Equity Market Structure Advisory Committee — Customer Issues Subcommittee

Summary Minutes of February 19, 2016 Meeting

The Customer Issues Subcommittee held an in-person meeting on February 19, 2016, to discuss potential steps to address select customer issues. The meeting convened at approximately 8:00 a.m. at Thomson Reuters' NY office. The following Subcommittee members were at the meeting:

Matthew Andresen
Brad Katsuyama
Ted Kaufman
Richard Ketchum
Manisha Kimmel
Jamil Nazarali
Nancy Smith

The following industry participants were at the meeting:

Matt Billings, Scottrade
Mark Campbell, Fidelity
Ovi Montemayor, TD Ameritrade
Steve Quirk, TD Ameritrade

The following staff from the Division of Trading and Markets joined the meeting via telephone:

David Shillman
Michael Coe
Leah Mesfin
Andrew Sioson
Arisa Kettig
Marsha Dixon (attended in-person)

The first order of business was a discussion relating to the risks of market orders and stop orders, and potential responses to such risks.

The next order of business was a discussion of execution quality reports and potential modifications to Rule 605 and Rule 606.

The final order of business was a discussion on payment for order flow and ways to manage potential conflicts of interests.

The meeting concluded at approximately 10:00 a.m.