Fixed Income Sales and Trading: Current Issues Tuesday, May 22 11:15 a.m. 12:15 p.m. This session discusses the current trends in, and their potential implications for, the fixed income markets and how regulators and firms are responding. Moderator: Ola Persson Senior Vice President, Fixed Income Product Business Panelists: John Bridges Managing Director, Capital Markets Winslow, Evans, and Crocker, Inc. Elliot Levine Associate Vice President, Chief Counsel and Senior Advisor Philip Rothman Senior Vice President, Head of Fidelity Capital Markets Compliance Fidelity Capital Markets Alexander Sedgwick Vice President, Head of Fixed Income Market Structure & Electronic Trading T. Rowe Price 2018 Financial Industry Regulatory Authority, Inc. All rights reserved. 1
Fixed Income Sales and Trading: Current Issues Panelist Bios: Moderator: Ola Persson is Senior Vice President and head of FINRA s Transparency Services Department. He is responsible for all business, technology and operational aspects related to FINRA s fixed income and equity trade reporting and quotation facilities (TRACE, ADF, ORF, OTCBB and the TRF s). Mr. Persson joined FINRA in 2004, with responsibilities for the fixed income (TRACE) program. Prior to joining FINRA, Mr. Persson worked for 10 years at Thomson Reuters where he held a number of positions in the Fixed Income division. He holds a Bachelor s degree in Finance and Statistics from the University of Stockholm, Sweden, and a Master s degree in International Business from Baruch, City University of New York. Panelists: John Bridges is Managing Director of Capital Markets at Winslow, Evans, and Crocker, Inc., a registered Broker Dealer/RIA based in Boston, MA. Mr. Bridges started in the financial industry shortly after graduating from Westminster College in 1992 and has been with Winslow since 2002. Since joining Winslow, Mr. Bridges has held many roles, primarily in the area of Trade Desk supervision/compliance for both Equities and Fixed Income. In his current role, Mr. Bridges is responsible for overseeing and supervising the Retail and Institutional Trading Desks and is a member of the Firm s Best Execution Committee. He also serves as a liaison between the Trading and Compliance departments and is directly involved in all inquiries from the various regulatory entities. Additionally, he works closely with the Compliance Department in creating and updating the Firm s policies and procedures and the communication of these to Trade Desk personnel. Mr. Bridges holds a Bachelors Degree of Business Administration from Westminster College in New Wilmington, PA and Series 7, 24, 53, 55, and 63 licenses. 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. Philip Rothman is Senior Vice President and Head of Fidelity Capital Markets (FCM) Compliance. FCM is the institutional trading arm of Fidelity Investments. Mr. Rothman is responsible for Compliance Coverage for FCM s Equities, Electronic Trading, Fixed Income, Municipals, FX, Syndicate, Prime Services, and Securities Lending businesses. After graduating from law school in 1995, Mr. Rothman worked in private practice for four years as a litigation attorney. In 1999, he joined the New York Regional Office of NASD Enforcement where he became a Regional Counsel. In 2004, he joined Morgan Stanley as an attorney in the U.S. Litigation Group, where he represented the Firm in regulatory matters brought by various regulators and self-regulatory organizations that focused on the Firm s institutional and retail securities businesses. In 2006, Mr. Rothman joined Morgan Stanley s Institutional Compliance Department, where he managed a group that investigated and responded to regulatory inquiries and examinations. In 2010, he became the head of Morgan Stanley s U.S. Fixed Income Compliance coverage group, and in 2014, he was named as Co-Head of U.S. Sales and Trading Compliance. In that capacity he was responsible for Compliance coverage for Fixed Income, Equity, Futures and Commodities businesses and products. Mr. Rothman graduated from Cornell University s School of Industrial and Labor Relations and from Brooklyn Law School. Alexander Y. Sedgwick, CFA is head of Fixed Income Market Structure and Electronic Trading in Global Trading at T. Rowe Price. Mr. Sedgwick is responsible for custom research and analysis pertaining to 2018 Financial Industry Regulatory Authority, Inc. All rights reserved. 2
market structure, liquidity, and trade cost/execution analysis across the various fixed income sectors. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc. Mr. Sedgwick has 16 years of investment experience, three of which have been at T. Rowe Price. Prior to joining the firm in 2014, he spent eight years at MarketAxess Corp. in New York, where he was most recently head of research. Mr. Sedgwick earned a B.A. in economics and politics from Washington & Lee University. He also has earned the Chartered Financial Analyst designation and is a Series 7 and 63 registered representative. 2018 Financial Industry Regulatory Authority, Inc. All rights reserved. 3
2018 FINRA Annual Conference May 21 23, 2018 Washington, DC Fixed Income Sales and Trading: Current Issues
Panelists Moderator Ola Persson, Senior Vice President, Fixed Income Product Business, Panelists John Bridges, Managing Director, Capital Markets, Winslow, Evans, and Crocker, Inc. Elliot Levine, Associate Vice President, Chief Counsel and Senior Advisor, Philip Rothman, Senior Vice President, Head of Fidelity Capital Markets Compliance, Fidelity Capital Markets Alexander Sedgwick, Vice President, Head of Fixed Income Market Structure & Electronic Trading, T. Rowe Price FINRA Annual Conference 2018 FINRA. All rights reserved. 1
Fixed Income Sales and Trading: Current Issues Tuesday, May 22 11:15 a.m. 12:15 p.m. Resources FINRA Notices FINRA Regulatory Notice 16-39, Reporting Transactions in U.S. Treasury Securities, SEC Approves Rule Change to Require Reporting of Transactions in U.S. Treasury Securities to the Trade Reporting and Compliance Engine (TRACE) (October 2016) www.finra.org/sites/default/files/notice_doc_file_ref/regulatory-notice-16-39.pdf FINRA Regulatory Notice 16-15, Trade Reporting and Compliance Engine (TRACE), Exemption from Trade Reporting Obligation for Certain Transactions on Alternative Trading Systems (April 2016) www.finra.org/sites/default/files/notice_doc_file_ref/regulatory-notice-16-15.pdf 2018 Financial Industry Regulatory Authority, Inc. All rights reserved. 1