Equity Market Structure Advisory Committee — Market Quality Subcommittee

Summary Minutes of December 15, 2015 Call

The Market Quality Subcommittee held a call on December 15, 2015, to set the framework and discuss topics for Subcommittee consideration, processes, and procedures.

The call convened at approximately 4:00 p.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
Maureen O'Hara

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

David Shillman
Daniel Gray
Arisa Kettig

The first order of business was to discuss potential topics to be reviewed by the Subcommittee. The following topic suggestions were discussed: (1) the market events of August 24th; (2) exchange-traded funds; (3) high-frequency trading strategies and volatility; and (4) dark liquidity. Subcommittee members also discussed including stop orders and order types generally as potential topics to consider.

The next order of business was to discuss the potential inclusion of market participants. Subcommittee members generally agreed to invite industry members, including issuers, exchanges, and market makers to inform future Subcommittee discussions.

The final order of business discussed was next steps. The Subcommittee plans to schedule a meeting in January to discuss the events of August 24th.

The call concluded at approximately 4:30 p.m.