Equity Market Structure Advisory Committee — Customer Issues Subcommittee

Summary Minutes of January 29, 2016 Call

The Customer Issues Subcommittee held a call on January 29, 2016, to discuss topics outlined in the Certain Issues Affecting Customers in the Current Equity Market Structure memorandum ("Memo").

The call convened at approximately 8:00 a.m. via telephone. The following Subcommittee members were on the call:

Matthew Andresen
Brad Katsuyama
Ted Kaufman
Richard Ketchum
Manisha Kimmel
Jamil Nazarali
Nancy Smith

The following staff from the Division of Trading and Markets were on the call:

David Shillman
Michael Coe
Leah Mesfin
Andrew Sioson
Arisa Kettig

The following staff from the Office of the Investor Advocate was on the call:

Adam Moore

The first order of business was a discussion relating to issues addressed in the Memo, including execution quality reports, risks of market orders and stop orders, and payment for order flow.

The next order of business was a discussion of a potential investor confidence survey. The Subcommittee plans to consider a potential survey to assess retail investor sentiment and discussed how to measure fairness of the markets.

The final order of business was an update of the Subcommittee's status for the February 2, 2016 full Committee meeting and discussion of next steps. The Subcommittee plans to meet on February 19, 2016 and expects to invite retail firms to join the meeting.

The call concluded at approximately 9:30 a.m.