Now in its second year, the CMSA conference fights for the right to maintain integrity on stage.
ViableMkts is hosting the next installment of the Credit Market Structure Alliance conference on 26 January in New York City at the London Stock Exchange NYC Headquarters, at 28 Liberty Street.
The DESK caught up with CEO, Chris White, to discuss how the event is delivering value to credit market participants through a principled take on debate around markets and market structure
The Desk: Has anything changed about the CMSA Conference since the June event?
Chris White: There is a different agenda than the June event, but we remain committed to an approach that elevates the level of discourse on credit market structure by gathering thought leaders from buy-side, sell-side, and regulatory institutions. This is achieved by creating an agenda that prioritizes content over commercials and encouraging audience participation.
The Desk: How would you describe the model for the CMSA Conference?
Chris White: This is truly a collaborative model amongst fixed income solution providers. ViableMkts is the organizer, LSEG is the gracious host, and over a dozen sponsors including, Trumid, IPC, MTS Bonds, Adaptive, VanEck, Liquidnet, Tradewell, TransFICC, 7-Chord, LTx, and Cowen are co-hosting. This remains an invite-only event, with no ticket charge. Attendees must register as a guest of one of the sponsors. If you wish to request an invitation – click here..
The Desk: What was the biggest takeaway from the last event?
Chris White: The CMSA panels are interactive, so the audience can actively participate in each session instead of waiting till the end of the discussion. I was pleasantly surprised by how eager the attendees were to share their opinions and questions with the panelists. It created unique content that would not have been possible under the traditional format.
The Desk: What is the agenda for the upcoming CMSA?
Chris White: The material change in central banking policy, combined with rising interest rates, has created an environment that is quite different from what we have experienced in the previous decade. The agenda is specifically designed to articulate some of the new challenges and to foster a conversation amongst market participants about their respective strategies for adapting.
Specifically, we will be discussing key regulations that will impact credit markets, the role of human beings in an evolved market, potential systemic risks to credit, and the expected impact of increased adoption of corporate bond exchange traded funds (ETFs).
The Desk: What makes the agenda unique from traditional conferences?
Chris White: Other conferences tend to recycle topics that are centered around potential vendor solutions. While there is value in that content, the CMSA agenda explores topics at a deeper level to generate meaningful discourse amongst market participants with different perspectives. To accomplish this, we make sure that the panels include thought leaders and experts that can make complex concepts relatable.
The Desk: What qualifies someone as an ‘expert’ for a given topic?
Chris White: Any individual who has been instrumental in the development of a new solution, product, or strategy is someone who can provide invaluable insight. For example, our ETF panel, “Under the Influence of ETFs,” will have Reggie Browne, Principal at GTS, Marina Mets, MD at FTSE Russell, and David Sharp, senior ETF specialist at Vanguard as the panelists. I anticipate that this discussion will not just explain the current changes spawned by corporate bond ETFs but will also create a picture of what credit markets should expect as ETF adoption increases.
The Desk: Is there a specific that people are more focused on now?
Chris White: The most popular topic from the June CMSA was without a doubt, the panel on key regulations that could impact credit market structure. Given the ongoing discussions around 17a-7, market transparency, and 15c-211, we had to bring back that panel for this event as well. Gary Stone, regulatory analyst and market structure strategist at Bloomberg, and Lance Dial, partner at Morgan, Lewis & Bockius are experts’ experts when it comes to fixed income regulations. In addition, we anticipate representatives from the Securities and Exchange Commission (SEC), the Federal Reserve Bank of New York, and FINRA to be in attendance, which really helps to foster a holistic understanding of rules and regulations.
The Desk: Which topic do you think could generate the most debate?
Chris White: There are actually two topics that I think could spark constructive debates; the future of human beings in fixed income featuring Chris Vogel; and identifying systemic risks in credit markets which features Fabio Natalucci.
Chris is currently the co-head of global markets at TD, but is also well-known as the former head of fixed income trading at Blackrock. If you’ve been watching TD the past few years, they have made a commitment to technology in fixed income, so it will be great to hear Chris’ view on the optimal approach to automation in credit. Fabio is a deputy director at the International Monetary Fund (IMF) and has recently produced a paper outlining the potential dangers of open-ended funds. I think both topics are top of mind for many market participants right now, but there are definitely differing viewpoints.
The Desk: What are your expectations for the January 26th event?
Chris White: There is greater focus on credit markets in 2023 than in recent years, so I am anticipating greater attendance from thought leaders who work in credit markets as well as people who work in other asset classes. In addition, I think people are getting used to the format of the CMSA, so it may be difficult to get the microphone back once it goes into the audience.
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