Equity Market Structure Advisory Committee — Subcommittees
Following are the Subcommittee names and membership:
Regulation NMS Subcommittee
This Subcommittee will consider the causal effects of Regulation NMS and its four main components (Order Protection Rule; Access Rule; Sub-Penny Rule; and the Market Data Rule) on equity market structure in the U.S. The Subcommittee is charged with examining the impact of Regulation NMS and whether the Rules should evolve with the changes in trading technology and practices, and competition. Topics include Rule 611 (Order Protection Rule), Rule 610 (Access Rule, and design of access fee pilot), and sub-penny trading.Members:
Kevin Cronin (Chair)
Mehmet Kinak
Joseph Mecane
Eric Noll
Joe Ratterman
Nancy Smith
Chester Spatt
Gary Stone
See Minutes:
- November 16, 2015
- December 10, 2015
- January 12, 2016
- February 12, 2016
- February 29, 2016
- March 24, 2016
- March 29, 2016
- May 5, 2016
- October 11, 2016
- October 28, 2016
- November 29, 2016
Trading Venues Regulation Subcommittee
This Subcommittee will consider the fundamental changes in trading venues, including the growth of trading conducted through alternative trading systems, the impact of demutualization, and the emergence of exchange group affiliations. The Subcommittee is charged with reviewing and analyzing whether the current regulatory model for trading venues is optimally serving the market as a whole and providing a level and fair playing field for all market participants. Topics include the appropriate regulatory structure for today’s trading venues, the impact of exchanges’ limitation of liability, consolidated market data fees and revenues, governance of NMS plans, and securities information processors.Members:
Reginald Browne
Brad Katsuyama
Richard Ketchum (Chair)
Manisha Kimmel
Joseph Mecane
Maureen O’Hara
Joe Ratterman
Gary Stone
See Minutes:
- November 16, 2015
- December 9, 2015
- January 13, 2016
- February 16, 2016
- March 7, 2016
- March 17, 2016
- April 7, 2016
- May 20, 2016
- July 22, 2016
- October 11, 2016
- December 9, 2016
Customer Issues Subcommittee
This Subcommittee will consider initiatives to protect investor interests and promote investor confidence. The Subcommittee is charged with assessing retail investor concerns such as trading practices and potential conflicts of interests, and making recommendations to the full Committee that would support more granular information to investors and enhance transparency. Topics include issues around meaningful execution quality and review of order routing disclosures (Rules 605 and 606), payment for order flow, as well as processes to educate retail customers on order types and market volatility.
Members:
Matthew Andresen
Brad Katsuyama
Ted Kaufman
Richard Ketchum
Manisha Kimmel (Chair)
Andrew Lo
Jamil Nazarali
Nancy Smith
See Minutes:
- November 16, 2015
- December 14, 2015
- January 7, 2016
- January 29, 2016
- February 19, 2016
- March 4, 2016
- March 18, 2016
- April 6, 2016
- May 24, 2016
- July 12, 2016
- July 19, 2016
- July 22, 2016
- August 17, 2016
- September 9, 2016
- September 23, 2016
- October 18, 2016
- November 8, 2016
- January 23, 2017
- February 6, 2017
- March 30, 2017
Market Quality Subcommittee
This Subcommittee will consider the impact of technology on the efficiency of the markets and systemic risks. The Subcommittee is charged with developing recommendations for full Committee consideration to strengthen market resiliency, safety, and soundness to the benefit of all market participants, particularly investors and issuers. Topics include the August 24th market volatility, risk management mechanisms such as market-wide circuit breakers and limit up-limit down, market maker obligations, the role of exchange-traded funds, high-frequency trading strategies that may exacerbate volatility, and dark liquidity.Members:
Matthew Andresen
Reginald Browne
Kevin Cronin
Ted Kaufman
Mehmet Kinak
Jamil Nazarali
Eric Noll (Chair)
Maureen O’Hara
See Minutes: