Equity Market Structure Advisory Committee — Regulation NMS Subcommittee

Summary Minutes of December 10, 2015 Call

The Regulation NMS Subcommittee held a call on December 10, 2015, to discuss the selection of a Subcommittee Chair and the designation of a staff liaison, potential topics for Subcommittee review, and next steps.

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

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

David Shillman
Richard Holley
Johnna Dumler
Arisa Kettig
Erika Berg

The first order of business was a report by staff on the selection of a Subcommittee Chair and the designation of a staff liaison. Kevin Cronin was nominated and voted by Members to be the Chair of the Subcommittee and Richard Holley was designated as staff liaison.

The next order of business was to identify potential topics to be reviewed by the Subcommittee. Members suggested and discussed the following potential topics:

• Access fees and rebates and possible pilot to analyze maker/taker fees
• Order Protection Rule and possible block trade exemption
• Locking and crossing protected quotations in NMS Stock
• Market data revenue allocation
• Sub-Penny Trading

The final order of business discussed was next steps. The Subcommittee plans to meet again in late December 2015 or early January 2016.

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