Equity Market Structure Advisory Committee — Trading Venues Regulation Subcommittee

Summary Minutes of December 9, 2015 Call

The Trading Venues Regulation Subcommittee held a call on December 9, 2015, to discuss the selection of a Subcommittee Chair and the designation of a staff liaison, identification of Subcommittee priorities, and next steps.

The call convened at approximately 1 p.m. via telephone. The following Subcommittee Members were on the call:

Reginald Browne
Richard Ketchum
Manisha Kimmel
Joseph Mecane
Joe Ratterman
Gary Stone

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

David Shillman
Nancy Burke-Sanow
Deborah Flynn
Sarah Schandler
Arisa Kettig

The first order of business was a report by staff on the selection of a Subcommittee Chair and the designation of a staff liaison. Richard Ketchum was nominated and voted by Members to be the Chair of the Subcommittee and Nancy Burke-Sanow was designated as staff liaison.

The next order of business was the prioritization of the topics to be considered by the Subcommittee. After some discussion, all Members on the call concurred with the proposal to focus the Subcommittee's attention on issues relating to: (i) the regulatory framework for exchanges and ATSs; (ii) the governance of national market system plans; (iii) limitations on exchange liability; and (iv) the consolidation of equity market data feeds and the distribution of associated revenues.

The final order of business discussed was next steps. The Subcommittee plans to meet again in early January.

The call concluded at approximately 1:40 p.m.