The committee will provide a formal mechanism through which the Commission can receive advice and recommendations specifically related to equity market structure issues. 

The members of the committee come from different sectors of the financial services industry, academia and from public interest groups.  The members were approved by all five Commissioners.

“Additional expertise from a diversity of backgrounds and viewpoints will be invaluable to us in ensuring that our markets continue to operate openly, fairly and efficiently to benefit investors and promote capital formation,” said SEC Chair Mary Jo White.  “This impressive committee will provide extremely helpful input as we continue to move forward in our efforts to enhance our equity market structure.” 

Among the issues the committee is expected to be asked to discuss are those relating to the review of SEC Regulation NMS (national market system), the role of exchanges in the current market structure, and the presence and effect of conflicts in the routing and execution of equity orders. 

The committee is expected to hold public meetings approximately four times a year.  The committee’s first meeting is expected to be held after the announcement of the establishment of the committee is published in the Federal Register.  The committee has a two-year term, which can be renewed by the Commission.

Stephen Luparello, Director of the Division of Trading and Markets, will be the designated federal officer on the committee.

Members of the Equity Market Structure Advisory Committee are:

• Matthew Andresen, Co-Chief Executive Officer, Headlands Technologies LLC
• Reginald Browne, Senior Managing Director & Global Co-Head, ETF Group, Cantor Fitzgerald & Co.
• Kevin Cronin, Global Head of Trading, Invesco Ltd.
• Brad Katsuyama, President and CEO, IEX Group Inident and CEO, IEX Group Inc.
• Ted Kaufman, Professor, Duke University Law School and former U.S. Senator from Delaware
• Richard Ketchum, Chairman and CEO, FINRA
• Manisha Kimmel, Managing Director, Financial Information Forum
• Mehmet Kinak, Vice President and Head of Global Equity Market Structure and Electronic Trading, T.Rowe Price Group
• Andrew Lo, Charles E. and Susan T. Harris Professor of Finance and Director, Laboratory for Financial Engineering, MIT Sloan School of Management and Chairman and Chief Investment Strategist, AlphaSimplex Group  
• Joseph Mecane, Managing Director, Barclays PLC
• Jamil Nazarali, Senior Managing Director & Head of Execution Services, Citadel Securities
• Eric Noll, President & CEO, Convergex Group
• Maureen O’Hara, Robert W. Purcell Professor of Finance, Johnson Graduate School of Management, Cornell University and Chairman of the Board, Investment Technology Group Inc.
• Joe Ratterman, CEO, BATS Global Markets Inc.
• Nancy Smith, Corporate Secretary & Chief Integration Officer, AARP
• Chester Spatt, Kenneth B. and Pamela R. Dunn Professor of Finance, Tepper School of Business, Carnegie Mellon University and Director of its Center for Financial Markets
• Gary Stone, Chief Strategy Officer, Bloomberg Tradebook LLC