Equity Market Structure Advisory Committee — Trading Venues Regulation Subcommittee

Summary Minutes of February 16, 2016

The Trading Venues Regulation Subcommittee held a call on February 16, 2016, to discuss issues relating to the governance of NMS plans and next steps.

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

Reginald Browne
Brad Katsuyama
Richard Ketchum
Manisha Kimmel
Joseph Mecane
Maureen O'Hara
Joe Ratterman
Gary Stone

The following person was on the call:

Stephanie Dumont, FINRA

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

David Shillman
Nancy Burke-Sanow
Ira Brandriss
Deborah Flynn
Sarah Schandler
Katie Levine
Arisa Kettig

The first order of business was a discussion of the governance of national market system plans, including recent calls for greater industry participation in NMS plan decision-making and possible forms such participation might take.

The next order of business discussed was next steps. The Subcommittee plans to invite industry participants to an in-person meeting to further discuss issues relating to the governance of NMS plans. The Subcommittee also plans to meet in-person on March 7 to discuss various issues relating to the regulatory framework for exchanges and ATSs.

The call concluded at approximately 3:00 p.m.