Equity Market Structure Advisory Committee — Regulation NMS Subcommittee

Summary Minutes of February 29, 2016 Call

The Regulation NMS Subcommittee held a call with industry participants on February 29, 2016, to discuss the framework for a potential access fee pilot program.

The call convened at approximately 4:00 p.m. The following Subcommittee members were on the call:

Kevin Cronin
Mehmet Kinak
Joseph Mecane
Eric Noll
Joe Ratterman

The following industry participants were on the call:

Alan Beller, Cleary Gottlieb
Charles Jones, Columbia University
Faris Matalka, E-Trade

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

David Shillman
Richard Holley
Erika Berg

The first order of business was a discussion relating to the framework of a potential access fee pilot, the potential application to alternative trading systems, and potential impact on market activity.

The next order of business was a discussion of the elements of the Pilot, including proposed access fee buckets and the general goals of the Pilot.

The final order of business was discussion of next steps. The Subcommittee intends to update the Pilot framework to reflect the discussion and will circulate it to the Subcommittee for further consideration at the next meeting.

The call concluded at approximately 4:45 p.m.