Equity Market Structure Advisory Committee — Market Quality Subcommittee

Summary Minutes of March 3, 2016 Meeting

The Market Quality Subcommittee held an in-person meeting on March 3, 2016, to discuss issues relating to market quality.

The meeting convened at approximately 9:00 a.m. at Convergex's NY office. The following Subcommittee members were at the meeting:

Matthew Andresen
Reginald Browne
Kevin Cronin
Ted Kaufman
Jamil Nazarali
Eric Noll
Maureen O'Hara

The following industry participants joined the meeting:

Angelo Evangelou, CBOE
Tim Coyne, State Street Global Advisors
Hubert De Jesus, Blackrock
Bryan Harkins, BATS
Boris Illyevsky, ISE
Venu Palaparthi, Virtu Financial

The following staff from the Division of Trading and Markets joined the meeting via telephone:

David Shillman
Mark Donohue
Arun Manoharan
Charles Collver
Barry Pershkow
Arisa Kettig
Benjamin Kalish
Vince Vuong

The first order of business was a roundtable discussion on issues relating to limit-up/limit-down, including the re-opening auction process, applicability and impact on ETFs, and clearly erroneous trades.

The Subcommittee members and industry participants then focused on market wide circuit breakers and discussed potential changes.

The next order of business was discussion of the market opening and impact on price discovery mechanisms.

The final order of business was discussion of next steps. The Subcommittee plans to discuss market-maker privileges at the next meeting and expects to invite additional industry participants.

The meeting concluded at approximately 11:15 a.m.