The Securities and Exchange Commission has announced the members of its newest outside advisory group, the Equity Market Advisory Committee. The formation is similar in operation to the Investor Advisory Committee and Advisory Committee on Small & Emerging Companies. The newest addition to the portfolio of external advice is to focus on the structure and operations of US equities markets.
SEC Chair Mary Jo White commented on the new group;
“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 White. “This impressive committee will provide extremely helpful input as we continue to move forward in our efforts to enhance our equity market structure.”
The members were said to be approved by all five SEC Commissioners. The first meeting is expected after the committee has been published in the Federal Register a normal formality. Meetings will occur four times a year.
The committee will provide a formal mechanism through which the Commission can receive advice and recommendations specifically related to equity market structure issues.
Issues to be tackled include; 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.
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 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