Equity Market Structure Advisory Committee — Regulation NMS Subcommittee

Summary Minutes of March 29, 2016 Call

The Regulation NMS Subcommittee held a call with an industry participant on March 29, 2016, to continue to finalize the framework for a potential access fee pilot program (the "Pilot").

The call convened at approximately 2:00 p.m. The following Subcommittee members were on the call:

Kevin Cronin
Mehmet Kinak
Joe Ratterman
Chester Spatt

The following industry participant was also on the call:

Charles Jones, Columbia University

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

Richard Holley
Arisa Kettig
Erika Berg

The first order of business was the continued discussion of the Pilot, including access fee buckets and the potential inclusion of inverted exchanges in the Pilot.

The Subcommittee intends to update the Pilot framework to reflect the discussion and circulate the revised framework to the Subcommittee prior to the April 26, 2016 full Committee meeting.

The call concluded at approximately 2:40 p.m.