Joint Industry Plan; Notice of Filing of a National Market System Plan to Address Extraordinary Market Volatility by BATS Exchange, Inc., BATS Y-Exchange, Inc., Chicago Board Options Exchange, Incorporated, Chicago Stock Exchange, Inc., EDGA Exchange, Inc., EDGX Exchange, Inc., Financial Industry Regulatory Authority, Inc., NASDAQ OMX BX, Inc., NASDAQ OMX PHLX LLC, The Nasdaq Stock Market LLC, National Stock Exchange, Inc., New York Stock Exchange LLC, NYSE Amex LLC, and NYSE Arca, Inc.

Federal RegisterJun 1, 2011

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-64547; File No. 4-631]

Joint Industry Plan; Notice of Filing of a National Market System Plan to Address Extraordinary Market Volatility by BATS Exchange, Inc., BATS Y-Exchange, Inc., Chicago Board Options Exchange, Incorporated, Chicago Stock Exchange, Inc., EDGA Exchange, Inc., EDGX Exchange, Inc., Financial Industry Regulatory Authority, Inc., NASDAQ OMX BX, Inc., NASDAQ OMX PHLX LLC, The Nasdaq Stock Market LLC, National Stock Exchange, Inc., New York Stock Exchange LLC, NYSE Amex LLC, and NYSE Arca, Inc.

May 25, 2011.

Pursuant to Section 11A of the Securities Exchange Act of 1934 (“Act”)

and Rule 608 thereunder

, notice is hereby given that, on April 5, 2011, NYSE Euronext, on behalf of New York Stock Exchange LLC (“NYSE”), NYSE Amex LLC (“NYSE Amex”), and NYSE Arca, Inc. (“NYSE Arca”), and the following parties to the proposed National Market System Plan: BATS Exchange, Inc., BATS Y-Exchange, Inc., Chicago Board Options Exchange, Incorporated, Chicago Stock Exchange, Inc., EDGA Exchange, Inc., EDGX Exchange, Inc., Financial Industry Regulatory Authority, Inc., NASDAQ OMX BX, Inc., NASDAQ OMX PHLX LLC, the Nasdaq Stock Market LLC, and National Stock Exchange, Inc. (collectively with NYSE, NYSE Amex, and NYSE Arca, the “Participants”), filed with the Securities and Exchange Commission (the “Commission”) a proposed Plan to Address Extraordinary Market Volatility (“Plan”).

A copy of the proposed Plan is attached as Exhibit A hereto. The Commission is publishing this notice to solicit comments on the proposed Plan from interested persons.

15 U.S.C. 78k-1.

17 CFR 242.608.

See

Letter from Janet M. McGinness, Senior Vice President, Legal and Corporate Secretary, NYSE Euronext, to Elizabeth M. Murphy, Secretary, Commission, dated April 5, 2011.

For additional discussion about the Plan, including its relation to the single-stock circuit breakers,

see

discussion in Section II,

infra.

I. Rule 608(a) of Regulation NMS

A. Purpose of the Plan

The Participants filed the proposed Plan in order to create a market-wide limit up-limit down mechanism that is intended to address extraordinary market volatility in “NMS Stocks,” as defined in Rule 600(b)(47) of Regulation NMS under the Act.

The proposed Plan sets forth proposed procedures that provide for market-wide limit up-limit down requirements that would be designed to prevent trades in individual NMS Stocks from occurring outside of the specified Price Bands.

These limit up-limit down requirements would be coupled with Trading Pauses, as defined in Section I(X) of the proposed Plan, to accommodate more fundamental price moves (as opposed to erroneous trades or momentary gaps in liquidity).

17 CFR 242.600(b)(47).

See also

Section I(G) of the proposed Plan.

Id.

As set forth in Section VI(B) of the proposed Plan, when trading for an NMS Stock enters a Limit State, the Processor shall cease calculating and disseminating updated Reference Prices and Price Bands for the NMS Stock until either trading exits the Limit State or trading resumes with an opening or re-opening as provided in Section V of the proposed Plan.

See

Section I(D) of the proposed Plan.

See

Section I(O) of the proposed Plan.

The Participants believe that, if implemented, the limit up-limit down mechanism specified in the proposed Plan will reduce the negative impacts of sudden, unanticipated price movements in NMS Stocks, thereby protecting investors and promoting a fair and orderly market. In particular, the Participants are proposing to adopt the Plan to address the type of sudden price movements that the market experienced on the afternoon of May 6, 2010.

The limit up-limit down mechanism set forth in the proposed Plan would replace the existing single-stock circuit breaker pilot, described more fully in Section II, Solicitation of Comments.

See e.g.,

Securities Exchange Act Release Nos. 62251 (June 10, 2010), 75 FR 34183 (June 16, 2010) (SR-FINRA-2010-025); 62883 (September 10, 2010), 75 FR 56608 (September 16, 2010) (SR-FINRA-2010-033).

B. Governing or Constituent Documents

The governing documents of the Processor, as defined in Section I(P) of the proposed Plan, would not be affected by the proposed Plan, but if the proposed Plan is implemented, the Processor's obligations would change, as set forth in detail in the proposed Plan. In particular, as set forth in Section V of the proposed Plan, the Processor would be responsible for calculating and disseminating Price Bands during Regular Trading Hours, as defined in Section I(R) of the proposed Plan. Each Participant would take such actions as are necessary and appropriate as a party to the Market Data Plans, as defined in Section I(F) of the proposed Plan, to cause and enable the Processor for each NMS Stock to fulfill the functions set forth in the proposed Plan.

C. Implementation of Plan

The Participants propose that the initial date of the proposed Plan operations would be 120 calendar days following the publication of the Commission's order approving the proposed Plan in the

Federal Register

D. Development and Implementation Phases

The Participants propose that the Plan would be implemented as a one-year pilot program in two Phases, consistent with Section VIII of the proposed Plan. Phase I of proposed Plan implementation would apply immediately following the initial date of proposed Plan operations; Phase II of proposed Plan would commence six months after the initial date of the proposed Plan or such earlier date as may be announced by the Processor with at least 30 days notice. During Phase I, the proposed Plan would apply only to Tier 1 NMS Stocks, as defined in Appendix A of the proposed Plan, and the first Price Bands would be calculated and disseminated 15 minutes after the start of Regular Trading Hours, as specified in Section V(A) of the proposed Plan, and no Price Bands would be calculated and disseminated less than 30 minutes before the end of Regular Trading Hours. In Phase II, the proposed Plan would fully apply to all NMS Stocks beginning at 9:30 a.m. ET and ending at 4 p.m. ET each trading day.

E. Analysis of Impact on Competition

The Participants do not believe that the proposed Plan imposes any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Participants also do not believe that the proposed Plan introduces terms that are unreasonably discriminatory for the purposes of Section 11A(c)(1)(D) of the Act.

15 U.S.C. 78k-1(c)(1)(D).

F. Written Understanding or Agreements relating to Interpretation of, or Participation in, Plan

The Participants state that they have no written understandings or agreements relating to interpretation of the proposed Plan. Section II(C) of the proposed Plan sets forth how any entity registered as a national securities exchange or national securities association may become a Plan Participant.

G. Approval of Amendment of the Plan

Not applicable.

H. Terms and Conditions of Access

Section II(C) of the proposed Plan provides that any entity registered as a national securities exchange or national securities association under the Act may become a Participant by: (1) Becoming a participant in the applicable Market Data Plans, as defined in Section I(F) of the proposed Plan; (2) executing a copy of the Plan, as then in effect; (3) providing each then-current Participant with a copy of such executed Plan; and (4) effecting an amendment to the Plan as specified in Section III(B) of the proposed Plan.

I. Method of Determination and Imposition, and Amount of, Fees and Charges

Not applicable.

J. Method and Frequency of Processor Evaluation

Not applicable.

K. Dispute Resolution

The proposed Plan does not include specific provisions regarding resolution of disputes between or among Participants. Section III(C) of the proposed Plan provides for each Participant to designate an individual to represent the Participant as a member of an Operating Committee.

No later than the initial date of the Plan, the Operating Committee would be required to designate one member of the Operating Committee to act as the Chair of the Operating Committee. The Operating Committee would monitor the procedures established pursuant to the Plan and advise the Participants with respect to any deficiencies, problems, or recommendations as the Operating Committee may deem appropriate. Any recommendation for an amendment to the Plan from the Operating Committee that receives an affirmative vote of at least two-thirds of the Participants, but is less than unanimous, would be submitted to the Commission as a request for an amendment to the Plan initiated by the Commission under Rule 608 of Regulation NMS under the Act.

See

Section I(J) of the proposed Plan.

17 CFR 242.608.

II. Solicitation of Comments

Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed National Market System Plan is consistent with the Act. A stated purpose of the proposed Plan is to address extraordinary market volatility, such as the sudden price movements that the market experienced on the afternoon of May 6, 2010. Since the events of May 6, 2010, staff of the Commission and the SROs have been working on a variety of initiatives to reduce the risk of a recurrence of the extraordinary market volatility in NMS stocks that was experienced on that day. One such initiative is the single-stock circuit breaker pilot program, which currently extends to securities included in the S&P 500 index, the Russell 1000® index, and select exchange-traded products.

The circuit breaker pilot is currently set to expire the earlier of August 11, 2011 or the date on which the limit up-limit down mechanism to

address extraordinary market volatility, if adopted, applies.

See e.g.,

Securities Exchange Act Release Nos. 62251 (June 10, 2010), 75 FR 34183 (June 16, 2010) (SR-FINRA-2010-025); 62883 (September 10, 2010), 75 FR 56608 (September 16, 2010) (SR-FINRA-2010-033).

See e.g.,

Securities Exchange Act Release No. 64174 (April 4, 2011), 76 FR 19819 (April 8, 2011) (SR-NASDAQ-2011-042).

• To the extent that the proposed Plan, if approved, would replace the current single-stock circuit breaker pilot, what are the advantages of a limit up-limit down mechanism over the current circuit breaker pilot? How would the limit up-limit down mechanism improve upon the current circuit breaker pilot? Would the proposed limit up-limit down mechanism prevent erroneous trades from occurring? What, if any, are the advantages of the current circuit breaker pilot over the proposed limit up-limit down mechanism?

• With respect to competition, would the proposed Plan impact one category of market participants more than others? What, if any, costs would market participants incur as a result of the proposed Plan? Would different market participants bear any such costs differently? How would any such competitive impacts under the proposed Plan differ from the competitive impact, if any, that market participants have experienced under the current circuit breaker pilot?

• What is “excessive short-term volatility?” Put another way, what level of volatility is appropriate in continuous trading, and at what point should circuit breakers or the proposed limit up-limit down mechanism take effect?

• Section IX of the proposed Plan provides that a Participant may withdraw from the Plan, upon obtaining approval from the Commission and upon providing not less than 30 days written notice to the other participants. How, if at all, does the analysis of the impact of the proposed Plan upon competition change if one or more participants are permitted to withdraw from the proposed Plan? Would the operation of the proposed Plan be impaired if one or more participants were permitted to withdraw from the Plan?

• Are the proposed percentage levels for the Price Bands appropriate? Are they sufficiently narrow to guard against excessive market volatility while sufficiently broad to allow trading to occur without triggering a Limit State too frequently? If not, what alternate percentage levels would be preferable?

• Is 15 seconds an appropriate maximum length of time for a particular security to be in a Limit State? Is it long enough to reasonably attract additional available liquidity without recourse to a Trading Pause? Is it short enough to reasonably limit any market uncertainty that might accompany a Limit State?

• Are the triggers for the Limit State appropriate? Would alternative triggers for entering the Limit State be more appropriate? For example, should a Limit State be entered when the National Best Bid falls below the Lower Limit Band (or the National Best Offer exceeds the Upper Limit Band), because at that point a seller (buyer) cannot submit a marketable order? What are the advantages and disadvantages of the proposed approach? What, if any, are the advantages of alternative approaches? Please describe any other potential alternative trigger, as well as its relative strengths and weaknesses.

• Are the conditions required to exit the Limit State appropriate? Should alternative or additional conditions be imposed in order to exit the Limit State, and why might those conditions be appropriate? For example, should more be required to confirm that the market for a particular security has rebounded from a Limit State than the removal of a Limit State Quotation, such as a confirming quote or trade within the Price Bands?

• Are the proposed procedures relating to the functioning of the Operating Committee appropriate? Do they appropriately balance the protection of individual Participant interests with the efficient operation of the Plan? Are there ways to improve the proposed procedures for handling a recommendation from the Operating Committee for an amendment to the Plan that receives substantial, but less than unanimous, support from Participants?

• Should the list of exchange-traded products proposed to be included in Phase I of the proposed Plan be expanded to include additional such products,

i.e.,

other exchange-traded products that have component securities that largely track the securities included in the S&P 500 and Russell 1000?

• Is the proposed phased-in implementation schedule workable? Why or why not? Should the implementation of Phase II of the proposed Plan be conditioned upon Commission approval?

Comments may be submitted by any of the following methods:

Electronic Comments

• Use the Commission's Internet comment form (

http://www.sec.gov/rules/sro.shtml

); or

• Send an e-mail to

rule-comments@sec.gov.

Please include File Number 4-631 on the subject line.

Paper Comments

• Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090.

All submissions should refer to File Number 4-631. This file number should be included on the subject line if e-mail is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site (

http://www.sec.gov/rules/sro.shtml

). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission's Public Reference Room, 100 F Street, NE., Washington, DC 20549 on official business days between 10 a.m. and 3 p.m. Copies of the filing will also be available for inspection and copying at the Participants' principal offices. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number 4-631 and should be submitted on or before June 22, 2011.

By the Commission.

Elizabeth M. Murphy,

Secretary.

EXHIBIT A

PLAN TO ADDRESS EXTRAORDINARY MARKET VOLATILITY SUBMITTED TO THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 608 OF REGULATION NMS UNDER THE SECURITIES EXCHANGE ACT OF 1934

Table of Contents

Section

Page

Preamble

I. Definitions

II. Parties

III. Amendments to Plan

IV. Trading Center Policies and Procedures

V. Price Bands

VI. Limit Up-Limit Down Requirements

VII. Trading Pauses

VIII. Implementation

IX. Withdrawal from Plan

X. Counterparts and Signatures

Appendix A—Percentage Parameters

Appendix A—Schedule 1

Preamble

The Participants submit to the SEC this Plan establishing procedures to address extraordinary volatility in NMS Stocks. The procedures provide for market-wide limit up-limit down requirements that prevent trades in individual NMS Stocks from occurring outside of the specified Price Bands. These limit up-limit down requirements are coupled with Trading Pauses to accommodate more fundamental price moves. The Plan procedures are designed, among other things, to protect investors and promote fair and orderly markets. The Participants developed this Plan pursuant to Rule 608(a)(3) of Regulation NMS under the Exchange Act, which authorizes the Participants to act jointly in preparing, filing, and implementing national market system plans.

I. Definitions

(A) “Eligible Reported Transactions” shall have the meaning prescribed by the Operating Committee and shall generally mean transactions that are eligible to update the last sale price of an NMS Stock.

(B) “Exchange Act” means the Securities Exchange Act of 1934, as amended.

(D) “Limit State Quotation” shall have the meaning provided in Section VI of the Plan.

(E) “Lower Price Band” shall have the meaning provided in Section V of the Plan.

(F) “Market Data Plans” shall mean the effective national market system plans through which the Participants act jointly to disseminate consolidated information in compliance with Rule 603(b) of Regulation NMS under the Exchange Act.

(G) “National Best Bid” and “National Best Offer” shall have the meaning provided in Rule 600(b)(42) of Regulation NMS under the Exchange Act.

(H) “NMS Stock” shall have the meaning provided in Rule 600(b)(47) of Regulation NMS under the Exchange Act.

(I) “Opening Price” shall mean the price of a transaction that opens trading on the Primary Listing Exchange, or, if the Primary Listing Exchange opens with quotations, the midpoint of those quotations.

(J) “Operating Committee” shall have the meaning provided in Section III(C) of the Plan.

(K) “Participant” means a party to the Plan.

(L) “Plan” means the plan set forth in this instrument, as amended from time to time in accordance with its provisions.

(M) “Percentage Parameter” shall mean the percentages for each tier of NMS Stocks set forth in Appendix A of the Plan.

(N) “Price Bands” shall have the meaning provided in Section V of the Plan.

(O) “Primary Listing Exchange” shall mean the Participant on which an NMS Stock is listed. If an NMS Stock is listed on more than one Participant, the Participant on which the NMS Stock has been listed the longest shall be the Primary Listing Exchange.

(P) “Processor” shall mean the single plan processor responsible for the consolidation of information for an NMS Stock pursuant to Rule 603(b) of Regulation NMS under the Exchange Act.

(Q) “Pro-Forma Reference Price” shall have the meaning provided in Section V(A)(2) of the Plan.

(R) “Regular trading hours” shall have the meaning provided in Rule 600(b)(64) of Regulation NMS under the Exchange Act.

(S) “Regulatory Halt” shall have the meaning specified in the Market Data Plans.

(T) “Reference Price” shall have the meaning provided in Section V of the Plan.

(U) “Reopening Price” shall mean the price of a transaction that reopens trading on the Primary Listing Exchange following a Trading Pause or a Regulatory Halt, or, if the Primary Listing Exchange reopens with quotations, the midpoint of those quotations.

(V) “SEC” shall mean the United States Securities and Exchange Commission.

(W) “Trading center” shall have the meaning provided in Rule 600(b)(78) of Regulation NMS under the Exchange Act.

(X) “Trading Pause” shall have the meaning provided in Section VII of the Plan.

(Y) “Upper Price Band” shall have the meaning provided in Section V of the Plan.

II. Parties

(A) List of Parties

The parties to the Plan are as follows:

(1) BATS Exchange, Inc., 8050 Marshall Drive, Lenexa, Kansas 66214

(2) BATS Y-Exchange, Inc., 8050 Marshall Drive, Lenexa, Kansas 66214

(3) Chicago Board Options Exchange, Incorporated, 400 South LaSalle Street, Chicago, Illinois 60605

(4) Chicago Stock Exchange, Inc., 440 South LaSalle Street, Chicago, Illinois 60605

(5) EDGA Exchange, Inc., 545 Washington Boulevard, Sixth Floor, Jersey City, NJ 07310

(6) EDGX Exchange, Inc., 545 Washington Boulevard, Sixth Floor, Jersey City, NJ 07310

(7) Financial Industry Regulatory Authority, Inc., 1735 K Street, NW., Washington, DC 20006

(8) NASDAQ OMX BX, Inc., One Liberty Plaza, New York, New York 10006

(9) NASDAQ OMX PHLX LLC, 1900 Market Street, Philadelphia, Pennsylvania 19103

(10) The Nasdaq Stock Market LLC, 1 Liberty Plaza, 165 Broadway, New York, NY 10006

(11) National Stock Exchange, Inc., 101 Hudson, Suite 1200, Jersey City, NJ 07302

(12) New York Stock Exchange LLC, 11 Wall Street, New York, New York 10005

(13) NYSE Amex LLC, 20 Broad Street, New York, New York 10005

(14) NYSE Arca, Inc., 100 South Wacker Drive, Suite 1800, Chicago, IL 60606

(B) Compliance Undertaking

By subscribing to and submitting the Plan for approval by the SEC, each Participant agrees to comply with and to enforce compliance, as required by Rule 608(c) of Regulation NMS under the Exchange Act, by its members with the provisions of the Plan. To this end, each Participant shall adopt a rule requiring compliance by its members with the provisions of the Plan, and each Participant shall take such actions as are necessary and appropriate as a participant of the Market Data Plans to cause and enable the Processor for each NMS Stock to fulfill the functions set forth in this Plan.

The Participants agree that any entity registered as a national securities exchange or national securities association under the Exchange Act may become a Participant by: (1) Becoming a participant in the applicable Market Data Plans; (2) executing a copy of the Plan, as then in effect; (3) providing each then-current Participant with a copy of such executed Plan; and (4) effecting an amendment to the Plan as specified in Section III(B) of the Plan.

III. Amendments to Plan

(A) General Amendments

Except with respect to the addition of new Participants to the Plan, any proposed change in, addition to, or deletion from the Plan shall be effected by means of a written amendment to the Plan that: (1) Sets forth the change, addition, or deletion; (2) is executed on behalf of each Participant; and, (3) is approved by the SEC pursuant to Rule 608 of Regulation NMS under the Exchange Act, or otherwise becomes effective under Rule 608 of Regulation NMS under the Exchange Act.

(B) New Participants

With respect to new Participants, an amendment to the Plan may be effected by the new national securities exchange or national securities association executing a copy of the Plan, as then in effect (with the only changes being the addition of the new Participant's name in Section II(A) of the Plan) and submitting such executed Plan to the SEC for approval. The amendment shall be effective when it is approved by the SEC in accordance with Rule 608 of Regulation NMS under the Exchange Act or otherwise becomes effective pursuant to Rule 608 of Regulation NMS under the Exchange Act.

(1) Each Participant shall select from its staff one individual to represent the Participant as a member of an Operating Committee, together with a substitute for such individual. The substitute may participate in deliberations of the Operating Committee and shall be considered a voting member thereof only in the absence of the primary representative. Each Participant shall have one vote on all matters considered by the Operating Committee. No later than the initial date of Plan operations, the Operating Committee shall designate one member of the Operating Committee to act as the Chair of the Operating Committee.

(2) The Operating Committee shall monitor the procedures established pursuant to this Plan and advise the Participants with respect to any deficiencies, problems, or recommendations as the Operating Committee may deem appropriate. The Operating Committee shall establish specifications and procedures for the implementation and operation of the Plan that are consistent with the provisions of this Plan and the Appendixes thereto. With respect to matters in this paragraph, Operating Committee decisions shall be approved by a simple majority vote.

(3) Any recommendation for an amendment to the Plan from the Operating Committee that receives an affirmative vote of at least two-thirds of the Participants, but is less than unanimous, shall be submitted to the SEC as a request for an amendment to the Plan initiated by the Commission under Rule 608 of Regulation NMS.

IV. Trading Center Policies and Procedures

All trading centers in NMS Stocks, including both those operated by Participants and those operated by members of Participants, shall establish, maintain, and enforce written policies and procedures that are reasonably designed to comply with the limit up—limit down requirements specified in Sections VI of the Plan, and to comply with the Trading Pauses specified in Section VII of the Plan.

V. Price Bands

(A) Calculation and Dissemination of Price Bands

(1) The Processor for each NMS stock shall calculate and disseminate to the public a Lower Price Band and an Upper Price Band during Regular Trading Hours for such NMS Stock. The Price Bands shall be based on a Reference Price for each NMS Stock that equals the arithmetic mean price of Eligible Reported Transactions for the NMS stock over the immediately preceding five-minute period (except for periods following openings and reopenings, which are addressed below). If no Eligible Reported Transactions for the NMS Stock have occurred over the immediately preceding five-minute period, the previous Reference Price shall remain in effect. The Price Bands for an NMS Stock shall be calculated by applying the Percentage Parameter for such NMS Stock to the Reference Price, with the Lower Price Band being a Percentage Parameter below the Reference Price, and the Upper Price Band being a Percentage Parameter above the Reference Price. The Price Bands shall be calculated beginning at 9:30 a.m. ET, and ending at 4:00 p.m. ET. Between 9:30 a.m. and 9:45 a.m. ET, and 3:35 p.m. and 4:00 p.m. ET, the Price Bands shall be calculated by applying double the Percentage Parameters set forth in Appendix A. If a Reopening Price does not occur within ten minutes after the beginning of a Trading Pause, the Price Band, for the first 30 seconds following the reopening after that Trading Pause, shall be calculated by applying triple the Percentage Parameters set forth in Appendix A.

(2) The Processor shall calculate a Pro-Forma Reference Price on a continuous basis during Regular Trading Hours, as specified in Section V(A)(1) of the Plan. If a Pro-Forma Reference Price has not moved by 1% or more from the Reference Price currently in effect, no new Price Bands shall be disseminated, and the current Reference Price shall remain the effective Reference Price. When the Pro-Forma Reference Price has moved by 1% or more from the Reference Price currently in effect, the Pro-Forma Reference Price shall become the Reference Price, and the Processor shall disseminate new

Price Bands based on the new Reference Price; provided, however, that each new Reference Price shall remain in effect for at least 30 seconds.

(B) Openings

(1) Except when a Regulatory Halt is in effect at the start of regular trading hours, the first Reference Price for a trading day shall be the Opening Price on the Primary Listing Exchange in an NMS Stock if such Opening Price occurs less than five minutes after the start of regular trading hours. During the period less than five minutes after the Opening Price, a Pro-Forma Reference Price shall be updated on a continuous basis to be the arithmetic mean price of Eligible Reported Transactions for the NMS Stock during the period following the Opening Price (including the Opening Price), and if it differs from the current Reference Price by 1% or more shall become the new Reference Price, except that a new Reference Price shall remain in effect for at least 30 seconds. Subsequent Reference Prices shall be calculated as specified in Section V(A) of the Plan.

(2) If the Opening Price on the Primary Listing Exchange in an NMS Stock does not occur within five minutes after the start of Regular Trading Hours, the first Reference Price for a trading day shall be the arithmetic mean price of Eligible Reported Transactions for the NMS Stock over the preceding five minute time period, and subsequent Reference Prices shall be calculated as specified in Section V(A) of the Plan.

(1) Following a Trading Pause in an NMS Stock, and if the Primary Listing Exchange has not declared a Regulatory Halt, the next Reference Price shall be the Reopening Price on the Primary Listing Exchange if such Reopening Price occurs within ten minutes after the beginning of the Trading Pause, and subsequent Reference Prices shall be determined in the manner prescribed for normal openings, as specified in Section V(B)(1) of the Plan. If such Reopening Price does not occur within ten minutes after the beginning of the Trading Pause, the first Reference Price following the Trading Pause shall be equal to the last effective Reference Price before the Trading Pause. Subsequent Reference Prices shall be calculated as specified in Section V(A) of the Plan.

(2) Following a Regulatory Halt, the next Reference Price shall be the Opening or Reopening Price on the Primary Listing Exchange if such Opening or Reopening Price occurs within five minutes after the end of the Regulatory Halt, and subsequent Reference Prices shall be determined in the manner prescribed for normal openings, as specified in Section V(B)(1) of the Plan. If such Opening or Reopening Price has not occurred within five minutes after the end of the Regulatory Halt, the Reference Price shall be equal to the arithmetic mean price of Eligible Reported Transactions for the NMS Stock over the preceding five minute time period, and subsequent Reference Prices shall be calculated as specified in Section V(A) of the Plan.

VI. Limit Up-Limit Down Requirements

(A) Limitations on Trades and Quotations Outside of Price Bands

(1) All trading centers in NMS Stocks, including both those operated by Participants and those operated by members of Participants, shall establish, maintain, and enforce written policies and procedures that are reasonably designed to prevent trades at prices that are below the Lower Limit Band or above the Upper Limit Band for an NMS Stock. Single-priced opening, reopening, and closing transactions on the Primary Listing Exchange, however, shall be excluded from this limitation.

(2) When a National Best Bid is below the Lower Limit Band or a National Best Offer is above the Upper Limit Band for an NMS Stock, the Processor shall disseminate such National Best Bid or National Best Offer with an appropriate flag identifying it as non-executable. When a National Best Offer is equal to the Lower Limit Band or a National Best Bid is equal to the Upper Limit Band for an NMS Stock, the Processor shall distribute such National Best Bid or National Best Offer with an appropriate flag identifying it as a “Limit State Quotation.”

(3) All trading centers in NMS Stocks, including both those operated by Participants and those operated by members of Participants, shall establish, maintain, and enforce written policies and procedures that are reasonably designed to prevent the display of offers below the Lower Price Band and bids above the Upper Price Band for an NMS Stock. The Processor shall disseminate an offer below the Lower Price Band or bid above the Upper Price Band that may be submitted despite such reasonable policies and procedures, but with an appropriate flag identifying it as non-executable; provided, however, that any such bid or offer shall not be included in National Best Bid or National Best Offer calculations.

(B) Entering and Exiting a Limit State

(1) All trading for an NMS Stock shall immediately enter a Limit State if the National Best Offer equals the Lower Limit Band and does not cross the National Best Bid, or the National Best Bid equals the Upper Limit Band and does not cross the National Best Offer.

(2) When trading for an NMS Stock enters a Limit State, the Processor shall disseminate this information by identifying the relevant quotation (

i.e.,

a National Best Offer that equals the Lower Price Band or a National Best Bid that equals the Upper Price Band) as a Limit State Quotation. At this point, the Processor shall cease calculating and disseminating updated Reference Prices and Price Bands for the NMS Stock until either trading exits the Limit State or trading resumes with an opening or re-opening as provided in Section V.

(3) Trading for an NMS Stock shall exit a Limit State if, within 15 seconds of entering the Limit State, the entire size of all Limit State Quotations are executed or cancelled.

(4) If trading for an NMS Stock exits a Limit State within 15 seconds of entry, the Processor shall immediately calculate and disseminate updated Price Bands based on a Reference Price that equals the arithmetic mean price of Eligible Reported Transactions for the NMS Stock over the immediately preceding five-minute period (including the period of the Limit State).

(5) If trading for an NMS Stock does not exit a Limit State within 15 seconds of entry, the Limit State will terminate when the Primary Listing Exchange declares a Trading Pause pursuant to Section VII of the Plan. If trading for an NMS Stock is in a Limit State at the end of Regular Trading Hours, the Limit State will terminate when the Primary Listing Exchange executes a closing transaction in the NMS Stock or five minutes after the end of Regular Trading Hours, whichever is earlier.

VII. Trading Pauses

(A) Declaration of Trading Pauses

If trading for an NMS Stock does not exit a Limit State within 15 seconds of entry during Regular Trading Hours, then the Primary Listing Exchange shall declare a Trading Pause for such NMS Stock and shall notify the Processor. The Processor shall disseminate this information to the public. No trades in an NMS Stock shall occur during a Trading Pause, but all bids and offers may be displayed.

(B) Reopening of Trading During Regular Trading Hours

(1) Five minutes after declaring a Trading Pause for an NMS Stock, and if the Primary Listing Exchange has not declared a Regulatory Halt, the Primary Listing Exchange shall attempt to reopen trading using its established reopening procedures. The Trading Pause shall end when the Primary Listing Exchange reports a Reopening Price.

(2) The Primary Listing Exchange shall notify the Processor if it is unable to reopen trading in an NMS Stock for any reason other than a significant order imbalance and if it has not declared a Regulatory Halt. The Processor shall disseminate this information to the public, and all trading centers may begin trading the NMS Stock at this time.

(3) If the Primary Listing Exchange does not report a Reopening Price within ten minutes after the declaration of a Trading Pause in an NMS Stock, and has not declared a Regulatory Halt, all trading centers may begin trading the NMS Stock.

(4) When trading begins after a Trading Pause, the Processor shall update the Price Bands as set forth in Section V(C)(1) of the Plan.

(1) If a Trading Pause for an NMS Stock is declared less than five minutes before the end of Regular Trading Hours, the Primary Listing Exchange shall attempt to execute a closing transaction using its established closing procedures. All trading centers may begin trading the NMS Stock when the Primary Listing Exchange executes a closing transaction.

(2) If the Primary Listing Exchange does not execute a closing transaction within five minutes after the end of Regular Trading Hours, all trading centers may begin trading the NMS Stock.

VIII. Implementation

(A) Phase I

(1) Phase I of Plan implementation shall apply immediately following the initial date of Plan operations.

(2) During Phase I, the Plan shall apply only to the Tier 1 NMS Stocks identified in Appendix A of the Plan.

(3) During Phase I, the first Price Bands for a trading day shall be calculated and disseminated 15 minutes after the start of Regular Trading Hours as specified in Section (V)(A) of the Plan. No Price Bands shall be calculated and disseminated less than 30 minutes before the end of Regular Trading Hours, and trading shall not enter a Limit State less than 25 minutes before the end of Regular Trading Hours.

(B) Phase II—Full Implementation

(1) Six months after the initial date of Plan operations, or such earlier date as may be announced by the Processor with at least 30 days notice, the Plan shall fully apply (i) to all NMS Stocks; and (ii) beginning at 9:30 a.m. ET, and ending at 4:00 p.m. ET each trading day.

IX. Withdrawal from Plan

If a Participant obtains SEC approval to withdraw from the Plan, such Participant may withdraw from the Plan at any time on not less than 30 days' prior written notice to each of the other Participants. At such time, the withdrawing Participant shall have no further rights or obligations under the Plan.

X. Counterparts and Signatures

The Plan may be executed in any number of counterparts, no one of which need contain all signatures of all Participants, and as many of such counterparts as shall together contain all such signatures shall constitute one and the same instrument.

IN WITNESS THEREOF, this Plan has been executed as of the __ day of ___ 2011 by each of the parties hereto.

BATS EXCHANGE, INC.

BY:

CHICAGO BOARD OPTIONS EXCHANGE, INCORPORATED

BY:

EDGA EXCHANGE, INC.

BY:

FINANCIAL INDUSTRY REGULATORY AUTHORITY, INC.

BY:

NASDAQ OMX PHLX LLC

BY:

NATIONAL STOCK EXCHANGE, INC.

BY:

NYSE AMEX LLC

BY:

BATS Y-EXCHANGE, INC.

BY:

CHICAGO STOCK EXCHANGE, INC.

BY:

EDGX EXCHANGE, INC.

BY:

NASDAQ OMX BX, INC.

BY:

THE NASDAQ STOCK MARKET LLC

BY:

NEW YORK STOCK EXCHANGE LLC

BY:

NYSE ARCA, INC.

BY:

Appendix A—Percentage Parameters

Tier 1 NMS Stocks

(1) Tier 1 NMS Stocks shall include all NMS Stocks included in the S&P 500 Index, the Russell 1000 Index, and the exchange-traded products listed on Schedule 1 to this Appendix.

(2) The Percentage Parameters for Tier 1 NMS Stocks with a Reference Price of $1.00 or more shall be 5%.

(3) The Percentage Parameters for Tier 1 NMS Stocks with a Reference Price less than $1.00 shall be the lesser of (a) $0.15 or (b) 75%.

II.

Tier 2 NMS Stocks

(1) Tier 2 NMS Stocks shall include all NMS Stocks other than those in Tier 1.

(2) The Percentage Parameters for Tier 2 NMS Stocks with a Reference Price of $1.00 or more shall be 10%.

(3) The Percentage Parameters for Tier 2 NMS Stocks with a Reference Price less than $1.00 shall be the lesser of (a) $0.15 or (b) 75%.

(4) Notwithstanding the foregoing, the Percentage Parameters for a Tier 2 NMS Stock that is a leveraged exchange-traded product shall be the applicable Percentage Parameter set forth in clauses (2) or (3) above, multiplied by the leverage ratio of such product.

Appendix A—Schedule 1

Symbol

Name

AAXJ

iShares MSCI All Country Asia ex Japan Index Fund.

ACWI

iShares MSCI ACWI Index Fund.

ACWX

iShares MSCI ACWI ex US Index Fund.

ADRE

BLDRS Emerging Markets 50 ADR Index Fund.

AGG

iShares Barclays Aggregate Bond Fund.

AGZ

iShares Barclays Agency Bond Fund.

AMJ

JPMorgan Alerian MLP Index ETN.

BAB

PowerShares Build America Bond Portfolio.

BBH

Biotech HOLDRs Trust.

BDG

PowerShares DB Base Metals Long ETN.

BIK

SPDR S&P BRIC 40 ETF.

BIL

SPDR Barclays Capital 1-3 Month T-Bill ETF.

BIV

Vanguard Intermediate-Term Bond ETF.

BKF

iShares MSCI BRIC Index Fund.

BLV

Vanguard Long-Term Bond ETF.

BND

Vanguard Total Bond Market ETF.

BOS

PowerShares DB Base Metals Short ETN.

BRF

Market Vectors Brazil Small-Cap ETF.

BSV

Vanguard Short-Term Bond ETF.

BWX

SPDR Barclays Capital International Treasury Bond ETF.

CEW

WisdomTree Dreyfus Emerging Currency Fund.

CFT

iShares Barclays Credit Bond Fund.

CIU

iShares Barclays Intermediate Credit Bond Fund.

CSJ

iShares Barclays 1-3 Year Credit Bond Fund.

CUT

Claymore/Beacon Global Timber Index ETF.

CVY

Claymore/Zacks Multi-Asset Income Index ETF.

CWB

SPDR Barclays Capital Convertible Securities ETF.

CYB

WisdomTree Dreyfus Chinese Yuan Fund.

DBA

PowerShares DB Agriculture Fund.

DBB

PowerShares DB Base Metals Fund.

DBC

PowerShares DB Commodity Index Tracking Fund.

DBO

PowerShares DB Oil Fund.

DBP

PowerShares DB Precious Metals Fund.

DBV

PowerShares DB G10 Currency Harvest Fund.

DDG

ProShares Short Oil & Gas.

DEM

WisdomTree Emerging Markets Equity Income Fund.

DFJ

WisdomTree Japan SmallCap Dividend Fund.

DGS

WisdomTree Emerging Markets SmallCap Dividend Fund.

DIA

SPDR Dow Jones Industrial Average ETF Trust.

DJP

iPath Dow Jones-UBS Commodity Index Total Return ETN/United States.

DNO

United States Short Oil Fund.

DOG

ProShares Short Dow30.

DVY

iShares Dow Jones Select Dividend Index Fund.

DWM

WisdomTree DEFA Fund.

DWX

SPDR S&P International Dividend ETF.

ECH

iShares MSCI Chile Investable Market Index Fund.

EEB

Claymore/BNY BRIC ETF.

EEM

iShares MSCI Emerging Markets Index Fund/United States.

EFA

iShares MSCI EAFE Index Fund.

EFG

iShares MSCI EAFE Growth Index.

EFV

iShares MSCI EAFE Value Index.

EFZ

ProShares Short MSCI EAFE.

EIS

iShares MSCI Israel Capped Index Fund.

EMB

iShares JPMorgan USD Emerging Markets Bond Fund.

EPI

WisdomTree India Earnings Fund.

EPP

iShares MSCI Pacific ex-Japan Index Fund.

EPU

iShares MSCI All Peru Capped Index Fund.

EUM

ProShares Short MSCI Emerging Markets.

EWA

iShares MSCI Australia Index Fund.

EWC

iShares MSCI Canada Index Fund.

EWD

iShares MSCI Sweden Index Fund.

EWG

iShares MSCI Germany Index Fund.

EWH

iShares MSCI Hong Kong Index Fund.

EWI

iShares MSCI Italy Index Fund.

EWJ

iShares MSCI Japan Index Fund.

EWK

iShares MSCI Belgium Investable Market Index Fund.

EWL

iShares MSCI Switzerland Index Fund.

EWM

iShares MSCI Malaysia Index Fund.

EWN

iShares MSCI Netherlands Investable Market Index Fund.

EWO

iShares MSCI Austria Investable Market Index Fund.

EWP

iShares MSCI Spain Index Fund.

EWQ

iShares MSCI France Index Fund.

EWS

iShares MSCI Singapore Index Fund.

EWT

iShares MSCI Taiwan Index Fund.

EWU

iShares MSCI United Kingdom Index Fund.

EWW

iShares MSCI Mexico Investable Market Index Fund.

EWX

SPDR S&P Emerging Small Cap ETF.

EWY

iShares MSCI South Korea Index Fund.

EWZ

iShares MSCI Brazil Index Fund.

EZA

iShares MSCI South Africa Index Fund.

EZU

iShares MSCI EMU Index Fund.

FBT

First Trust NYSE Arca Biotechnology Index Fund.

FCG

First Trust ISE-Revere Natural Gas Index Fund.

FDN

First Trust Dow Jones Internet Index Fund.

FNI

First Trust ISE Chindia Index Fund.

FXA

CurrencyShares Australian Dollar Trust.

FXB

CurrencyShares British Pound Sterling Trust.

FXC

CurrencyShares Canadian Dollar Trust.

FXD

First Trust Consumer Discretionary AlphaDEX Fund.

FXE

CurrencyShares Euro Trust.

FXF

CurrencyShares Swiss Franc Trust.

FXI

iShares FTSE/Xinhua China 25 Index Fund.

FXY

CurrencyShares Japanese Yen Trust.

FXZ

First Trust Materials AlphaDEX Fund.

GAZ

iPath Dow Jones-UBS Natural Gas Subindex Total Return ETN.

GCC

GreenHaven Continous Commodity Index Fund.

Market Vectors—Gold Miners ETF.

GDXJ

Market Vectors Junior Gold Miners ETF.

GLD

SPDR Gold Trust.

GMF

SPDR S&P Emerging Asia Pacific ETF.

GML

SPDR S&P Emerging Latin America ETF.

GSG

iShares S&P GSCI Commodity Indexed Trust.

GSP

iPath GSCI Total Return Index ETN.

GUR

SPDR S&P Emerging Europe ETF.

GVI

iShares Barclays Intermediate Government/Credit Bond Fund.

GVT

Grail American Beacon Large Cap Value ETF.

GWX

SPDR S&P International Small Cap ETF.

GXC

SPDR S&P China ETF.

HAO

Claymore/AlphaShares China Small Cap Index ETF.

HYG

iShares iBoxx $ High Yield Corporate Bond Fund.

IAI

iShares Dow Jones US Broker Dealers Index Fund.

IAT

iShares Dow Jones US Regional Banks Index Fund.

IAU

iShares COMEX Gold Trust.

IBB

iShares Nasdaq Biotechnology Index Fund.

ICF

iShares Cohen & Steers Realty Majors Index Fund.

IDU

iShares Dow Jones US Utilities Sector Index Fund.

IDX

Market Vectors—Indonesia Index ETF.

IEF

iShares Barclays 7-10 Year Treasury Bond Fund.

IEI

iShares Barclays 3-7 Year Treasury Bond Fund.

IEO

iShares Dow Jones US Oil & Gas Exploration & Production Index Fund.

IEV

iShares S&P Europe 350 Index Fund.

IEZ

iShares Dow Jones US Oil Equipment & Services Index Fund.

IFGL

iShares FTSE EPRA/NAREIT Developed Real Estate ex-US Index Fund.

IGE

iShares S&P North American Natural Resources Sector Index Fund.

IGF

iShares S&P Global Infrastructure Index Fund.

IGM

iShares S&P North American Technology Sector Index Fund.

IGN

iShares S&P North American Technology-Multimedia Networking Index Fund.

IGV

iShares S&P North American Technology-Software Index Fund.

IGW

iShares S&P North American Technology-Semiconductors Index Fund.

IHE

iShares Dow Jones US Pharmaceuticals Index Fund.

IHF

iShares Dow Jones US Healthcare Providers Index Fund.

IHI

iShares Dow Jones US Medical Devices Index Fund.

IJH

iShares S&P MidCap 400 Index Fund.

IJJ

iShares S&P MidCap 400/BARRA Value Index Fund.

IJK

iShares S&P MidCap 400 Growth Index Fund.

IJR

iShares S&P SmallCap 600 Index Fund.

IJS

iShares S&P SmallCap 600 Value Index Fund.

IJT

iShares S&P SmallCap 600/BARRA Growth Index Fund.

ILF

iShares S&P Latin America 40 Index Fund.

INP

iPath MSCI India Index ETN.

IOO

iShares S&P Global 100 Index Fund.

IPE

SPDR Barclays Capital TIPS ETF.

ITA

iShares Dow Jones US Aerospace & Defense Index Fund.

ITB

iShares Dow Jones US Home Construction Index Fund.

IVE

iShares S&P 500 Value Index Fund.

IVV

iShares S&P 500 Index Fund/US.

IVW

iShares S&P 500 Growth Index Fund.

IWB

iShares Russell 1000 Index Fund.

IWC

iShares Russell Microcap Index Fund.

IWD

iShares Russell 1000 Value Index Fund.

IWF

iShares Russell 1000 Growth Index Fund.

IWL

iShares Russell Top 200 Index Fund.

IWM

iShares Russell 2000 Index Fund.

IWN

iShares Russell 2000 Value Index Fund.

IWO

iShares Russell 2000 Growth Index Fund.

IWP

iShares Russell Midcap Growth Index Fund.

IWR

iShares Russell Midcap Index Fund.

IWS

iShares Russell Midcap Value Index Fund.

IWV

iShares Russell 3000 Index Fund.

IWW

iShares Russell 3000 Value Index Fund.

IWX

iShares Russell Top 200 Value Index Fund.

IWY

iShares Russell Top 200 Growth Index Fund.

IXC

iShares S&P Global Energy Sector Index Fund.

IXG

iShares S&P Global Financials Sector Index Fund.

IXJ

iShares S&P Global Healthcare Sector Index Fund.

IXN

iShares S&P Global Technology Sector Index Fund.

IXP

iShares S&P Global Telecommunications Sector Index Fund.

IYC

iShares Dow Jones US Consumer Services Sector Index Fund.

IYE

iShares Dow Jones US Energy Sector Index Fund.

IYF

iShares Dow Jones US Financial Sector Index Fund.

IYG

iShares Dow Jones US Financial Services Index Fund.

IYH

iShares Dow Jones US Healthcare Sector Index Fund.

IYJ

iShares Dow Jones US Industrial Sector Index Fund.

IYK

iShares Dow Jones US Consumer Goods Sector Index Fund.

IYM

iShares Dow Jones US Basic Materials Sector Index Fund.

IYR

iShares Dow Jones US Real Estate Index Fund.

IYT

iShares Dow Jones Transportation Average Index Fund.

IYW

iShares Dow Jones US Technology Sector Index Fund.

IYY

iShares Dow Jones US Index Fund.

IYZ

iShares Dow Jones US Telecommunications Sector Index Fund.

JJC

iPath Dow Jones-UBS Copper Subindex Total Return ETN.

JJG

iPath Dow Jones-UBS Grains Subindex Total Return ETN.

JKE

iShares Morningstar Large Growth Index Fund.

JKL

iShares Morningstar Small Value Index Fund.

JNK

SPDR Barclays Capital High Yield Bond ETF.

JXI

iShares S&P Global Utilities Sector Index Fund.

KBE

SPDR KBW Bank ETF.

KCE

SPDR KBW Capital Markets ETF.

KIE

SPDR KBW Insurance ETF.

KOL

Market Vectors—Coal ETF.

KRE

SPDR KBW Regional Banking ETF.

KXI

iShares S&P Global Consumer Staples Sector Index Fund.

LQD

iShares iBoxx Investment Grade Corporate Bond Fund.

MBB

iShares Barclays MBS Bond Fund.

MBG

SPDR Barclays Capital Mortgage Backed Bond ETF.

MDY

SPDR S&P MidCap 400 ETF Trust.

MINT

PIMCO Enhanced Short Maturity Strategy Fund.

MLPI

UBS E-TRACS Alerian MLP Infrastructure ETN.

MLPN

Credit Suisse Cushing 30 MLP Index ETN.

MOO

Market Vectors—Agribusiness ETF.

MUB

iShares S&P National Municipal Bond Fund.

MXI

iShares S&P Global Materials Sector Index Fund.

MYY

ProShares Short MidCap400.

OEF

iShares S&P 100 Index Fund.

OIH

Oil Services Holders Trust.

OIL

iPath Goldman Sachs Crude Oil Total Return Index ETN.

OLO

PowerShares DB Crude Oil Long ETN.

ONEQ

Fidelity NASDAQ Composite Index Tracking Stock ETF.

PALL

ETFS Palladium Trust.

PBW

Powershares WilderHill Clean Energy Portfolio.

PCEF

PowerShares CEF Income Composite Portfolio.

PCY

PowerShares Emerging Markets Sovereign Debt Portfolio.

PFF

iShares S&P US Preferred Stock Index Fund.

PGF

PowerShares Financial Preferred Portfolio.

PGJ

Powershares Golden Dragon Halter USX China Portfolio.

PowerShares Preferred Portfolio.

PHB

PowerShares High Yield Corporate Bond Portfolio.

PHO

PowerShares Water Resources Portfolio.

PHYS

Sprott Physical Gold Trust.

PID

PowerShares International Dividend Achievers Portfolio.

PowerShares India Portfolio.

PIO

PowerShares Global Water Portfolio.

PMA

PowerShares Active Mega Cap Fund.

PPH

Pharmaceutical HOLDRs Trust.

PPLT

ETFS Platinum Trust.

PQY

PowerShares Active AlphaQ Fund.

PRF

Powershares FTSE RAFI US 1000 Portfolio.

PRFZ

PowerShares FTSE RAFI US 1500 Small-Mid Portfolio.

PSQ

ProShares Short QQQ.

PVI

PowerShares VRDO Tax Free Weekly Portfolio.

PWV

PowerShares Dynamic Large Cap Value Portfolio.

PXH

PowerShares FTSE RAFI Emerging Markets Portfolio.

PZA

PowerShares Insured National Municipal Bond Portfolio.

QQQQ

Powershares QQQ.

QTEC

First Trust NASDAQ-100 Technology Index Fund.

REK

ProShares Short Real Estate.

RFG

Rydex S&P Midcap 400 Pure Growth ETF.

RJA

ELEMENTS Linked to the Rogers International Commodity Index—Agri Tot Return.

RJI

ELEMENTS Linked to the Rogers International Commodity Index—Total Return.

RKH

Regional Bank HOLDRs Trust.

RPV

Rydex S&P 500 Pure Value ETF.

RSP

Rydex S&P Equal Weight ETF.

RSX

Market Vectors—Russia ETF.

RTH

Retail HOLDRs Trust.

RWJ

RevenueShares Small Cap Fund.

RWK

RevenueShares Mid Cap Fund.

RWL

RevenueShares Large Cap Fund.

RWM

ProShares Short Russell2000.

RWR

SPDR Dow Jones REIT ETF.

RWX

SPDR Dow Jones International Real Estate ETF.

RZV

Rydex S&P Smallcap 600 Pure Value ETF.

SBB

ProShares Short SmallCap600.

SBM

ProShares Short Basic Materials.

SCHA

Schwab US Small-Cap ETF.

SCHB

Schwab US Broad Market ETF.

SCHE

Schwab Emerging Markets Equity ETF.

SCHF

Schwab International Equity ETF.

SCHX

Schwab US Large-Cap ETF.

SCZ

iShares MSCI EAFE Small Cap Index Fund.

SDY

SPDR S&P Dividend ETF.

SEF

ProShares Short Financials.

SGG

iPath Dow Jones-UBS Sugar Subindex Total Return ETN.

SGOL

ETFS Gold Trust.

ProShares Short S&P500.

SHM

SPDR Nuveen Barclays Capital Short Term Municipal Bond ETF.

SHV

iShares Barclays Short Treasury Bond Fund.

SHY

iShares Barclays 1-3 Year Treasury Bond Fund.

SIL

Global X Silver Miners ETF.

SIVR

ETFS Silver Trust.

SLV

iShares Silver Trust.

SLX

Market Vectors—Steel Index Fund.

SMH

Semiconductor HOLDRs Trust.

SPY

SPDR S&P 500 ETF Trust.

STPZ

PIMCO 1-5 Year US TIPS Index Fund.

SUB

iShares S&P Short Term National AMT-Free Municipal Bond Fund.

TAN

Claymore/MAC Global Solar Energy Index ETF.

TBF

ProShares Short 20+ Year Treasury.

TFI

SPDR Nuveen Barclays Capital Municipal Bond ETF.

THD

iShares MSCI Thailand Index Fund.

TIP

iShares Barclays TIPS Bond Fund.

TLH

iShares Barclays 10-20 Year Treasury Bond Fund.

TLT

iShares Barclays 20+ Year Treasury Bond Fund.

TUR

iShares MSCI Turkey Index Fund.

TUZ

PIMCO 1-3 Year U.S. Treasury Index Fund.

UDN

PowerShares DB US Dollar Index Bearish Fund.

UGA

United States Gasoline Fund LP.

UNG

United States Natural Gas Fund LP.

USO

United States Oil Fund LP.

UUP

PowerShares DB US Dollar Index Bullish Fund.

VAW

Vanguard Materials ETF.

Vanguard Small-Cap ETF.

VBK

Vanguard Small-Cap Growth ETF.

VBR

Vanguard Small-Cap Value ETF.

VCIT

Vanguard Intermediate-Term Corporate Bond ETF.

VCR

Vanguard Consumer Discretionary ETF.

VCSH

Vanguard Short-Term Corporate Bond ETF.

VDC

Vanguard Consumer Staples ETF.

Vanguard Energy ETF.

VEA

Vanguard Europe Pacific ETF.

VEU

Vanguard FTSE All-World ex-US ETF.

VFH

Vanguard Financials ETF.

VGK

Vanguard European ETF.

VGT

Vanguard Information Technology ETF.

VHT

Vanguard Health Care ETF.

VIG

Vanguard Dividend Appreciation ETF.

VIS

Vanguard Industrials ETF.

VNM

Market Vectors Vietnam ETF.

VNQ

Vanguard REIT ETF.

Vanguard Mid-Cap ETF.

VOE

Vanguard Mid-Cap Value Index Fund.

VOT

Vanguard Mid-Cap Growth Index Fund.

VPL

Vanguard Pacific ETF.

VPU

Vanguard Utilities ETF.

VSS

Vanguard FTSE All World ex-US Small-Cap ETF.

Vanguard Total World Stock Index Fund ETF.

VTI

Vanguard Total Stock Market ETF.

VTV

Vanguard Value ETF.

VUG

Vanguard Growth ETF.

Vanguard Large-Cap ETF.

VWO

Vanguard Emerging Markets ETF.

VXF

Vanguard Extended Market ETF.

VXX

iPATH S&P 500 VIX Short-Term Futures ETN.

VXZ

iPATH S&P 500 VIX Mid-Term Futures ETN.

VYM

Vanguard High Dividend Yield ETF.

WIP

SPDR DB International Government Inflation-Protected Bond ETF.

XBI

SPDR S&P Biotech ETF.

XES

SPDR S&P Oil & Gas Equipment & Services ETF.

XHB

SPDR S&P Homebuilders ETF.

XLB

Materials Select Sector SPDR Fund.

XLE

Energy Select Sector SPDR Fund.

XLF

Financial Select Sector SPDR Fund.

XLG

Rydex Russell Top 50 ETF.

XLI

Industrial Select Sector SPDR Fund.

XLK

Technology Select Sector SPDR Fund.

XLP

Consumer Staples Select Sector SPDR Fund.

XLU

Utilities Select Sector SPDR Fund.

XLV

Health Care Select Sector SPDR Fund.

XLY

Consumer Discretionary Select Sector SPDR Fund.

XME

SPDR S&P Metals & Mining ETF.

XOP

SPDR S&P Oil & Gas Exploration & Production ETF.

XPH

SPDR S&P Pharmaceuticals ETF.

XRT

SPDR S&P Retail ETF.

XSD

SPDR S&P Semiconductor ETF.

YXI

ProShares Short FTSE/Xinhua China 25.

[FR Doc. 2011-13472 Filed 5-31-11; 8:45 am]

BILLING CODE 8011-01-P

This is a copy of a public record, reproduced as it was published. It is not legal advice, and it may not be the version a court would rely on. Check the official source before you cite it.