Equity Market Structure Advisory Committee — Customer Issues Subcommittee

Summary Minutes of March 4, 2016 Call

The Customer Issues Subcommittee held a call on March 4, 2016, to discuss issues relating to retail customers. The call convened at approximately 1:00 p.m. via telephone. The following Subcommittee members were on the call:

Matthew Andresen
Ted Kaufman
Richard Ketchum
Manisha Kimmel
Andrew Lo
Nancy Smith

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

David Shillman
Michael Coe
Marsha Dixon
Arisa Kettig

The first order of business was an update by a subgroup of the Subcommittee on a potential investor confidence survey that would assess retail investor sentiment.

The next order of business was a discussion of the Subcommittee's perspectives on enhanced disclosures, market orders and stop orders, and payment for order flow, including responses to retail broker-dealer's views from the February 19th meeting.

The final order of business was a discussion of next steps, including inviting additional industry participants prior to making final recommendations.

The call concluded at approximately 1:50 p.m.