Equity Market Structure Advisory Committee — Regulation NMS Subcommittee

Summary Minutes of May 5, 2016 Call

The Regulation NMS Subcommittee held a call on May 5, 2016, to finalize the framework for the access fee pilot program recommendation (the “Pilot”) that was presented to the full Committee at the April 26, 2016 meeting.    

The call convened at approximately 1:00 p.m. The following Subcommittee members were on the call:    

Kevin Cronin
Mehmet Kinak
Joe Mecane
Chester Spatt
Nancy Smith
Gary Stone

The following industry participant was also on the call:

Chris Concannon, BATS Global Markets
Charles Jones, Columbia University
Faris Matalka, E-Trade
Adam Nunes, Hudson River Trading

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

Richard Holley
Arisa Kettig
Erika Berg

The following staff from the Division of Economic and Risk Analysis joined the call:

Austin Gerig
Shawn O’Donoghue

The main order of business was to discuss, revise, and finalize the Pilot recommendation, including among other things, the number of securities to be included, duration of the Pilot, and items for public comment.

The Subcommittee intends to circulate the revised Pilot framework for a Subcommittee vote.

The call concluded at approximately 1:55 p.m.