Good morning.  It is a great pleasure to welcome you to this inaugural meeting of the Fixed Income Market Structure Advisory Committee (the “Committee” or “FIMSAC”).

I’d like to join Chairman Clayton and Commissioner Stein in welcoming our two newest commissioners — Commissioner Jackson and Commissioner Peirce — to the Securities and Exchange Commission (the “Commission”) at their first public event since being sworn in less than an hour ago. I am excited to be working again with my good friend Commissioner Peirce and I look forward to working with my new colleague Commissioner Jackson. It has been approximately 832 days since we have had a full Commission — but, who’s counting? The Chairman has set a busy agenda for us in the months ahead, and I look forward to advancing the Commission’s core mission with my fellow commissioners.

I would also like to thank Chairman Clayton and Commissioner Stein for their efforts to make this meeting a reality. Since the early days of his chairmanship, Chairman Clayton has recognized the acute need to focus greater attention at the Commission on the fixed income markets and the benefits that the Commission could gain from the insights of an advisory committee in this area. I applaud his decision to form this Committee, so that we may remain up to date with the most current perspectives from industry and academia. It has been a pleasure working collaboratively with both Chairman Clayton and Commissioner Stein to get this Committee up, running, and populated by an esteemed group of experts representing all relevant constituencies.

Thank you also to those Committee members who have agreed to serve, as well as to today’s panelists. When the Commission’s Equity Market Structure Advisory Committee (or “EMSAC”) began, I challenged its members to take control of its agenda and use their collective expertise to tell us what issues deserved greatest attention.[1] EMSAC’s members rose to that challenge, and their work product has shaped my own thinking and — I think it’s safe to say — that of my fellow commissioners. I issue FIMSAC the same challenge.

Liquidity is an ideal place to start this Committee’s conversations today. While the media may have moved on to other topics, it was not long ago that bond market liquidity (and most especially, the lack thereof) was the subject generating the most intense debate and concern in the financial markets.[2] Despite a lower number of splashy headlines on this topic, fears of possible liquidity shocks persist, and greater depth of analysis is needed to understand what may be appropriate regulatory next steps. I look forward to hearing your perspectives on all dimensions of this debate and hope you will not shy away from rigorous and animated discussion on these issues.

Thank you.

[1] Commissioner Michael S. Piwowar, “Remarks at the Inaugural SEC Equity market Structure Advisory Committee Meeting” (May 13, 2015),

[2] See Matt Levine, “People Are Worried About Bond Market Liquidity,” Bloomberg View (June 3, 2015), .