Hear about the latest developments and best practices for advisers in considering the duty to seek best execution for fixed income transactions. Panelists will discuss topics such as:
- review of quantitative and qualitative data
- use of market data and vendors
- pre-trade and post-trade evaluations
- selecting counterparties
- policies and procedures/governance, and
- regulatory developments generally affecting firms’ obligations and access to information.
Ari Burstein is President of Capital Markets Strategies. In his role, Mr. Burstein represents financial services firms, including investment advisers, hedge funds, private equity firms, broker-dealers, securities exchanges and trade associations before regulators and policymakers, in the U.S. and globally. Prior to starting Capital Markets Strategies, Mr. Burstein was Head of US Regulatory Affairs for Kreab, a leading global consulting firm. In that role, Mr. Burstein was responsible for advising financial services clients on global regulatory and policy developments impacting their businesses. Representative clients included asset managers, broker-dealers and financial services trade associations. Mr. Burstein has served on a number of industry advisory committees and is a regular speaker in the United States and globally at industry conferences and workshops on regulatory and legislative issues impacting financial services firms.
David A. Hershey, CFA, joined the SEC Chicago Regional Office in October 2012 as a Senior Specialist Examiner focused on Fixed Income Markets in the Office of Compliance Inspections and Examinations. He has been involved in the bond market his entire career, 23 years of which were at the buy-side investment advisor in Chicago, Lotsoff Capital Management. At Lotsoff, Hershey worked for twenty years as a fixed income Portfolio Manager, and for three years as the Director of Research. He was a recognized thought leader in the industry, speaking at conferences and writing essays for the company newsletter and outside venues such as Pensions & Investment magazine. Hershey began his career with six years in the banking industry. Two years of which were as a Federal Bank Examiner and then four years as a Bank Treasurer managing mortgage and liquidity portfolios. Hershey earned a B.S. in Finance from Southern Illinois University in 1981 and a M.B.A. from Arizona State University in 1983. He has been a Charter Financial Analyst since 1992.
Tim Monahan is Director of Product Management at ICE Data Services. Mr. Monahan is responsible for managing some of the new products ICE has rolled out in recent years, including Continuous Evaluated Pricing (CEPTM), BestEx & TCA. In addition to managing some of the new content produced by ICE Data Services, he also is responsible for introducing new content to the fixed income marketplace. Mr. Monahan has 14 years of experience in the fixed income markets. After starting his career at Bear Stearns and working in the High Yield and Distressed Bank Loan trading area, he transitioned into sales and trading at BTIG in New York and focused on cross selling both fixed income and equities.
Alex 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 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.
Monique S. Botkin (Moderator) is Associate General Counsel of the Investment Adviser Association. Prior to joining the IAA in February 2004, Ms. Botkin was an associate in the financial services groups at Dechert LLP in Orange County, California and Alston & Bird LLP in Washington, DC. While in private practice, Ms. Botkin represented investment advisers, registered investment compa¬nies, private funds, and broker-dealers in corporate, securities and investment management matters. Ms. Botkin also served as an attorney in the SEC’s Division of Investment Management disclosure review office from 2013 to 2014.
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