The Security Traders Association (“STA”) wishes to make certain recommendations regarding the membership of the recently announced SEC Equity Market Structure Advisory Committee (“EMSAC”). The STA is an organization comprised of individuals who are involved in the trading of financial securities. Our members represent many of the business models in the financial services sector, including retail and full service brokerage firms, agency only broker dealers, asset managers, exchanges and ATS’s. Because of the diversity within our membership we are uniquely qualified to provide insight and comments on the EMSAC. The STA uses a committee structure to vet issues amongst its various constituencies to form consensus. With regard to this letter, the STA relied mostly on input received from our Retail Advisory Committee (“STA RAC”). STA RAC is comprised of over 30 financial industry professionals representing retail and full service brokerage firms. STA RAC members serve individual investors, who directly engage the equity, fixed income and listed options markets, (“retail investors”). STA RAC is one of three advisory committees that serve the STA. The role of STA RAC within the STA is to ensure that the interests of retail investors are represented in STA’s comment letters and other forms of communiqué. As an example, STA RAC offered input on STA’s September 5, 2014 letter to the Commission on the proposed Market Structure Advisory Committee.

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