ICE Fixed Income Forum | ICE Events (2024)

Registration & Breakfast

8:00 a.m.

Welcome Remarks

9:10 a.m.

ICE Fixed Income Forum | ICE Events (1)

Ed Addvensky

Vice President, Global Head of Relationship Management, ICE

Ed Addvensky is Vice President and Head of Global Relationship Management for the Fixed Income and Data Services business of ICE. In this capacity, he leads the company’s Enterprise Sales, Global Account Management, Sales Specialists, and Channel Partner teams. These teams focus on ensuring client satisfaction, growth, and retention through the development and management of customer relationships across its Pricing, Index and Analytics, Reference Data, Connectivity, and Real Time Feed offerings.

Ed previously held several Sales and Sales Management roles for Interactive Data Corporation, which was acquired by Intercontinental Exchange (ICE) in late 2015. He holds a Bachelor’s degree in Finance from Boston College and a Master’s degree in Business Administration from Fordham University.

Introduction to Fixed Income & Data Services

9:15 a.m.

ICE Fixed Income Forum | ICE Events (2)

Amanda Hindlian

President of Fixed Income & Data Services, ICE

Amanda Hindlian is President of Fixed Income & Data Services at Intercontinental Exchange, Inc. (NYSE: ICE). She is responsible for managing ICE’s global fixed income and data business, including pricing and analytics, reference data, indices, desktop solutions, consolidated feeds, connectivity services and the ICE Bonds execution venues.

Hindlian started at ICE as Global Head of Capital Markets for NYSE Group, where she oversaw the team responsible for attracting new listings to the Exchange. In that role, Hindlian worked with entrepreneurs, venture capitalists, private equity firms and investment banks to advise private companies as they move toward an NYSE public listing, whether through traditional IPOs, SPAC combinations or Direct Listings.

Prior to joining ICE in 2021, Hindlian was a Partner and Chief Operating Officer of Global Investment Research at Goldman Sachs, where she oversaw a range of business functions, including technology, digital strategy and legal and compliance matters. She also served as president of the firm’s think tank, the Global Markets Institute.

Hindlian held a number of other positions during her nearly twenty-year career at Goldman Sachs. She served in the Executive Office, working alongside the firm's senior management, including the Chairman and CEO, and was Secretary to the Management Committee. She also led the Client Strategy Group within the Office of the Chairman. Hindlian began her career at Goldman Sachs as an Equity Research analyst in the Technology sector.

Hindlian holds a B.A. in Economics and Spanish from Wellesley College.

Make the Connection: Product Innovation

9:30 a.m.

The fundamental linkage of technology strategy and business strategy enables product value creation for our customers. As technology evolves, so must technology strategy and so must business strategy. Join this session to hear our Chief Product Officer and Chief Technology Officer discuss evolving technology strategy, its influence on business strategy and vice-versa.

Speaker: Mark Heckert, Chief Product Officer, Fixed Income & Data Services, ICE

Speaker: Al Pastro, CTO, Data Services, ICE

ICE Fixed Income Forum | ICE Events (3)

Mark Heckert

Chief Product Officer, Fixed Income & Data Services, ICE

Mark Heckert is Chief Product Officer at ICE Data Services, which is part of Intercontinental Exchange (NYSE: ICE). He oversees product management and new product development across the ICE Data Services portfolio of services, which support an array of solutions that enable customers’ to mark to market, benchmark, manage risk and determine their investment strategies.

Heckert has over 20 years of senior level experience serving the fixed income data industry and developing new products that bring more transparency to global markets. Before his role as Chief Product Officer, Heckert led the fixed income valuations business for Interactive Data (acquired by ICE in December 2015), where he directed the development of the Continuous Evaluated Pricing service, which provides streaming evaluated bond prices for over 2.4 million securities. Before joining Interactive Data in 1998, Heckert worked at State Street Bank & Trust Co. He holds a MBA in finance and strategy from Boston University and a BA in political economy from Michigan State University.

ICE Fixed Income Forum | ICE Events (4)

Al Pastro

CTO, Data Services, ICE

Al Pastro is CTO for ICE Data Services. His teams innovate the collection, synthesis, analysis, and distribution of a broad range of financially actionable data. ICE’s clients include most financial institutions across the globe. Al’s focus includes real-time, message-based processing as well as big data solutions for creating new connections between financial and alternate datasets.

He spends time with clients exploring efficient ways to deliver data into their use cases. Prior to his current role, Al spent over 20 years overseeing large technology groups at global investment banks, responsible for the architecture, development, and support of systems related to Finance, Regulatory Reporting, Market & Credit Risk, and Operations. Al has a BA in Computer Science from Cornell University.

Keynote Discussion

10:15 a.m.

Wally Adeyemo, United States Deputy Secretary of the Treasury

Interviewer: Josh King, Head of Communications, ICE and Head of Corporate Affairs, NYSE

ICE Fixed Income Forum | ICE Events (5)

Wally Adeyemo

United States Deputy Secretary of the Treasury

On March 26, 2021, Wally Adeyemo was sworn in as Deputy Secretary of the Treasury. He has been at the center of many of the country’s major economic policy decisions since the 2008 Financial Crisis and has worked in organizations across the public, private, and non-profit sectors to build a stronger and fairer economy. As Deputy Secretary, Adeyemo serves as the Treasury Department’s number two official and chief operating officer and has taken a leading role in Treasury’s national security, economic inequality, and pandemic-related economic recovery work.

Adeyemo previously served at Treasury during the Obama Administration as Senior Advisor and Deputy Chief of Staff under Secretary Tim Geithner and Secretary Jack Lew. Adeyemo also served as the first Chief of Staff of the Consumer Financial Protection Bureau before moving to the Obama White House in 2015. At the White House, Adeyemo served as Deputy National Security Adviser for International Economics and a Deputy Director of the National Economic Council. In this role, Adeyemo led policymaking on international finance, trade and investment, energy, and environmental issues and served as President Obama’s representative to the G7 and G20.

After leaving government in 2017, Adeyemo served as the first president of the Obama Foundation and as a Senior Advisor at the Center for Strategic and International Studies and at BlackRock.

Adeyemo holds a B.A. from the University of California at Berkeley and a J.D. from Yale Law School.

ICE Fixed Income Forum | ICE Events (6)

Josh King

Head of Communications, Intercontinental Exchange (ICE)

Josh King is Head of Communications for Intercontinental Exchange (ICE), which builds and operates global financial and commodities markets, including the iconic New York Stock Exchange. He leads a team helping tell the story of how investors manage and hedge risk, and how companies use our exchanges to raise funds and create liquidly by harnessing the engine of capitalism. He also hosts Intercontinental Exchange’s popular weekly podcast, “Inside the ICE House.”

Prior to joining ICE, King led the communications teams at three NYSE-listed public companies: The Hartford, Willis Group Holdings, and First Data. At Willis, King oversaw the Silver Anvil Award-winning Willis Resilience Expedition to the South Pole that advanced understanding of climate change.

King is the author of OFF SCRIPT: An Advance Man’s Guide to White House Stagecraft, Campaign Spectacle, and Political Suicide, a chronicle of the history of presidential stagecraft based, in part, on King’s service as Director of Production in the White House. King writes and has appeared frequently across media platforms on the intersection of political communications and campaign message-making.

King is a graduate of Swarthmore College and completed Harvard Business School’s Program for Global Leadership. He lives in New York with his wife and two children.

Panel: Investing & Benchmarking in a Modernizing Bond Market

10:45 a.m.

This panel will explore the factors supporting the modernization of fixed income investing and benchmarking with particular focus on market structure challenges and solutions.

Moderator: Varun Pawar, Vice President, Head of Data Indices, ICE

Panelist: Tara Talone, Senior Fixed Income Portfolio Manager, Vanguard

Panelist: James J. Mauro, Managing Director, Head of Fixed Income Index Investments, Americas, BlackRock

Panelist: Francis Rodilosso, Head of Fixed Income ETF Portfolio Management, VanEck

ICE Fixed Income Forum | ICE Events (7)

Varun Pawar

Vice President, Head of Data Indices, ICE

Varun Pawar joined ICE in September 2019 after spending 12 years at Bloomberg developing their fixed income evaluated pricing business, BVAL. Pawar headed the BVAL business globally from 2015 to 2019. Born and raised in Bangalore India, he earned his bachelor’s degree in Finance and Accounting from Bangalore University and master’s degree in Finance and Management from the University of Exeter in the United Kingdom.

Since joining ICE in 2019, Pawar heads up the data science and quantitative teams at ICE Data Services, which is part of Intercontinental Exchange (NYSE: ICE). In this role, he was tasked with improving precision of existing bond evaluation products and developing new products using a combination of proprietary data, technology and human capital. Since June 2022, Pawar has transitioned to running ICE’s Index business globally.

Tara Talone is a Portfolio Manager on the Global Bond Index team within Vanguard’s Fixed Income Group. In her role, Ms. Talone is responsible for leading a team that manages single and multi-currency portfolios that include foreign exchange, credit and interest rate risk. Ms. Talone also works with Vanguard's Capital Markets team to facilitate ETF transactions for both US and Canadian ETFs. Prior to joining the Global Bond Index team she was a trader on the Municipal Money Market team and helped to establish Vanguard’s Investment Management Group presence in Scottsdale, Arizona. Ms. Talone joined Vanguard in 2006 in Fund Financial Services. She is an active member of Vanguard’s Women's Initiative for Leadership Success, and an Honor's graduate of Saint Joseph's University where she majored in Finance. Ms. Talone is a CFA® charterholder and has her MBA from The Wharton School at the University of Pennsylvania.

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James J. Mauro

Managing Director, Head of Fixed Income Index Investments, Americas, BlackRock

James J. Mauro is the Head of Fixed Income Index Investments in the Americas. Mr. Mauro’s investment team is responsible for management of US based iShares and Index Funds. Other responsibilities include oversight of the index investment process, portfolio construction and risk. Mr. Mauro is a member of the PMG Talent, Inclusion and Diversity Committee, PMG Fixed Income iShares Ex-Co and PMG Fixed Income Beta Ex-Co.Prior to joining BlackRock in 2010, Mr. Mauro was Head of US-based government and inflation strategies with State Street Global Advisors. Mr. Mauro earned a BS degree in business finance from Saint Michaels College in 1992 and an MBA from Boston University in 1997.

ICE Fixed Income Forum | ICE Events (10)

Francis Rodilosso

Head of Fixed Income ETF Portfolio Management, VanEck

Mr. Rodilosso joined VanEck in 2012. He serves as Head of Fixed Income ETF Portfolio Management and Portfolio Manager for VanEck taxable Fixed Income ETFs. He is responsible for portfolio strategy, credit, and market analysis.

Prior to joining VanEck, Mr. Rodilosso served as Managing Director of Global Emerging Markets with The Seaport Group where he launched the firm’s emerging markets fixed income sales and trading business. Mr. Rodilosso’s earlier career experience includes portfolio management positions at Greylock Capital and Soundbrook Capital where he focused on corporate high-yield and distressed situations, with an emphasis on emerging markets. He also held senior fixed income trading positions at Credit Lyonnais and HSBC. Mr. Rodilosso is a CFA Charterholder and a member of the CFA Society New York. He received an MBA from the Wharton School of the University of Pennsylvania and an AB in History from Princeton University.

A Discussion with Jeff Sprecher — Founder, Chair & CEO, ICE

12:30 p.m.

Interviewer: Amanda Hindlian, President of Fixed Income & Data Services, ICE

ICE Fixed Income Forum | ICE Events (11)

Jeff Sprecher

Founder, Chair & CEO, ICE

Jeff Sprecher is Founder, Chair and CEO of Intercontinental Exchange, Inc. (NYSE: ICE) and a pioneer of digital networks and the electronification of trading and marketplaces.

Reflecting Sprecher’s vision and leadership, ICE, co-headquartered in Atlanta and New York, has grown from a startup in in 2000, purely focused on making energy trading transparent, to a diversified, subscription-driven Fortune 500 company with nearly 10,000 employees. ICE operates exchanges and clearinghouses around the world, provides market-leading solutions in fixed income and data services, and is transforming the mortgage industry by digitizing the end-to-end process of buying a home. Now in its third decade, the company that Sprecher and his team have built, through organic growth and acquisitions, delivers over $6 billion in annual revenue with market capitalization of over $75 billion.

It started with an entrepreneur’s dream and $1,000. That’s what Sprecher paid to buy the struggling Continental Power Exchange in 1997, in addition to assuming the company’s outstanding debt.

Born and raised in Madison, Wisconsin, educated as a chemical engineer at the University of Wisconsin and an MBA at Pepperdine, Sprecher learned early on in his parents’ garage how to break down systems to their component parts and rebuild them better, faster, and more resilient. It started with a toaster oven at age six, advanced to a Toyota and, decades later, expanded to global asset exchanges.

Sprecher began on a shoestring by spotting inefficiencies in the power market and resolving to fix them. Tirelessly enlisting major banks, energy companies, and utilities to his cause, Intercontinental Exchange was born, eventually going public on the New York Stock Exchange in 2005 under the ticker symbol ICE. From its humble beginnings, a string of innovations and acquisitions quickly followed, beginning with buying the International Petroleum Exchange in 2001, the New York Board of Trade in 2007, Creditex in 2008, the Clearing Corporation in 2009 the Climate Exchange in 2010 and the NYSE itself in 2013. Sprecher became Chair of the NYSE following ICE’s acquisition, overseeing a complete overhaul of the Exchange, serving in that role for eight years through 2021.

The deals Sprecher put together created what are now known as ICE Futures Europe, ICE Clear Europe, ICE Futures U.S., and ICE Clear U.S., and led to a top-to-bottom reimagination and expansion of the NYSE, now known as NYSE Group. But exchanges and clearinghouses are only part of the ICE story. ICE’s major acquisition of Interactive Data Corporation in 2015 and a string of deals in the mortgage space, culminating in its purchase of Elle Mae in 2020, have coalesced into two other business segments -- ICE Fixed Income and Data Services, and ICE Mortgage Technology -- together forming today’s company.

Along the way, as the world evolves toward a more digital, efficient, and green future, ICE continues to innovate under Sprecher’s leadership. The company, formed with a simple idea and small check, now helps in myriad ways to drive transparency in trading, clearing, capital formation and risk management; it advances technology through its high quality and market leading data and solutions; and now it makes the dream of home ownership easier and less expensive for millions by digitizing the mortgage process.

Sprecher is often credited with “seeing around corners” in the intersecting world of finance and technology. These days, amid the energy transition, that trait is underscored by his anticipation years ago of the globalization of natural gas and demand for carbon-offset trading. Similarly, Sprecher’s launch of Bakkt in 2018 foresaw expanded adoption of bitcoin and digital assets. In reality, seeing around corners is a theme woven throughout Sprecher’s more than 20 years of creating, leading, and growing ICE. For that, and for delivering to ICE shareholders a consistent compound annual growth rate of 17% over the span of 2006 to 2021, Sprecher has been hailed as one of Barron’s “World’s Best CEOs” for six consecutive years, among a host of other honors and awards for his leadership and philanthropy.

Panel: Impact of ESG on Fixed Income Investments

1:00 p.m.

The need for transparency around climate and ESG risk and opportunities continues to grow beyond the traditional equity and corporate fixed income asset classes into MBS, loans, structured finance, and private assets. In this session we will discuss how ESG considerations are integrated into fixed income strategies to manage risk and how financing climate infrastructure could be driven largely by fixed income issuers and investors.

Moderator: Larry Lawrence, Head of Sustainable Finance Data (U.S.), ICE

Panelist: Erin Bigley, Head of Fixed Income Responsible Investing, AllianceBernstein

Panelist: Carling Hay, Director, Climate and Social Impact Analytics, ICE

Panelist: Elisabeth Seep, Head of ESG, Rimes Technologies

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Larry Lawrence

Head of Sustainable Finance (U.S.), ICE

Larry Lawrence is Head of Sustainable Finance Data for the U.S. market at ICE.

In this role, Larry is responsible for developing and delivering ICE’s data strategy and product roadmap surrounding sustainable finance. He works with financial market participants to support their and their clients’ sustainable finance goals in areas such as ESG.

He was previously head of ESG and climate product strategy for the wealth management, private assets, fund ratings, ESG reporting product lines at MSCI. He joined MSCI from KLD, a pioneer in the field of ESG investing. Larry served as a product manager with KLD, RiskMetrics and later MSCI, where he was instrumental in the development of the firm’s ESG ratings, governance metrics and ESG controversies product lines, as well as MSCI’s ESG platforms.

Larry holds a bachelor’s degree in computer science from Newbury College.

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Erin Bigley

Head of Fixed Income Responsible Investing, AllianceBernstein

Erin Bigley is a Senior Vice President and Head of Fixed Income Responsible Investing. In this role, she oversees the Fixed Income team’s responsible investing strategy, including integrating environmental, social and governance (ESG) considerations throughout the team’s research, engagement and investment processes. Bigley also oversees fixed-income ESG thought leadership and product development. She is a member of the firm’s Responsible Investment Steering Committee. Bigley joined the firm in 1997 and previously served as a portfolio manager and trader for the global and Canadian bond strategies. She spent two years based in London as the global head of Fixed Income business development for institutional clients. Bigley served as a Fixed Income senior investment strategist for over a decade, most recently as head of the strategist team from 2018 to 2021. She holds a BS in civil engineering from Villanova University and an MBA from the Massachusetts Institute of Technology’s Sloan School of Management. Bigley is a CFA charterholder.

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Carling Hay

Director, Climate and Social Impact Analytics, ICE

Dr. Carling Hay is the Director of Climate and Social Impact Analytics at Intercontinental Exchange (ICE) and was formerly the Lead Climate Scientist at risQ, a National Science Foundation funded start-up that ICE acquired in 2021. Carling holds a Ph.D. in physics from the University of Toronto and her expertise covers a broad range of disciplines including statistical modeling, climate change, and sea-level rise. Prior to joining the risQ team, Carling was an Assistant Professor in the Department of Earth and Environmental Sciences at Boston College. Her academic work has been highlighted by the US Senate and gained media coverage in 30+ news outlets including The New York Times, BBC, and The Economist.

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Elisabeth Seep

Head of ESG, Rimes Technologies

Elisabeth Seep leads the ESG product strategy at Rimes Technologies. As a pioneer and advocate of sustainable finance over the last twenty years, she enjoys “making ESG data work” for the investment management community to empower investment decisions. Prior to Rimes, she was a director in the MSCI ESG product team, specializing in fixed income. She also developed the sustainable finance franchise at BNP Paribas North America, trained credit teams on how to integrate ESG data into their risk analysis, and she started her career learning about corporate governance at Moody’s.

Panel: Data and Technology: Transforming Today’s Fixed Income Markets

1:45 p.m.

Volumes of fixed income data have grown exponentially in recent years, challenging investors to develop innovative ways to harness often fragmented and incomplete information. Preferences towards advanced analytics, the use of the cloud, APIs and other tools continue to evolve. This discussion focuses on where buy-side firms envision their use of analytics tools, pre-trade workflows and technology adoption over the next few years. Expectations placed on the sell-side and solutions providers will grow as investors and their counterparties rely on a myriad of services including:

  • Need for additional datasets and tools for analysis
  • Partnering around no code/low code solutions
  • Developing processes around advanced technology like AI/ML

Moderator: Audrey Blater, Senior Analyst, Coalition Greenwich

Panelist: Michael Nappi, Executive Director, Portfolio Management & Trading, Parametric

Panelist: Britni Ihle, Head of Credit Algorithmic Trading and Fixed Income ETF Trading, Citigroup

Panelist: Susan Joyce, Head of Fixed Income Market Structure and Senior Trader, Municipals Trading, AllianceBernstein

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Audrey Blater

Senior Analyst, Coalition Greenwich

Audrey Blater is a senior analyst in the market structure and technology research team at Coalition Greenwich. Ms. Blater has over twenty years of capital markets experience spanning trading, data analysis, regulation, policy, and industry research. Her areas of expertise include fixed income, foreign exchange, and derivatives trading, analytics, and market structure; risk management and regulatory practices and solutions; and advanced technology applications and trends in those areas.

Prior to joining Coalition Greenwich, Ms. Blater spent time as the research director of Aite-Novarica Group’s capital markets team. Before her tenure at Aite-Novarica Group, she developed and led a global research team at the International Swaps and Derivatives Association (ISDA). Ms. Blater has experience in enterprise risk solutions and practices having served as an applied researcher at MSCI, Inc. She also spent several years on the buy-side as a trader and analyst at AQR Capital Management.

Ms. Blater has authored a variety of industry thought leadership papers, blogs, and commentaries. She has spoken at numerous capital markets and technology events and has served as a derivatives expert during the development of the Markets in Financial Instruments Directive (MiFID II) as well as several other critical financial regulatory initiatives. Most recently, she has focused on Libor’s transition to alternative references rates.

Ms. Blater holds a masters degree and PhD from Fordham University in international economics and banking.

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Michael Nappi

Executive Director, Portfolio Management & Trading, Parametric

Michael is primarily responsible for investment grade credit trading at Parametric Portfolio Associates. He is involved in corporate bond ladder strategies for separately managed accounts, and plays a role in portfolio management and execution, while also providing market information to the portfolio management teams. Prior to joining PPA, he was responsible for all investment grade corporate bonds, preferred stock, and hybrid securities trading across all sectors at Eaton Vance. He has experience in electronic trading, operations, pricing, and order management systems. Michael has spoken at numerous events pertaining to market structure and trading protocols, and has been with the firm since 2000.

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Britni Ihle

Head of Credit Algorithmic Trading and Fixed Income ETF Trading, Citigroup

Britni Ihle is Head of Credit Algorithmic Trading and Fixed Income ETF Trading at Citigroup. She is responsible for the firm’s algorithmic credit trading strategy and leads primary and secondary fixed income ETF markets in North America.

Prior to Citi, Britni held multiple trading roles at Credit Suisse, most recently heading Systematic Credit Trading. She also traded investment grade credit and led the department’s technology and eCommerce product. Prior to credit, she led the firm’s Short-End and Basis Swaps desk and traded interest rate swaptions.

Britni earned her bachelor’s degree in engineering from Massachusetts Institute of Technology.

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Susan Joyce

Head of Fixed Income Market Structure and Senior Trader, Municipals Trading, AllianceBernstein

Susan Joyce is Head of Fixed Income Market Structure and a Senior Trader for Municipals Trading. She is responsible for managing the impact of regulations, technology innovation, and market behavior changes on AB Fixed Income Trading. She trades high grade, high yield, and taxable municipal bonds and leads the automation effort for Municipals Trading. Prior to leading the market structure effort, she was an inaugural member of the Portfolio Innovations team as co-creator of the Abbie virtual assistant. She holds a BA in Economics-Mathematics with a minor in English from Columbia University and is a CFA charterholder.

Fireside Chat with Scott O’Malia, CEO, ISDA

2:40 p.m.

Interviewer: Tim Bowler, ICE Clearing and Chair ICE Benchmark Administration

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Scott O’Malia

Chief Executive Officer, International Swaps and Derivatives Association, Inc. (ISDA)

Scott O’Malia is Chief Executive Officer of the International Swaps and Derivatives Association, Inc. (ISDA), a position he has held since August 2014. At ISDA, Mr. O’Malia has led the Association’s drive to promote safe and efficient markets, and develop industry standards and legal documentation. This includes a push to develop common standards and processes to support new technologies aimed at improving post-trade efficiency through the adoption of innovative and scalable fintech and regtech solutions.

ISDA is a global derivatives association that represents all derivatives users on key industry issues, including trading, clearing, reporting, margin, capital and legal standards. During Mr. O’Malia’s tenure, ISDA has expanded its Board to include broader representation of derivatives users, making it the most diverse in the Association’s history. Mr. O’Malia has also brought greater focus on market infrastructure issues – in particular, the cross-border harmonization of global central counterparty regulation, trade execution and data rules.

Prior to joining ISDA, Mr. O’Malia was appointed by President Obama and was confirmed by the US Senate to serve as Commissioner of the Commodity Futures Trading Commission (CFTC). He served in this position from October 2009 until August 2014. During this time, Mr. O’Malia debated and cast votes on the CFTC rules related to Title VII of the Dodd-Frank Act. While at the CFTC, Mr. O’Malia revived the Technology Advisory Committee, and led an active agenda investigating data standardization, highlighting trade execution rules and developing a better understanding of how algorithmic trading operates in regulated markets.

Mr. O’Malia has also had a distinguished career spanning 15 years in the US Senate, including roles as Clerk to the US Senate Appropriations Subcommittee on Energy and Water Development, Professional Staff on the US Senate Energy and National Resources Committee under Chairman Pete Domenici (R-N.M.), and nearly 10 years working for US Senator Mitch McConnell (R.-Ky.), now the Senate Majority Leader. During his career, Mr. O’Malia also helped establish the Washington, DC office of Mirant Corp., where he worked on rules and standards for corporate risk management and energy trading among wholesale power producers.

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Tim Bowler

ICE Clearing and Chair ICE Benchmark Administration

Timothy J. Bowler is an executive in ICE’s Clearing business and Chair of ICE Benchmark Administration, a wholly-owned subsidiary of Intercontinental Exchange, Inc. (NYSE: ICE).

Prior to joining ICE in October of 2017, Bowler was a managing director in the Financial Institutions Group at Goldman Sachs advising U.S. depository institutions. Before returning to Goldman Sachs in 2016, Bowler was Counselor to the Secretary at the U.S. Treasury. In that function, he was responsible for advising the Secretary on matters related to Housing Finance Reform and troubled municipalities including the Commonwealth of Puerto Rico. He previously served as the U.S. Treasury’s Acting Assistant Secretary for Financial Stability and Deputy Assistant Secretary for the Office of Capital Markets.

Before the U.S. Treasury, Bowler was a managing director in Goldman Sachs’ Financial Institutions Group and held various capital markets and risk management roles at JPMorgan.

Bowler earned a Bachelor of Science degree with a concentration in Finance from the College of William and Mary.

Panel: Board Oversight & SEC Valuation Guidance

3:10 p.m.

An in-depth focus on the roles and responsibilities of the funds' boards with regards to valuation oversight of the adviser. With the Sept 2022 implementation of SEC Rule 2a-5, the panel will focus on any changes or enhancements they have already seen, as well as any expectations as the rule matures.

Moderator: Carolyn McPhillips, President, Mutual Fund Directors Forum

Panelist: David Grim, Partner, Stradley Ronon Stevens & Young, LLP

Panelist: Katie King, Trust Solutions Assurance Partner, PwC

Panelist: Patricia Maleski, Independent Trustee, Morgan Stanley Mutual Funds

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Carolyn McPhillips

President, Mutual Fund Directors Forum

Carolyn McPhillips is president of the Mutual Fund Directors Forum. She joined the Forum's staff in July 2005. Immediately prior to joining the Forum, she lived in Naples, Italy. She was an associate in the Financial Services Group of Dechert LLP from 2000 to 2003.

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David Grim

Partner, Stradley Ronon Stevens & Young, LLP

David Grim, a partner at Stradley Ronon Stevens & Young, LLP who serves as partner-in-charge of the firm’s Washington, D.C. office, provides counsel on all aspects of investment management law to funds, advisers, and trustees. Dave assists clients with a unique perspective developed during his over 20 years of public service in the U.S. Securities and Exchange Commission’s Division of Investment Management, including his time as one of only a small number of people who has served as the top regulator of the asset management industry. Dave joined the Division of Investment Management in 1995 directly from law school and rose to become its leader.

He developed regulatory policy and legal guidance for investment advisers and investment companies, including mutual funds, exchange-traded funds, closed-end funds, variable insurance products, unit investment trusts and business development companies. Prior to his appointment as Director, Dave served in a number of capacities throughout the Division, including Deputy Director and Assistant Chief Counsel.

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Katie King

Trust Solutions Assurance Partner, PwC

Katie King is a Trust Solutions assurance partner in the asset and wealth management practice at PwC resident in the Kansas City office. Katie leads PwC’s mutual fund regulatory group which provides industry insights and relevant thought leadership publications over recent regulations such as Good Faith Determination of Fair Value, Use of Derivatives and Liquidity Risk Management. Katie has over 18 years of financial services experience focused specifically on the asset and wealth management sector. She leads teams serving a variety of investment advisors and fund complexes including registered mutual funds, exchange-traded funds, and alternative investment funds. Katie earned her Masters in accounting from University of Washington. She is a member of the American Institute of CPAs.

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Patricia Maleski

Independent Trustee, Morgan Stanley Mutual Funds

Patricia “Trish” Maleski is an independent trustee for the Morgan Stanley Mutual Funds where she serves on the Compliance & Insurance and Fixed Income, Liquidity & Alternatives committees. A CPA by trade, she shifted to a successful career in asset management, having served in multiple positions including President and Treasurer of the JPMorgan mutual fund complex and Chief Control Officer for the JPMorgan Asset Management Division. While at JPM, Trish was also the chair of the Americas Valuation Committee.

Further, she worked on the Mutual Fund Directors Forum (“MFDF”) 2015 Valuation White Paper and is a member of the working group responsible for updating this paper. Trish brings a unique perspective to valuation, where her prior experience as a member of management now informs her decisions as a board member.

Panel: Muni Execution in Fast Markets

4:00 p.m.

In this panel, the issuer, the trading desk and the investor community examine key issues for municipal bonds amid a challenging year for the asset class. Topics to cover:

What are the tools issuers need to tackle a volatile market?

What are the challenges faced by portfolio managers when finding liquidity during sell-offs?

What stresses do volatility place on automated trading strategies?

Moderator: Sowjana Sivaloganathan, Director in Fixed Income Content Development, ICE

Panelist: Chad Wildman, Head of Municipal Quant Strategies & Electronic Trading, Morgan Stanley

Panelist: Colin MacNaught, CEO & Co-Founder, BondLink

Panelist: Richard Taormina, Managing Director & Head of Tax Aware Strategies Group, JPMorgan

Panelist: Simone Santiago, Co-Director of Municipal Bond Trading, Eaton Vance

Panelist: Richard Siemers, Head of Business Operations & Trade Desk Services, ICE Bonds

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Sowjana Sivaloganathan

Director, Fixed Income Content Development, ICE

Sowjana Sivaloganathan, Director in Fixed Income Content Development at ICE, is responsible for creating software, analytical tools and models for the market. She has over 20 years of experience covering fixed income markets specializing in US Municipals, and during that time has helped develop many of the technology solutions that the markets rely upon to function efficiently. She has a B.A. in Economics from the London School of Economics & Political Science.

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Chad Wildman

Head of Municipal Quant Strategies & Electronic Trading, Morgan Stanley

Chad received a PhD in Mathematics from University of California at San Diego in 2014, specializing in analysis of partial differential equations, as well as a Master’s in Financial Engineering from University of California at Berkeley. He joined the municipal securities division at Morgan Stanley in 2015 and is currently Executive Director in charge of electronic trading and quantitative strategies.

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Colin MacNaught

CEO & Co-Founder, BondLink

Colin MacNaught is the CEO & Co-Founder of BondLink, a financial technology company that helps states, cities and public utilities access capital more efficiently in the $4 trillion municipal bond market. In 2021, BondLink’s issuer-clients issued more than $54 billion in bonds, an amount equal to 11% of the total par amount of bonds issued. BondLink’s investors include Franklin Templeton Investments, Coatue, and Intercontinental Exchange.

Prior to founding BondLink, Colin was the Assistant State Treasurer for Debt Management for the Commonwealth of Massachusetts where he was responsible for $25 billion in issuance from 2008 to 2015. During his time with the state, Massachusetts was recognized for its financing innovation, culminating in being awarded two National Deal of the Year awards from The Bond Buyer, the Industry Contribution Award from the National Federation of Municipal Analysts for its investor outreach, and a bond rating upgrade. Massachusetts was also the first issuer in the municipal bond market to issue Green Bonds.

ICE Fixed Income Forum | ICE Events (29)

Richard Taormina

Managing Director & Head of Tax Aware Strategies Group, JPMorgan

Richard D. Taormina, managing director, is head of the Tax Aware Strategies Group. An employee since 1997, Rick is responsible for managing municipal and tax‐aware mutual funds, high net worth andinstitutional fixed income accounts, and quantitative analysis. In 2001, Rick initiated a process thatallows separately managed accounts to benefit from the power of the JPMorgan platform, includingsystematic strategic management, institutional level trade execution, and improved portfoliobenchmarking. Rick also expanded the use of quantitative analysis and tools, allowing individuals tobenefit from strategies previously available only to institutional and taxable buyers. Rick joined the firmas a state‐specific mutual fund manager and strategist. Prior to joining the firm, Rick was a senior traderfor national, high‐yield, and state‐specific funds at the Vanguard Group, where the team consistentlyperformed in the top‐quartile. He has been a municipal bond manager since 1990. Ricks holds a B.A. ineconomics from the University of Delaware, an M.B.A. in finance from Wilmington College, and is aCertified Financial Planner (CFP).

ICE Fixed Income Forum | ICE Events (30)

Simone Santiago

Co-Director of Municipal Bond Trading, Eaton Vance

Simone Santiago is a managing director and co-director of municipal trading on Eaton Vance’s municipal bond team. She is responsible for trading high yield municipals, as well as trading specific states in national funds and corresponding state specific funds. She also oversees and trades for the team’s Tender Option Bond Program. She began her career in the investment management industry with Eaton Vance in 1999. Simone earned a B.S. from Emmanuel College.

ICE Fixed Income Forum | ICE Events (31)

Richard Siemers

Head of Business Operations & Trade Desk Services, ICE Bonds

Rick Siemers joined ICE Bonds after Intercontinental Exchange (NYSE:ICE) acquired TMC Bonds in 2018. At the time, he was a co-head of the Taxable Fixed Income desk. In May 2019, Rick’s role expanded to supervisor of the ICE TMC trade desk. Rick is currently the Head of Business Operations at ICE Bonds and oversees Trade Desk Services for the ICE TMC and ICE Bondpoint platforms.

Prior to joining ICE Bonds, Rick spent several years in various finance roles and traded Municipal, Corporate, Agency, Treasury, and Mortgage debt. Rick also was a proprietary futures trader of equity, fixed income, and oil.

Rick holds his Series 7, 24, 53, and 63 licenses. He attended Fairfield University, and earned a Bachelor of Science in both Finance and Information Systems.

Panel: Fixed Income Electronification: Implications for Data & Evaluations

4:00 p.m.

The electronification of fixed income markets has been followed by the advancement of technology and analytics. However technology must step up with more efficient and effective solutions. Join this session to hear the panelists discuss how data science is evolving and supporting the enhancement of ICE’s global fixed income evaluation process.

Moderator: Christopher Krupa, Vice President, Global Head PRD Evaluations, ICE

Panelist: Tim Monahan, Senior Director, Product Management, ICE

Panelist: Satish Vedantam, Director, Quantitative Engineering, ICE

ICE Fixed Income Forum | ICE Events (32)

Christopher Krupa

Vice President, Global Head PRD Evaluations, ICE

Chris Krupa is a Vice President in the Evaluated Services Group at ICE Data Services, which is part of Intercontinental Exchange, Inc. (NYSE: ICE). His areas of expertise include structured finance, corporate bonds and municipal securities.

As Global Head of the Evaluations business, Krupa is responsible for the operations, methodology and business strategy for global fixed income evaluations. He leads a team of over 150 evaluators and analysts responsible for the production of approximately 2.8M end of day evaluations and Continuous Evaluated Pricing (CEPTM).

Prior to ICE, Krupa served as Vice President Corporate and Institutional Banking at HSBC Securities (USA), Inc., where he was responsible for performing risk-based capital management and analyzing asset-backed securities, and interest rate and currency swaps. Krupa also worked at Fitch Ratings where he was Associate Director of Asset-Backed Securities, responsible for the analysis of consumer asset-backed structures and collateral for new issuances.

Mr. Krupa is a graduate of Northeastern University, in Boston, Massachusetts.

ICE Fixed Income Forum | ICE Events (33)

Tim Monahan

Senior Director, Product Management, ICE

Tim Monahan is Senior 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, CMDI and Market Sentiment; each a part of ICE’s Trading Analytics services. In addition to managing the products comprising the Trading Analytics services he is responsible for managing all US evaluations as well as content creation to help support fixed income order flow.

Mr. Monahan has 18 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.

ICE Fixed Income Forum | ICE Events (34)

Satish Vedantam

Director, Quantitative Engineering, ICE

Satish leads the data science and quantitative initiatives at ICE. He has built models for financial markets for the past 15+ years and has been witness to the rapid rise in our ability to ingest, rationalize and predict data. He holds a PhD in information theory and has worked at Citi, Bloomberg and Goldman Sachs.

Closing Remarks

4:50 p.m.

ICE Fixed Income Forum | ICE Events (35)

Lynn Martin

President, NYSE Group & Chair, ICE Fixed Income & Data Services

Lynn Martin is President of NYSE Group, a wholly-owned subsidiary of Intercontinental Exchange, Inc. (NYSE: ICE). NYSE Group includes the New York Stock Exchange, the world’s largest stock market and premier venue for capital raising, as well as four fully electronic equity markets and two options exchanges.

Martin is also Chair of Fixed Income & Data Services at ICE, which includes ICE Bonds execution venues, securities pricing and analytics, reference data, indices, desktop solutions, consolidated feeds and connectivity services that cover all major asset classes. Most recently, she was President of Fixed Income & Data Services and earlier served as President of ICE Data Services, COO of ICE Clear U.S., and in a number of leadership roles including CEO of NYSE Liffe U.S. and CEO of New York Portfolio Clearing. Martin began her career at IBM in its Global Services organization.

Martin holds a BS in Computer Science from Manhattan College and an MA in Statistics from Columbia University. She serves on the Manhattan College Board of Trustees as well as the Advisory Board of the School of Science and is a member of the Phi Beta Kappa National Honor Society.

ICE Fixed Income Forum | ICE Events (2024)
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