Equity Market Structure Advisory Committee — Market Quality Subcommittee

Summary Minutes of October 31, 2016 Meeting

The Market Quality Subcommittee held a call on October 31, 2016, to discuss exchange-traded funds (ETFs).

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

Matt Andresen
Reginald Browne
Kevin Cronin
Ted Kaufman
Mehmet Kinak
Jamil Nazarali
Eric Noll

The following industry participants joined the call:

Bill Belden, Guggenheim
Brandon Clark, Legg Mason
George Foster, ProShares
Nicole Hunter, Blackrock
Dave Lavalle, StateStreet  
Rich Ledee, ProShares
Eric Pollackov, Invesco
Ben Slavin, WisdomTree

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

John Roeser
Molly Kim
Steve Kuan
Emerald Greywoode
Arisa Kettig

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

Claudia Moise
John Ritter

The main order of business was a roundtable discussion among the Subcommittee members and industry participants focused on ETF issues. ETF related topics of discussion included capital formation, market structure, initial and continued listing standards, market maker programs and obligations, order types, and investor education.

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