AMD Executive Committee Sets Organizational Structure of New Division
On November 8, 2005, the Asset Managers Division of The Bond Market Association met in Washington D.C. to organize the structure of the new Division and to prioritize its initiatives for 2006. During the five hour meeting, the Executive Committee of the AMD agreed to pursue the following items, which are critical to the ultimate function of the Division:
Subcommittees
The Executive Committee officially formed five standing subcommittees that will report to the Executive Committee. These subcommittees are:
- Budget & Planning Subcommittee
- Nominating and Governance Subcommittee
- Advocacy Initiatives Subcommittee
- Market Practices and Standards Subcommittee
- Outreach Subcommittee
Initiatives
The Executive Committee identified priority initiatives that the subcommittees will work on in 2006. These initiatives include:
- Working with the Group of 14 Dealers on longer term solutions for derivatives including the possibility of creating a central repository and other solutions that would help improve the timeless of Interest Rate Swap and Credit Derivative confirmations (See October 28 Weekly Report ).
- Continuing to advocate in Washington D.C. for amendments to ERISA's transaction rules that would expand provisions for cross trading. This advocacy work may also entail educational sessions with legislators, regulators and the AFL-CIO ("American Federation of Labor and Congress of Industrial Organizations").
- Pursuing Best Execution Guidelines which would define elements that should be considered when determining best execution for fixed income transactions. The Market Practices and Standards Subcommittee and the Best Execution Working Group will also continue to work with electronic trading platforms on this initiative.
- Expanding The Bond Market Association's current BCP activities to include more buyside involvement in the Business Continuity Management Council and in future industry tests.
Members of the professional staff of The Bond Market Association attended the meeting and offered an overview of their roles at the Association. Micah Green, President, introduced Executive Vice Presidents Randy Snook and John Vogt, heads of the New York and Washington D.C. offices, respectively to the Committee. Executive Vice President and Staff Advisor to the AMD, Joseph Sack, introduced his team which will provide the staff support for the new Division: Elisa Nuottajarvi, George Reis, Douglas Taggart and Diane Trupia.
The Bond Market Association would like to thank the entire Executive Committee of the Asset Managers Division for their commitment. In particular, the Association would like to recognize and thank AMD Chairman John Gidman of Loomis Sayles and AMD Vice Chairman David Murphy of Fidelity Investments for their dedication to the new Division and for their work in preparing and moderating the first Executive Committee meeting of the Asset Managers Division.
