Equity Market Structure Advisory Committee — Regulation NMS Subcommittee

Summary Minutes of February 12, 2016 Meeting

The Regulation NMS Subcommittee held an in-person meeting with industry participants on February 12, 2016, to discuss access fees and a potential pilot program.

The meeting convened at approximately 1:00 p.m at Convergex's NY office. The following Subcommittee members were at the meeting:

Kevin Cronin
Mehmet Kinak
Joseph Mecane
Eric Noll
Chester Spatt
Gary Stone

The following industry participants were at the meeting:

Charles Jones, Columbia University
Faris Matalka, E-Trade
Adam Nunes, Hudson River Trading

The following persons were at the meeting:

Eric Swanson (on behalf of Subcommittee member Joe Ratterman, BATS)
Erika Berg, SEC Staff from the Division of Trading and Markets

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

David Shillman
Richard Holley
Arisa Kettig
Johnna Dumler

The first order of business was a roundtable discussion of the participants' various perspectives on access fees and its impact on the market and execution quality.

The next order of business was a discussion of the scope of a potential access fee pilot program, including stock selection, pricing buckets, duration, and potential inclusion of a trade-at rule.

The final order of business was discussion of next steps. The Subcommittee intends to draft a framework of a potential pilot for further consideration by the Subcommittee at the next meeting.

The meeting adjourned at approximately 4:00 p.m.