Fixed income ETFs have grown rapidly in size and popularity in recent years, offering liquidity in an asset class that historically has been prone to bouts of illiquidity. But do these ETFs pose a systemic risk to the credit markets? Or, do they add transparency and efficiency to a market structure that has been, historically, opaque and difficult to access?
Brian LukeGlobal Head of Fixed Income Indices, S&P Dow Jones Indices
Brian Luke is Global Head of Fixed Income Indices at S&P Dow Jones Indices (S&P DJI). With over 15 years of fixed income experience, Full Bio
Brian Luke is Global Head of Fixed Income Indices at S&P Dow Jones Indices (S&P DJI). With over 15 years of fixed income experience, Brian leads S&P DJI’s global fixed income indices, including the S&P Municipal Bond, Global Bond, Global Leveraged Loan, and Global Bond Futures Indices. These index series cover key benchmarks for the fixed income market such as the S&P National AMT-Free Municipal Bond Index, the S&P/LSTA U.S. Leveraged Loan 100 Index, the S&P 500® Bond Index, the Dow Jones Sukuk Total Return Index, and the S&P Green Bond Index.
Previously, Brian headed S&P DJI’s index construction, development, and implementation for fixed income, commodities, and alternative indices. Before joining S&P DJI, Brian led the U.S. fixed income trading desk for Maybank Global Markets, where he managed the bank’s U.S. dollar fixed income portfolio. Prior to that, he worked at Pacific Income Advisers, where he traded and managed active and passive portfolios for institutional and retail investors. As a fixed income specialist, Brian has presented on Bloomberg TV, covering headline events and investment strategies within the fixed income markets.
Brian is a CFA charterholder and holds a bachelor’s in business administration with a concentration in finance from the University of Washington. In his spare time, Brian enjoys skiing and traveling, having logged over 30 ski resorts and visited over 40 countries and holds U.S. and EU passports. Minimize
S&P Global Contributor
Andrew UpwardETF Strategist, Jane Street
Andrew Upward is an ETF Strategist on Jane Street’s Institutional Sales & Trading team. Full Bio
Andrew Upward is an ETF Strategist on Jane Street’s Institutional Sales & Trading team. In this role, Andrew analyzes market structure and ETF trading developments, and he produces market studies for institutional clients including global asset managers, pension funds, insurance companies, and wealth platforms. Andrew also uses these insights to make regular contributions to market structure and regulatory discussions.
Prior to joining Jane Street, Andrew was Head of Market Structure at Weeden & Co. Before Weeden & Co., he was a VP and Market Structure Analyst at Rosenblatt Securities. His experience in sales, trading, and analysis stretches back to 2003.
Outside of Jane Street, Andrew enjoys spending time with his wife and two children. Andrew graduated from Kalamazoo College in 2003 with a Bachelor’s Degree in Economics. Minimize
S&P Global Contributor
William AhmutyHead of Fixed Income Group, State Street Global Advisors
Bill is the Head of SPDR ETF Fixed Income Group and the SPDR Insurance Team. Full Bio
Bill is the Head of SPDR ETF Fixed Income Group and the SPDR Insurance Team. In this capacity, Bill works with clients across various sales channels to educate them on the many use cases of fixed income ETFs. In addition, he is responsible for developing and driving the SPDR Fixed Income sales strategy. Bill joined the SPDR ETF Institutional Sales and Capital Markets Team in 2014 and has over 12 years of ETF trading experience across asset classes and over 20 years of market experience.
Prior to SSGA, Bill managed the institutional ETF trading desk at Societe Generale. He has also worked for Newedge managing the ETF sales and trading desk with a focus on market making and ETF arbitrage across asset classes. He started his career at Morgan Stanley where he had a 14 year tenure which included working on the CME and CBOE as well as head trader on the institutional ETF desk.
Bill has an undergraduate degree from the University of Notre Dame and earned a Masters of Business Administration from the University of Chicago. Bill has Series 7, 63, 55 and 24. Minimize
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