Equity Market Structure Advisory Committee — Customer Issues Subcommittee
Summary Minutes of January 7, 2016 Call
The Customer Issues Subcommittee held a call on January 7, 2016, to set context for the goals of the Subcommittee, discuss potential retail investor issues and ways to obtain more information on retail investor behavior, and to set the next meeting date.
The call convened at approximately 8:00 a.m. ET via telephone. The following Subcommittee Members were on the call:
The following staff from the Division of Trading and Markets were on the call:
The first order of business was setting the context for the meeting and discussing next steps.
The second order of business was a discussion of certain public materials related to retail investors and a description of retail customers. SEC staff described information provided by the SEC's Office of Investor Education and Advocacy, Office of the Investor Advocate, and the Division of Economic and Risk Analysis, related to retail investors and their behavior.
The Subcommittee discussed the difficulty of obtaining data related to investor sentiments and suggested ways to obtain data that would provide insight into investor attitudes about the market. The following suggestions were made for consideration: (1) a Commission survey that queries retail investors on market confidence and fairness; (2) a review of the efficiencies of current disclosures and relation to retail investor confidence; (3) the use of standardized data for greater investor education; and (4) a study of investor behavior using economic data.
The Subcommittee planned to meet again on January 29, 2016.
The call concluded at approximately 9:00 a.m.