Equity Market Structure Advisory Committee — Market Quality Subcommittee

Summary Minutes of May 27, 2016 Meeting

The Market Quality Subcommittee held a call on May 27, 2016, to discuss the Subcommittee’s preliminary recommendations and additional topics of interest.

The call convened at approximately 9:00 a.m. via telephone. The following Subcommittee members were on the call:

Reginald Browne
Kevin Cronin
Maureen O’Hara
Jamil Nazarali
Eric Noll

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

John Roeser
Alex Jadin
Benjamin Kalish
Vince Vuong
Arisa Kettig

The following staff from the Division of Economic and Risk Analysis also joined the call:

Claudia Moise

The first order of business was to discuss the Subcommittee’s preliminary recommendations related to limit-up/limit-down, market wide circuit breakers, and the market opening process and procedures.

The next order of business was a discussion of additional potential topics of focus, including ETF trading, market closing auctions, market-making privileges, and small and mid-cap liquidity.

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