Equity Market Structure Advisory Committee — Market Quality Subcommittee

Summary Minutes of April 8, 2016 Meeting

The Market Quality Subcommittee held an in-person meeting on April 8, 2016, to discuss the Subcommittee's preliminary recommendations and discuss issues relating to issuers and market making.

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

Matthew Andresen
Reginald Browne
Ted Kaufman
Eric Noll
Maureen O'Hara

The following industry participants joined the meeting:

Angelo Evangelou, CBOE
Hubert De Jesus, Blackrock
Bryan Harkins, BATS
David LaValle, State Street Global Advisors
Chris Nagy, Healthy Markets
Venu Palaparthi, Virtu Financial
David Weild, Weild & Co.

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

David Shillman
Daniel Gray
Arun Manoharan
Charles Collver
Alex Jadin
Benjamin Kalish
Vince Vuong
Arisa Kettig

The first order of business was a discussion of the Subcommittee's potential recommendations on limit-up/limit-down, clearly erroneous, market wide circuit breakers, and the market opening.

The next order of business was a presentation by Mr. Weild regarding issuers' views on market structure and market quality. Following Mr. Weild's presentation, Mr. Nagy presented his initial views on market-making, including rights, responsibilities, and proposed changes.

The final order of business was discussion of next steps. The Subcommittee plans to meet on April 15, 2016 to continue the market-maker discussion and expects to have representatives of retail firms participate in the meeting.

The meeting concluded at approximately 10:50 a.m.