Equity Market Structure Advisory Committee — Regulation NMS Subcommittee

Summary Minutes of July 22, 2016 Call

The Trading Venues Regulation Subcommittee held a call on July 22, 2016, to discuss the pending potential Subcommittee recommendations and other topics of Subcommittee interest.

The call convened at approximately 10:00 a.m. via telephone.  The following Subcommittee members were on the call:

Brad Katsuyama
Richard Ketchum
Manisha Kimmel
Joseph Mecane
Maureen O’Hara
Joe Ratterman
Gary Stone

The following person was also on the call:

Stephanie Dumont, FINRA

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

David Shillman
John Roeser
Nancy Burke-Sanow
Katie Levine
Arisa Kettig

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

Salil Pachare

The first order of business was to discuss the two pending recommendations that were presented at the April 26, 2016 meeting - exchange liability and immunity and the centralization of common regulatory functions.

The second order of business was to discuss additional items that the Subcommittee may focus on, including the utility and framework of the consolidated market data feeds and the role of alternative trading systems and broker-dealers in the regulatory structure.  

The call concluded at approximately 11:00 a.m.