Equity Market Structure Advisory Committee — Regulation NMS Subcommittee

Summary Minutes of January 12, 2016 Call

The Regulation NMS Subcommittee held a call on January 12, 2016, to discuss prioritization of topics for Subcommittee review, scheduling, and participation of market participants in Subcommittee discussion.

The call convened at approximately 4:30 p.m. via telephone. The following Subcommittee Members were on the call:

Kevin Cronin
Mehmet Kinak
Joseph Mecane
Eric Noll
Joe Ratterman
Nancy Smith
Gary Stone
Chester Spatt

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

David Shillman
Richard Holley
Arisa Kettig
Johnna Dumler
Erika Berg

The first order of business was to determine potential topics for the Subcommittee's consideration. The Subcommittee agreed to focus on access fees as the Subcommittee's first priority, followed by market data generally, and the Order Protection Rule (Regulation NMS Rule 611).

The Subcommittee next discussed including outside market participants to inform the Subcommittee's discussions on specific topics. The Subcommittee members discussed having a sub-group consider industry constituents and suggest potential participants.

The final order of business discussed was next steps. The Subcommittee intends to schedule the next meeting in February to discuss access fees and potential pilot program.

The call concluded at approximately 5:30 p.m.