On January 13th, the Securities and Exchange Commission held an open meeting at which the Commissioners voted unanimously to: (1) propose a new rule regarding risk management controls and supervisory procedures to manage financial, regulatory, and other risks, for brokers or dealers that provide their customers with unfiltered direct access to exchanges and/or alternative trading systems; and (2) publish a "Concept Release" on equity market structure that would invite public comment on a wide range of issues, including the performance of the current market structure, high-frequency trading, and undisplayed liquidity. Briefing.