MSRB Hires Chief Market Structure Officer

Date: September 10, 2014

Contact: Jennifer A. Galloway, Chief Communications Officer
             (703) 797-6600
               jgalloway@msrb.org

MSRB HIRES CHIEF MARKET STRUCTURE OFFICER

Alexandria, VA – The Municipal Securities Rulemaking Board (MSRB) announced today that John A. Bagley, an experienced fixed-income professional with extensive knowledge of trading, underwriting and sales, will join the MSRB as Chief Market Structure Officer on September 15, 2014. Mr. Bagley will lead a newly created department dedicated to ensuring the MSRB’s activities are informed by economic analysis and understanding of current market practices, and reflect market activity based on data.

“The creation of the new market structure group, and the selection of John to lead it, is a significant development for the MSRB,” said MSRB Executive Director Lynnette Kelly. “John’s team of key existing staff and new hires will play a central role in providing rigorous analysis of the impact of the MSRB’s regulatory and transparency initiatives on the industry.”

Mr. Bagley most recently served as President of BondDesk Trading LLC, where he was responsible for its broker-dealer and related trading platform activity. Previously, Mr. Bagley served in sales and trading roles at divisions of UBS and its predecessor, PaineWebber, for nearly three decades. Mr. Bagley received his bachelor’s degree from Boston University and has a master’s of business administration from Columbia University.

In his role at the MSRB, Mr. Bagley will oversee newly hired Chief Economist David H. Saltiel. The MSRB also recently hired two municipal market professionals as members of the Market Structure team – Michael Kobs, Senior Advisor for Municipal Market Structure, and Barbara Voute’, Municipal Operations Advisor. They join Marcelo Vieira, MSRB Director of Research, and Justin Pica, Director of Product Management for Market Transparency, as members of the market structure group.

The MSRB is advancing a number of regulatory and transparency initiatives to support the fairness and efficiency of the municipal market. Among these is a proposal to enhance the MSRB’s Electronic Municipal Market Access (EMMA®) website with additional post-trade information. The MSRB envisions developing a “central transparency platform” on EMMA to integrate real-time trade data for investors and others interested in the market. The MSRB also is developing a proposal that would require municipal securities dealers to disclose to their retail customers information that would help them better understand some of the factors associated with the costs of their trades.


The MSRB protects investors, state and local governments and other municipal entities, and the public interest by promoting a fair and efficient municipal securities market. The MSRB fulfills this mission by regulating the municipal securities firms, banks and municipal advisors that engage in municipal securities and advisory activities. To further protect market participants, the MSRB provides market transparency through its Electronic Municipal Market Access (EMMA®) website, the official repository for information on all municipal bonds. The MSRB also serves as an objective resource on the municipal market, conducts extensive education and outreach to market stakeholders, and provides market leadership on key issues. The MSRB is a self-regulatory organization governed by a 21-member board of directors that has a majority of public members, in addition to representatives of regulated entities. The MSRB is overseen by the Securities and Exchange Commission and Congress.