in 1995, he worked in the real-time surveillance area, handling backing-away complaints, trade-reporting questions and locked/crossed market issues. Mr. Geraghty also served as an advisor to the NASD Series 55 Committee during the development of the question bank for the exam. He has a bachelor s degree in economics from Duke University.

3 Nick Goetze, Managing Director, Head of Fixed Income Services Group at Raymond James. Mr. Goetze joined Raymond James in 2012 through the acquisition of Morgan Keegan & Co. As an industry veteran of over 16 years, he serves as one of the managing directors leading the firm s private client fixed income team. As head of the Fixed Income Services Group, his primary responsibility is coordinating the efforts of fixed income strategy, high net worth, underwriting, and trading professionals with financial advisors. He also works with advisors on some of the firms largest fixed income clients using industry leading, proprietary fixed income resources. Mr. Goetze received a Bachelor s of Science in business from Cornell University and currently serves as a member of the Raymond James Investment Strategy Committee. Tina Salehi Gubb is Chief Counsel in FINRA s Department of Market Regulation. She is responsible for supervising a team of attorneys who enforce cases relating to market integrity and customer protection issues. With regard to fixed income products, Ms. Gubb has brought enforcement actions on FINRA s behalf involving systemic best-execution violations, excessive markups/markdowns, customer suitability issues, transaction reporting and related supervisory deficiencies. Ms. Gubb has been with FINRA since She is a graduate of James Madison University and the University of Richmond, School of Law. Anthony (Tony) Hallinger is a director for Pershing, a BNY Mellon company where he has overall responsibility for Pershing s execution quality and order routing while focusing on market structure issues in U.S. equities, options and fixed income. A 35-plus year veteran of the securities industry, Mr. Hallinger joined Pershing in Mr. Hallinger is a member of the Securities Industry & Financial Markets Association s (SIFMA s) Equity Markets and Trading Committee as well as a member of the Financial Information Forum (FIF) Advisory Board. He chairs Pershing s Best Execution Advisory Group, and is a member of Pershing s Regulatory Trade Reporting Advisory Group. Previously, Mr. Hallinger served on the former Boston Stock Exchange s IT Steering Committee. Mr. Hallinger earned a Bachelor of Science degree in Business Management from Saint Peter's University. He is a former Trustee of the Saint Matthias Educational Foundation in Ridgewood, New York. Joseph A Hemphill III, a 24-year veteran of Regional Brokers Inc. (RBI), has served as its Chief Executive Officer since In this capacity, he is responsible for the overall daily management of the firm, as well as setting the firm s strategic direction. He also serves on RBI s Board of Directors. During the last nine years Mr. Hemphill has been actively engaged in helping frame the regulatory process in the municipal industry. He is a member of SIFMA s Brokers Broker Committee since 2008, of which he was Chair from , and was elected chair again in March of He has been member of both SIFMA s Retail Fixed Income Committee and the Municipal Executive Committee since He was also elected to SIFMA s Municipal Executive Steering Committee in March of In addition to his work at SIFMA, he participated as a Panelist on the SEC Roundtable on Fixed Income Markets in April of 2013, and since September of 2016 has served on the FINRA Fixed Income Committee. Mr. Hemphill serves on the Board of Directors of Municipal Bond Information Services (MBIS). In 1993, Mr. Hemphill received his Bachelors in Science Degree from St Joseph s University in Philadelphia. Regional Brokers Inc., is a Municipal and Corporate inter-dealer voice broker. The firm provides liquidity in both the Municipal and Corporate secondary markets through bid wanted auctions and offered side situations. RBI s position within the Municipal market has provided Mr. Hemphill with valuable insight into the evolution of the market. Peg Henry is Deputy General Counsel of Stifel Financial Corp, where she is responsible for all legal matters concerning the Municipal Finance Group. Ms. Henry has worked in the municipal bond industry since 1981 in private practice, federal and local government, and investment banking. She has served as General Counsel for Market Regulation of the Municipal Securities Rulemaking Board, Attorney-Adviser for the Securities and Exchange Commission s Office of Municipal Securities, Tax Counsel to the Majority Tax Staff of the Ways and Means Committee of the U. S. House of Representatives, Attorney-Adviser to the U.S. Treasury Department, and Tax Counsel to New York City s Office of Management and Budget. She was also in-house counsel for the municipal securities groups of Jefferies LLC and UBS Securities. Ms. Henry received a bachelor's degree from Georgetown University and law degrees from George Washington University.

4 Raj Jaghai is an analyst for the Market Operations group in Transparency Services at FINRA. He joined FINRA in 2010 and he is currently a member of the team that is responsible for analyzing trade reports for all U.S. trading in Fixed Income securities (including Corporate Bonds, Agencies, ABS, Treasuries, ABSX, MBS and other Securitized Products) reported to FINRA TRACE and all U.S. Equities reported on FINRA ORF, ADF, Nasdaq TRF, and NYSE TRF with daily interactions from Exchanges, member firms global trading desks, compliance middle office, clearing firms and technology clients. The group also processes various Corporate Actions in compliance with FINRA, SEC and state regulations (including mergers, reverse splits, forward splits cash and stock dividends, bankruptcies, liquidations etc.) for all U.S. OTC Equites and ADRs with daily interaction from issuers, attorneys, custodian banks, DTCC, data vendors, individual investors and market makers. Prior to his position at FINRA, Mr. Jaghai was an Investment Banking Associate at a small middle market firm in Baltimore where he previously held the Series 7 and 63 securities registrations. Erin Jett is a principal regulatory coordinator with the Financial Industry Regulatory Authority, where she has also served as an Examiner. Prior to joining FINRA in 2005, Ms. Jett was employed by Merrill Lynch in their Private Wealth Group. Ms. Jett has a Master s Degree in Accounting from Texas A&M University Commerce. Elliot Levine is Associate Vice President, Chief Counsel and Senior Advisor, Transparency Services at FINRA. In his role as Chief Counsel, he provides legal guidance on various aspects of debt and equity market structure and regulation in connection with FINRA s operation of TRACE, ADF and the OTCBB. In addition, Mr. Levine has advised several foreign regulators regarding equity and bond market structure and regulation. Before joining FINRA, Mr. Levine held senior, in-house counsel positions including as assistant general counsel at CIBC World Markets and as equity trading and capital markets counsel at Bear Stearns & Co. In his capacity as in-house counsel, he participated extensively on various FINRA, SIA and BMA committees, including SIA s Capital Markets Committee and as Chair of the BMA s Corporate Bond Legal Advisory Committee. Mr. Levine has extensive regulatory experience, as he has held staff attorney positions in the Division of Market Regulation at the Securities and Exchange Commission and in the Division of Trading and Markets at the Commodity Futures Trading Commission. Mr. Levine attended Trinity College in Hartford, where he received a bachelor s degree in history, and American University, Washington College of Law, where he received his law degree. Kristin Maher is Managing Director at Wells Fargo Advisors, and is the Head of Fixed Income Services in Capital Markets Trading. Her responsibilities include the Fixed Income Trading Liaison and Marketing teams, Fixed Income Advisory Trading, High Net Worth Portfolio Services, and Syndicate Product Distribution. The liaison team serves as the interface for Financial Advisors fixed income inquiries across various distribution channels. Her team's responsibilities include fixed income trade execution, marketing of the fixed income products, the communication of current market conditions, distribution and execution of syndicate products in both fixed income and equity transactions. Ms. Maher is a 27 year veteran of Wells Fargo and its legacy organizations. In addition to her leadership role as Head of Fixed Income Services, Ms. Maher is a member of the WFA Senior Leadership Forum, WFA Capital Markets Best Execution Committee and a participant in the WFA Deal Commitment Committee. Ms. Maher holds a MBA in finance from Pace University and a BS in Finance from Villanova University. Ms. Maher holds professional certificates from the Washington University Olin Business School Women s Leadership Forum and the Wharton School s Securities Industry Institute Program. Ms. Maher is series 3, 7, 24, 53 and 63 registered. Ritta McLaughlin is Chief Education Officer for the Municipal Securities Rulemaking Board (MSRB). In this position, she oversees education and outreach activities of the MSRB, which seek to inform municipal market stakeholders and others about MSRB initiatives and municipal market issues. Ms. McLaughlin also facilitates discussion and problem-solving among stakeholders to address challenges in the municipal market, advocate solutions where appropriate and influence positive market practices. Prior to joining the MSRB, Ms. McLaughlin was associate treasurer for the District of Columbia, where she handled the District s multi-billion dollar debt management program. During her career, Ms. McLaughlin was also an executive director at J.P. Morgan, an associate director at Bear Stearns and a senior banker for a number of states and municipalities.

5 Ms. McLaughlin s extensive market knowledge benefits the MSRB by providing strategic thought leadership for the industry in an effort to understand trends and anticipate future needs. She received a bachelor's degree in urban policy from Vassar College and a master s degree in urban policy and management from The New School for Social Research. Jerry Melton is a principal regulatory coordinator with the Financial Industry Regulatory Authority, where he has also served as an examiner. Prior to FINRA, Mr. Melton was employed as a special agent with the FBI for more than 20 years. While there, he investigated a variety of matters, including white collar crime, public corruption, civil rights, foreign counter-intelligence and counter-terrorism. Mr. Melton has a bachelor s degree in accounting from the University of Alabama. Mike Moran is Vice President in the Compliance Department at Charles Schwab & Co., Inc. Mr. Moran leads the firm's compliance efforts in support of its fixed income trading, sales and operations business lines. Over the course of his career, Mr. Moran has held senior level compliance positions at large and small firms alike, and has provided fixed income related compliance support for business activities such as, trading, public finance, and retail and institutional sales. In his current role, Mr. Moran works closely with the firm s senior management to support fixed income related initiatives and to address ongoing regulatory developments. In addition to his fixed income related responsibilities, he also leads the firm s compliance efforts in support of its research offering and its ETF and mutual fund marketplace platforms. Mr. Moran holds a degree in Finance from the University of San Francisco and is Series 7, 24, 53 and 63 licensed. Linde Murphy is Chief Operating Officer and Chief Compliance Officer for M.E. Allison & Co., Inc., a full service broker/dealer and Texas registered investment adviser. Founded in 1946, the firm also provides municipalities with advisory and underwriting services. In 2012, Ms. Murphy joined Presidio Financial Services as they began the CMA process to join M.E. Allison & Co., Inc. Ms. Murphy started her career in investments on a trading desk in Chicago in 1999 and has held positions in compliance, sales, business development and management. Ms. Murphy graduated with honors from American University in Washington, D.C. with a Bachelor s of Science in Business Administration focusing on international finance. In addition to the pertinent industry licenses, Ms. Murphy obtained the CRCP designation in 2014 after attending the FINRA Institute at Wharton on the FINRA Small Firm scholarship. She currently serves on the FINRA District 6 Committee and FINRA Fixed Income Committee. In 2016 she served on the FINRA Regulatory Advisory Committee. Gina Petrocelli serves as Chief Counsel in the New York office of FINRA s Department of Enforcement. Prior to joining FINRA during 2010, Ms. Petrocelli was a litigator at Latham & Watkins LLP and at Cravath, Swaine & Moore LLP, where she conducted internal investigations for broker-dealers and represented companies and individuals in government investigations, securities litigation and commercial litigation. Ms. Petrocelli graduated from Harvard Law School in 2002 and is a member of the bar in New York. She obtained her B.A. in Government from Harvard College. Justin Pica is Senior Policy Advisor in the Division of Trading and Markets at the Securities and Exchange Commission (SEC), where he primarily focuses on fixed-income market structure and transparency issues, and implementation of security-based swaps transparency. Prior to joining the SEC, Mr. Pica directed strategic planning and policy for market transparency programs at the Municipal Securities Rulemaking Board (MSRB). Mr. Pica also managed MSRB rulemaking and policy support for uniform practice rules relating to clearance and settlement, customer confirmations and new issue requirements. Mr. Pica received his bachelor s of science degree from Fordham University and a master s of business administration degree from George Washington University. Paige W. Pierce brings more than 25 years of senior level investment industry experience with small firms and major corporate entities in the North American capital markets to her corporate position and board work. She specializes in start-ups and turn-around operations in fast paced environments, as well as regulatory and legislative affairs in the investment and banking industries. Driven by purpose and the desire to make a difference, while consistently and strategically innovating to drive performance, she challenges norms and conventions to forge new paths and create value at every level. Ms. Pierce has significant regulatory and

6 legislative experience working with and lobbying members of U.S. Congress, staff, the Federal Reserve, and industry regulators for the interests of SMEs and retail investors in the investment industry. She has vast Executive Committee experience serving on numerous corporate, regulatory and industry association boards, committees, and councils. Ms. Pierce was the first Interdealer Broker executive to be elected to represent the interests of Small Firms on both the Financial Industry Regulatory Authority (FINRA) Small Firms Advisory Board (Chair 2017) and FINRA's National Adjudicatory Council, the appellate body for regulatory actions brought by FINRA against members and member firms within the investment industry, as well as membership application appeals. She was elected in 2008 and 2015 to serve 3-year terms on the FINRA District 3 Committee (Chair 2010) and was honored to have been the first IDB chosen for the FINRA Fixed Income Committee. She was a co-founder of the PSA Women in the Investment Industry group, the SIFMA Municipal Securities Broker's Broker Committee, the Bond Dealers of America Small Firm Division, and the Municipal Bond Information System. In 2008, Ms. Pierce was appointed by the United States Air Force 388 th Fighter Wing as Honorary Commander and Falcon at Hill Air Force Base in Utah, and serves to this day with pride. She is an alumnus of the London Business School having completed the 5-year YPO LBS Executive Education Program May Following graduation, Ms. Pierce was named Chair of the YPO London Business School Executive Education Program ( ). Michael L. Post is General Counsel of the Municipal Securities Rulemaking Board (MSRB), where he is a legal and policy advisor to the MSRB and its Board of Directors. He oversees Board governance, rulemaking for municipal securities dealers and municipal advisors, regulatory relationships and legislative affairs. Prior to joining the MSRB in 2013, Mr. Post served for more than 10 years in various senior roles at the U.S. Securities and Exchange Commission. From 2007 to 2009, he was counsel to Chairman Christopher Cox, assisting with the development and implementation of an agency-wide regulatory agenda. In that capacity, Mr. Post advised on a broad range of legal, policy and management issues arising primarily out of the Divisions of Trading and Markets and Enforcement as well as the Office of the General Counsel and Office of Municipal Securities. Mr. Post also served as a senior appellate litigator in the SEC Office of the General Counsel, representing the SEC in the Circuit Courts of Appeals and U.S. Supreme Court in matters arising out of rulemakings, enforcement actions and adjudications as well as the SEC s amicus curiae program. He is a recipient of the Manuel F. Cohen Outstanding SEC Younger Lawyer Award. Earlier in his career, he was a member of the Supreme Court and Appellate Litigation Group at Sidley Austin LLP, and a law clerk on the U.S. Court of Appeals for the Tenth Circuit. Mr. Post earned a bachelor s degree in economics from the University of California, Los Angeles, and a juris doctor, with high honors, from the George Washington University Law School, where he was a senior editor of the Law Review. Tom Ricketts is the Executive Chairman of the Chicago Cubs and longtime fan of the team. In 2009, he led his family s acquisition of the team from the Tribune Company. When Tom and his family were introduced as the new owners of the Chicago Cubs, he outlined three goals for the organization: win the World Series; preserve and improve Wrigley Field for future generations; and to be good neighbors, giving back to the city and the team s North Side neighborhood. The Chicago Cubs won the 2016 World Series and were named by Baseball America as the 2016 Organization of the Year. Tom is on the Executive Council of Major League Baseball. Tom is also the Chairman of Incapital LLC, which he co-founded in Incapital is an investment bank with underwriting and distribution expertise in a wide range of securities. Incapital has underwritten over $400 billion of securities including corporate bonds, U.S. Agencies, preferred stock, certificates of deposit, mortgage-backed, structured notes and market linked investments. In 2010, Tom was named Ernst & Young s Midwest Finance Entrepreneur of the Year for his work with Incapital LLC and was on several occasions named by Institutional Investor Magazine as one the 40 most influential leaders in electronic finance. Tom is on the boards of Meijer, Inc., NorthShore University HealthSystem, Choose Chicago, the Field Museum, the Executive s Club of Chicago, the Economic Club of Chicago and the Wood Family Foundation.

7 Prior to Incapital, Tom worked at ABN AMRO, The Chicago Corporation and Mesirow Financial. He was a market maker on the Chicago Board Options Exchange from 1988 through Tom has an AB in Economics and an MBA in Finance from the University of Chicago. He was named the Business School s Young Alumnus of the Year in Tom and his wife, Cecelia, live in the Chicago area with their five children. Steven F. Rueb is Vice President, Director of Government and Municipal Trading and Portfolio Management. Mr. Rueb joined Dorsey & Company in 1989 as a research analyst. Mr. Rueb performs analytical duties along with his responsibility for fixed income and secondary market trading as a Municipal Securities Principal. He is responsible for evaluating investment opportunities, portfolio performance and portfolio management. Mr. Rueb has a B.A. in Economics from Trinity University and a Master of Business Administration degree with a concentration in finance from the A. B. Freeman School of Business at Tulane University. Mr. Rueb is Chairman of the Investment Advisory Committee. Christopher B. Stone is Vice President of FINRA s Transparency Services Department. He is responsible for business and strategic initiatives related to the department s equity and fixed income market transparency facilities (TRACE, ADF, ORF and the TRF s). He also represents FINRA on National Market System Plan policy committees and industry working groups. Prior to working at FINRA, he served as the Senior Special Counsel to Division Director Annette Nazareth in the SEC s Division of Market Regulation. In that role, he supported the Director in connection with major Division initiatives and rulemakings, including Reg NMS, Reg SRO, Reg SHO, and the SRO Structure Concept Release. Mr. Stone previously was a Special Counsel in the Division of Market Regulation s Office of Market Supervision where he primarily focused on National Market System Plan issues and market structure reform. Before joining the SEC, Mr. Stone worked at a prominent Washington, D.C. law firm focusing on transactional matters. He received his J.D. from the George Washington University Law School and his B.A. from Dartmouth College. Carl Tugberk is Assistant General Counsel for the Municipal Securities Rulemaking Board (MSRB) in its Market Regulation department. In this position, he provides legal expertise to the MSRB on the development of regulations governing municipal securities dealers and municipal advisors. Prior to joining the MSRB, Mr. Tugberk was an attorney at the Securities and Exchange Commission (SEC) where he worked in various capacities, most recently in the Division of Trading and Markets, focusing on market structure issues in the context of SEC and self-regulatory organization (SRO) rulemaking. Mr. Tugberk began his career as a litigator for a firm in Washington, DC. Mr. Tugberk received a bachelor's degree in Economics and Classical Civilization from Colby College and a law degree from American University, Washington College of Law. Thomas S. Vales, Chief Executive Officer for TMC Bonds (TMC), brings more than 28 years of fixed income experience to the firm. In May of 2000, Mr. Vales started the company with backing from industry leaders including Citigroup, Merrill Lynch, Morgan Stanley, and Assured Guaranty. The company has grown to become a market leader for electronic bond trading with over 1,000 firms participating on the trading platform. TMC has evolved from its original municipal bond exchange into a robust marketplace for trading fixed income products. The firm currently supports secondary transactions in Municipal, Corporate, MBS, Agency, and CD trading in addition to primary market coverage in Municipals, Medium Term Notes, Structured Products, and CD s. TMC overlays its marketplace with software designed to assist both traders and brokers with the decision making process for buying and selling fixed income product. TMC s Private Label Service supports a number of the industry s leaders in such diverse categories as Clearing Services, Independent Brokerage, Wirehouses, Banks, and Regional Dealers. Prior to joining the firm, Mr. Vales spent ten years with Bankers Trust where he was a Managing Director of the Relative Value Arbitrage Group and Senior Manager of the Tax-Advantaged Arbitrage desk. From 1989 to 1996, he worked as a Vice President at BT Securities in municipal trading, sales, and derivatives. Mr. Vales graduated in 1986 from the University of Vermont with a Bachelor of Science degree in Business Administration. Mr. Vales serves on the FINRA Fixed Income Steering Committee.

8 Lori Walsh joined FINRA in April 2017 as Deputy Chief Economist in the Office of the Chief Economist. She is a financial economist with 17 years of experience at the Securities and Exchange Commission in securities market regulation and enforcement. At the SEC Ms. Walsh worked on over 75 proposed and new rules on such varied topics as mutual fund and ETF disclosures and fees, foreign private issuers, credit rating agencies and seasoned offerings while in the Office of Economic Analysis. Her research has been published in peer reviewed and industry publications. She also worked for several years in the Division of Enforcement, helping to build the Office of Market Intelligence and the Center for Risk and Quantitative Analytics as well as creating an infrastructure and process for conducting advanced analytics within the division. Ms. Walsh received her BS in Accounting, an MBA and a PhD in Finance from Penn State University. Michael Yuan is a surveillance director with the Financial Industry Regulatory Authority, where he oversees the Surveillance Program in the Dallas District. Prior to joining FINRA in 2009, Mr. Yuan was employed with ING Direct managing its online brokerage unit. Mr. Yuan has a Bachelor s Degree in Finance from the University of Texas at Arlington and Master s Degree in International Finance from the University of North Texas.