Equity Market Structure Advisory Committee — Trading Venues Regulation Subcommittee

Summary Minutes of March 17, 2016 Meeting

The Trading Venues Regulation Subcommittee held an in-person meeting with industry participants on March 17, 2016, to discuss issues relating to trading venues, the governance of NMS plans, and related issues and next steps.

The meeting convened at approximately 8:30 a.m. at FINRA’s NY office, with some participants joining via telephone. The following Subcommittee members were at the meeting:

Reginald Browne
Brad Katsuyama
Richard Ketchum
Joseph Mecane
Gary Stone

The following Subcommittee members joined the meeting via telephone:

Manisha Kimmel
Maureen O'Hara
Joe Ratterman

The following industry participants were at the meeting:

Tim Cummings, SIFMA
James Dolan, Luminex
Angelo Evangelou, CBOE
Jamie Selway, ITG
MaryLou Vonkaenel, FIF

The following industry participant joined the meeting via telephone:

T.R. Lazo, SIFMA

The following persons were at the meeting:

Stephanie Dumont, FINRA
Eric Swanson (on behalf of Subcommittee member Joe Ratterman, BATS)

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

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

The first order of business was a roundtable discussion of issues relating to trading venues, industry participation and input into SRO activities, including the governance of NMS plans, and consolidated market data feeds.

The next order of business was a discussion among the Subcommittee members of the key points raised by industry panelists during the roundtable discussion.

The final order of business was discussion of next steps. The Subcommittee plans to have a call on April 7, 2016, to discuss various issues relations o the governance of NMS pans and other deliverables.

The meeting concluded at approximately 11:30 a.m.