2020 Webinar - Best Execution & Trading in Fixed Income and ETFs in the COVID-19 Market Environment

When:  Apr 6, 2020 from 1:00 PM to 2:15 PM (ET)

Panel Description

With the unprecedented volatility being experienced in the markets, consideration of issues surrounding best execution and the choice of trading counterparties and strategies has become more important than ever. This is the second of two webinars hosted by IAA and Capital Markets Strategies to discuss the latest developments.

Hear updates about the current functioning of the markets, best practices for advisers and the buyside in considering best execution, and the latest developments around trading strategies and trading tools.

Specifically, speakers will examine:

  • How the fixed-income and ETF markets have functioned during the COVID-19 pandemic
  • Challenges to measuring and analyzing liquidity, execution quality and trading performance
  • Development of transaction cost analysis for fixed-income and ETF products
  • Questions to ask of trading counterparties


Ari Burstein is President of Capital Markets Strategies. In this role, Ari represents investment advisers, broker-dealers, hedge funds, securities exchanges and trade associations before regulators and policymakers, in the U.S. and globally, and provides advice on trading, best execution, asset management and capital markets issues. Capital Markets Strategies also partners with Stradley Ronon to provide advice on legal, compliance and regulatory matters. Prior to founding Capital Markets Strategies, Ari was Head of US Regulatory Affairs for Kreab, a leading global consulting firm. He also was Senior Counsel for capital markets issues for the Investment Company Institute (ICI) and ICI Global, the global trade associations for the regulated fund industry. Prior to joining ICI, Ari was an attorney in the U.S. Securities and Exchange Commission’s Division of Investment Management from 1997 to 1998 and the Division of Market Regulation from 1992 to 1997.

Phil Cichlar is a member of Jane Street’s Institutional Sales & Trading team. In this role, Phil partners with institutional clients to provide trading solutions, access to Jane Street's differentiated liquidity, and engagement on electronic trading venues. Phil has helped build Jane Street’s bond trading desk and grow its institutional client-facing ETF business. Prior to joining the firm, Phil spent over 4 years at BlueMountain Capital where he was a trader and head of capital management. In addition, he spent several years as a credit and rates middle office manager at Deutsche Bank and BNP Paribas. Phil holds a Master of Business Administration degree from Fordham Gabelli School of Business in New York.

Bruce Saltzman, CFA, is a Managing Director at State Street Global Advisors and serves as the Head of ETF Capital Markets for the SPDR business in the Americas. In this role, Bruce is responsible for defining and leading the strategic direction of our Capital Markets business in the US, Canada, Mexico, and Latin America. In addition, Bruce is a member of the State Street Global Advisors and SPDR Senior Leadership Teams. Prior to joining SSGA, Bruce worked at Knight Capital Group as an electronic and institutional market maker responsible for pricing, market making and risk management of multi-asset class ETFs. He also worked at DRW Trading Group as an ETF market maker and portfolio manager with a focus on international ETFs. Bruce earned a BA in Psychology from Bowdoin College in Brunswick, Maine. He holds the FINRA series 7, 24, 55 and 63 licenses.

Glenn Taitz is the Global Head of Market Structure and Syndication. He works with trading and investment teams in North America, U.K. and Hong Kong on market structure changes created by new regulation and technology. In addition, he oversees the syndicate function in equities and fixed income across the global trading team. Glenn joined Invesco in 2016 from RBC Capital Markets after working 10 years at UBS and 8 years at Merrill Lynch. He received a Bachelor of Arts in Economics from Colgate University and holds Series 3, 7 and 63 licenses.

Douglas Yones, ChFC is currently the Head of Exchange Traded Products at the New York Stock Exchange, where he oversees the team responsible for the delivery of customized, full service end-to-end capabilities for ETP and Closed End Fund Issuers.. Prior to joining the NYSE, Douglas spent 17 years at The Vanguard Group, most recently as the Head of Domestic Equity Indexing/ETF Product Management. From 2007 through 2015, Douglas worked on the development and launch of numerous ETFs in the U.S., U.K., and Canada. He also spent a number of years in Hong Kong, responsible for the development and launch of the regional ETF business for Vanguard in Asia. Douglas received his M.B.A from Villanova University, an undergraduate degree from the Pennsylvania State University. He is a registered General Securities Principal with FINRA.

Gail C. Bernstein is General Counsel of the Investment Adviser Association. She joined the IAA from the law firm of WilmerHale in Washington, DC, where she had been a Special Counsel in the Securities Department from 2008 until June 2017. Prior to that, Ms. Bernstein was first an associate and then a partner at Wilmer, Cutler & Pickering (now WilmerHale) in Washington, DC. While in private practice, Ms. Bernstein counseled clients on all aspects of financial and securities regulation, with a specific focus on the Dodd-Frank Act and securities and derivatives law and compliance. Ms. Bernstein grew up in South Africa and earned her B.A. from the Hebrew University of Jerusalem in 1982 and her law degree from Harvard Law School in 1988. After law school, Ms. Bernstein clerked for the Honorable Douglas P. Woodlock of the U.S. District Court for the District of Massachusetts and was an associate at the Boston law firm of Mintz Levin from 1989-1990, when she moved to Washington.


Registration for the live webinar has closed. The webinar will be recorded and available on IAA’s website.


For questions regarding this webinar, contact the IAA at (202) 293-4222 or email iaaevents@investmentadviser.org.