{"content":[{"text":"Effect of March 2020 on Fixed-Income Markets and Open-End Funds: \n Holistic Review and Policy Implications \n Investment Company Institute Roundtable \n (with the participation of the Organisation for Economic Co-operation and Development) \n May 25, 2021","bbox":{"left":0.127869,"top":0.149445,"width":0.7459359999999999,"height":0.13215899999999997}},{"text":"Summary of Proceedings and Key Points","bbox":{"left":0.31005,"top":0.321435,"width":0.381306,"height":0.021455000000000002}},{"text":"The Investment Company Institute (ICI), with the participation of the Organisation for Economic Co- \n operation and Development (OECD), organized a roundtable to examine how the March 2020 market \n turmoil affected the fixed-income markets and open-end bond funds. The purpose of the roundtable \n was for regulators and market practitioners to detail the events of March 2020, identify the factors \n leading to the stress in the markets during that time, and analyze performance of open-end funds’ \n liquidity risk management programs.","bbox":{"left":0.118326,"top":0.354595,"width":0.739435,"height":0.108514}},{"text":"More than 200 industry stakeholders attended the roundtable, and attendees had the opportunity to \n submit questions for each panel.","bbox":{"left":0.118308,"top":0.474571,"width":0.73947,"height":0.035192999999999974}},{"text":"The roundtable was organized into four segments:","bbox":{"left":0.118308,"top":0.521226,"width":0.367903,"height":0.01701600000000003}},{"text":"•","bbox":{"left":0.14773,"top":0.549882,"width":0.008296999999999999,"height":0.01707700000000001}},{"text":"An opening address by Greg Medcraft, director of the OECD Directorate for Financial and \n Enterprise Affairs and former chair of the International Organization of Securities Commissions \n (IOSCO). \n A panel of regulators and market participants discussing the March 2020 market events with a \n particular focus on fixed-income markets. The panel identified the significant participants in the \n market during that period and considered how those participants contributed to, or affected, \n events. The panel also discussed the origin and spread of market stresses. \n A panel of current fund risk and portfolio managers discussing fund liquidity risk management. \n Panelists described their liquidity management programs and how liquidity is managed during \n normal market periods as well as stressed periods. \n A commentary on the panel discussions by Eric J. Pan, president and CEO of ICI, Robert Ophèle, \n chairman of the Autorité des marchés financiers, and Greg Medcraft. The conversation centered \n on the possible policy implications of the March 2020 market events.","bbox":{"left":0.177062,"top":0.550624,"width":0.7026810000000001,"height":0.23851299999999998}},{"text":"•","bbox":{"left":0.147712,"top":0.605333,"width":0.008296999999999999,"height":0.01707700000000001}},{"text":"•","bbox":{"left":0.147658,"top":0.679268,"width":0.008296999999999999,"height":0.01707700000000001}},{"text":"•","bbox":{"left":0.147676,"top":0.735025,"width":0.008296999999999999,"height":0.01707700000000001}},{"text":"A recording of each segment is available at www.ici.org/events/ici_oecd_conf_052521, and a summary \n of the key points of the roundtable is presented below.","bbox":{"left":0.118254,"top":0.800599,"width":0.7520640000000001,"height":0.03525400000000012}},{"text":"1","bbox":{"left":0.496063,"top":0.938231,"width":0.009142999999999957,"height":0.01701600000000003}}],"images_bbox":[{"left":0.119919,"top":0.04721,"width":0.764706,"height":0.058081}],"images_bbox_not_text_overlap":[{"left":0.119919,"top":0.04721,"width":0.764706,"height":0.058081}]}