Joint Industry Plan; Notice of Filing of the Seventh Amendment to the 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 MKT LLC, and NYSE Arca, Inc.

Federal RegisterMar 11, 2014

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-71649; File No. 4-631]

Joint Industry Plan; Notice of Filing of the Seventh Amendment to the 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 MKT LLC, and NYSE Arca, Inc.

March 5, 2014.

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

and Rule 608 thereunder

, notice is hereby given that, on February 24, 2014, NYSE Euronext, on behalf of New York Stock Exchange LLC (“NYSE”), NYSE MKT LLC (“NYSE MKT”), and NYSE Arca, Inc. (“NYSE Arca”), and the following parties to the 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 MKT, and NYSE Arca, the “Participants”), filed with the Securities and Exchange Commission (the “Commission”) a proposal to amend the Plan to Address Extraordinary Market Volatility (“Plan”).

The proposal represents the seventh amendment to the Plan (“Seventh Amendment”), and reflects changes unanimously approved by the Participants. The Seventh Amendment to the Plan proposes to amend the Plan to extend the pilot period of the Plan to February 20, 2015 and makes changes to Appendix B of the Plan regarding when the Participants are required to submit specified summary data to the Commission. A copy of the Plan, as proposed to be amended, is attached as Exhibit A hereto. The Commission is publishing this notice to solicit comments from interested persons on the Seventh Amendment to the Plan.

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

17 CFR 242.608.

See

Letter from Martha Redding, Chief Counsel, NYSE Euronext, to Elizabeth M. Murphy, Secretary, Commission, dated February 21, 2014 (“Transmittal Letter”).

I. Rule 608(a) of Regulation NMS

A. Purpose of the Plan

The Participants filed the 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 Plan sets forth 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(Y) of the 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 Plan.

Id.

A stock enters the Limit State if the National Best Offer equals the Lower Price Band and does not cross the National Best Bid, or the National Best Bid equals the Upper Price Band and does not cross the National Best Offer.

See

Section VI(B) of the Plan.

See

Section I(D) of the Plan.

These limit up-limit down requirements would be coupled with trading pauses

to accommodate more fundamental price moves (as opposed to erroneous trades or momentary gaps in liquidity). As set forth in more detail in the Plan, all trading centers

in NMS Stocks, including both those operated by Participants and those operated by members of Participants, would be required to establish, maintain, and enforce written policies and procedures that are reasonably designed to comply with the limit up-limit down and trading pause requirements specified in the Plan.

The primary listing market would declare a trading pause in an NMS Stock; upon notification by the primary listing market, the Processor would disseminate this information to the public. No trades in that NMS Stock could occur during the trading pause, but all bids and offers may be displayed.

See

Section VII(A) of the Plan.

As defined in Section I(X) of the Plan, a trading center shall have the meaning provided in Rule 600(b)(78) of Regulation NMS under the Act.

Under the Plan, all trading centers would be required to establish, maintain, and enforce written policies and procedures 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 Processors would disseminate an offer below the Lower Price Band or bid above the Upper Price Band that nevertheless inadvertently may be submitted despite such reasonable policies and procedures, but with an appropriate flag identifying it as non-executable; such bid or offer would not be included in National Best Bid or National Best Offer calculations. In addition, all trading centers would be required to develop, maintain, and enforce policies and procedures reasonably designed to prevent trades at prices outside the price bands, with the exception of single-priced opening, reopening, and closing transactions on the Primary Listing Exchange.

As stated by the Participants in the Plan, the limit up-limit down mechanism is intended to 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 Plan is designed to address the type of sudden price movements that the market experienced on the afternoon of May 6, 2010.

17 CFR 242.600(b)(47).

See

Transmittal Letter,

supra

note 3.

The limit up-limit down mechanism set forth in the Plan would replace the existing single-stock circuit breaker pilot.

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).

The following summarizes the Seventh Amendment to the Plan and the rationale behind those changes:

Proposed Amendment

The Plan was initially approved for a one-year pilot, which began on April 8, 2013. Accordingly, the pilot period is currently scheduled to end on April 8, 2014. As initially contemplated, the Plan would have been fully implemented across all NMS Stocks within six months of initial Plan operations, which meant there would have been full implementation of the Plan for six months before the end of the pilot period. However, pursuant to the Fourth Amendment to the Plan, the Participants amended Section VIII.B of the Plan, which modified the implementation schedule of Phase II of the Plan to extend the time period when the Plan would fully apply to all NMS Stocks. Accordingly, the Plan was not implemented across all NMS Stocks until December 8, 2013.

In addition, pursuant to the Sixth Amendment to the Plan, which further modified the implementation schedule of Phase II of the Plan, the date for full implementation of the Plan was moved to February 24, 2014. Prior to February 24, 2014, the Plan will have only been in effect from 9:30 a.m. Eastern to 3:45 p.m. Eastern, and will not include the fifteen minutes of trading preceding the close. Accordingly, there will be less than two months of full operation of the Plan before the end of the pilot period.

The Participants do not believe that this short period of full implementation of the Plan will provide sufficient time for either the Participants or the Commission to assess the impact of the Plan and determine whether the Plan should be modified prior to approval on a permanent basis. Rather, the Participants believe that the pilot period should be extended to provide sufficient time to review data based on full implementation of the Plan and if necessary, propose modifications in connection with seeking to approve the Plan on a permanent basis.

Accordingly, the Participants propose to amend Section VIII.C of the Plan to extend the current one-year pilot, which is scheduled to end on April 8, 2014, to have the pilot set to end on February 20, 2015. The proposed new end date for the pilot would provide for a year of full implementation of the Plan before the pilot period ends. The Participants believe that this proposed pilot

extension is appropriate in the public interest, for the protection of investors and the maintenance of a fair and orderly market because it provides additional time to assess the operation of the Plan. The Participants further believe that the proposed amendment is consistent with the approval order for the Plan, in which the Commission stated that having a pilot period would allow “the public, the Participants, and the Commission to assess the operation of the Plan and whether the Plan should be modified prior to approval on a permanent basis.”

See

Securities Exchange Act Release No. 67091 (May 31, 2012), 77 FR 33498, 33508 (June 6, 2012).

Because the goal of the pilot period is to provide an opportunity to assess whether the Plan should be modified prior to approval on a permanent basis, the Participants further propose to amend Section III to Appendix B of the Plan to move the time by which the Participants would be required to submit assessments of the Plan operations. Under the current Plan, the time to provide such assessments is scheduled for two months prior to the end of the pilot period. As originally contemplated, such reports would therefore have been based on approximately four months' worth of data from full implementation of the Plan.

The Participants continue to believe that they would be able to assess the Plan based on a similar data set. The Participants further believe that providing the Commission with such assessments earlier than two months before the end of the pilot period would provide additional time for the Commission to review such assessments and better inform any determination of whether the Plan should be modified prior to approval on a permanent basis. The Participants further believe that revising the time when such assessments would be provided to the Commission would provide the Participants with sufficient time to conduct such assessments. Accordingly, the Participants propose to amend Section III of Appendix B of the Plan to delete the requirement that the assessments be provided at least two months prior to the end of the pilot period, and replace it with a specified date when such assessments shall be provided. The Participants propose that the assessments be provided by September 30, 2014. The Participants believe that this proposed new date for submission of assessments is appropriate in the public interest, for the protection of investors, and the maintenance of a fair and orderly market because it will serve the goals of having sufficient amount of data to review, consistent with the current Plan, providing time for the Participants to complete their assessments of the data, and providing time for the Commission to review such assessments with enough time remaining within the proposed new pilot period to determine whether to modify the Plan prior to approval on a permanent basis.

The Participants note that the amended version of the Plan also includes the revised Appendix A—Schedule 1, which was updated for trading beginning January 3, 2014. As set forth in Appendix A—Percentage Parameters, the Primary Listing Exchange update Schedule 1 to Appendix A semi-annually based on the fiscal year and such updates do not require a Plan amendment.

B. Governing or Constituent Documents

The governing documents of the Processor, as defined in Section I(P) of the Plan, will not be affected by the Plan, but once the Plan is implemented, the Processor's obligations will change, as set forth in detail in the Plan.

C. Implementation of Plan

The initial date of the Plan operations was April 8, 2013.

D. Development and Implementation Phases

The Plan will be implemented as a one-year pilot program in two Phases, consistent with Section VIII of the Plan: Phase I of Plan implementation began on April 8, 2013 and was completed on May 3, 2013. Implementation of Phase II of the Plan began on August 5, 2013 and is scheduled to be completed on February 24, 2014. Pursuant to this proposed amendment, the Participants propose to extend the pilot period so that it is set to end February 20, 2015.

E. Analysis of Impact on Competition

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

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 Plan. Section II(C) of the Plan sets forth how any entity registered as a national securities exchange or national securities association may become a Participant.

G. Approval of Amendment of the Plan

Each of the Plan's Participants has executed a written amended Plan.

H. Terms and Conditions of Access

Section II(C) of the 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 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 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 Plan does not include specific provisions regarding resolution of disputes between or among Participants. Section III(C) of the 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 shall 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, shall 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 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 Seventh Amendment to the Plan is consistent with the Act. 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 email 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 email 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 Seventh Amendment to the Plan that are filed with the Commission, and all written communications relating to the Seventh Amendment to the Plan 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 10:00 a.m. and 3:00 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 April 1, 2014.

By the Commission.

Kevin M. O'Neill,

Deputy Secretary.

EXHIBIT A

Proposed new language is

italicized;

proposed deletions are in [brackets].

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

1[8]

Appendix A—Schedule 1

Appendix B—Data

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. For purposes of the Plan, Regular Trading Hours can end earlier than 4:00 p.m. ET in the case of an early scheduled close.

(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) “Straddle State” shall have the meaning provided in Section VII(A)(2) of the Plan.

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

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

(Z) “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 MKT 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.

(C)

New Participants

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.

(D)

Advisory Committee

(1)

Formation.

Notwithstanding other provisions of this Plan, an Advisory Committee to the Plan shall be formed and shall function in accordance with the provisions set forth in this section.

(2)

Composition.

Members of the Advisory Committee shall be selected for two-year terms as follows:

(A)

Advisory Committee Selections.

By affirmative vote of a majority of the Participants, the Participants shall select at least one representatives from each of the following categories to be members of the Advisory Committee: (1) a broker-dealer with a substantial retail investor customer base; (2) a broker-dealer with a substantial institutional investor customer base; (3) an alternative trading system; (4) a broker-dealer that primarily engages in trading for its own account; and (5) an investor.

(3)

Function.

Members of the Advisory Committee shall have the right to submit their views to the Operating Committee on Plan matters, prior to a decision by the Operating Committee on such matters. Such matters shall include, but not be limited to, proposed material amendments to the Plan.

(4)

Meetings and Information.

Members of the Advisory Committee shall have the right to attend meetings of the Operating Committee and to receive any information concerning Plan matters; provided, however, that the Operating Committee may meet in executive session if, by affirmative vote of a majority of the Participants, the Operating Committee determines that an item of Plan business requires confidential treatment.

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.

(C)

Operating Committee

(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.

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 during Regular Trading Hours. Between 9:30 a.m. and 9:45 a.m. ET, and 3:35 p.m. and 4:00 p.m. ET, or in the case of an early scheduled close, during the last 25 minutes of trading before the early scheduled close, 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.

(C)

Reopenings

(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 Price Band or above the Upper Price Band for an NMS Stock. Single-priced opening, reopening, and closing transactions on the Primary Listing Exchange, however, shall be excluded from this limitation. In addition, any transaction that both (i) does not update the last sale price

(except if solely because the transaction was reported late or because the transaction was an odd-lot sized transaction), and (ii) is excepted or exempt from Rule 611 under Regulation NMS shall be excluded from this limitation.

(2) When a National Best Bid is below the Lower Price Band or a National Best Offer is above the Upper Price 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 Price Band or a National Best Bid is equal to the Upper Price 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 Price Band and does not cross the National Best Bid, or the National Best Bid equals the Upper Price 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 or at the end of Regular Trading Hours.

VII.

Trading Pauses

(A)

Declaration of Trading Pauses

(1) 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.

(2) The Primary Listing Exchange may also declare a Trading Pause for an NMS Stock when an NMS Stock is in a Straddle State, which is when National Best Bid (Offer) is below (above) the Lower (Upper) Price Band and the NMS Stock is not in a Limit State, and trading in that NMS Stock deviates from normal trading characteristics such that declaring a Trading Pause would support the Plan's goal to address extraordinary market volatility. The Primary Listing Exchange shall develop policies and procedures for determining when it would declare a Trading Pause in such circumstances. If a Trading Pause is declared for an NMS Stock under this provision, the Primary Listing Exchange shall notify the Processor.

(3) The Processor shall disseminate Trading Pause 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.

(C)

Trading Pauses Within Ten Minutes of the End of Regular Trading Hours

(1) If a Trading Pause for an NMS Stock is declared in the last ten minutes of trading before the end of Regular Trading Hours, the Primary Listing Exchange shall not reopen trading and 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

The initial date of Plan operations shall be April 8, 2013.

(A)

Phase I

(1) On the initial date of Plan operations, Phase I of Plan implementation shall begin in select symbols from the Tier 1 NMS Stocks identified in Appendix A of the Plan.

(2) Three 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 to all 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 and therefore trading shall not enter a Limit State less than 30 minutes before the end of Regular Trading Hours.

(B)

Phase II—Full Implementation

Phase II.A.: Eight 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 3:45 p.m. ET each trading day, or earlier in the case of an early scheduled close.

Phase II.B.: By February 24, 2014, 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, or earlier in the case of an early scheduled close.

The Plan shall be implemented on a [one-year] pilot basis set to end on February 20, 2015.

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.

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 February 2014 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 MKT 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 (“ETP”) listed on Schedule 1 to this Appendix. Schedule 1 to the Appendix will be reviewed and updated semi-annually based on the fiscal year by the Primary Listing Exchange to add ETPs that meet the criteria, or delete ETPs that are no longer eligible. To determine eligibility for an ETP to be included as a Tier 1 NMS Stock, all ETPs across multiple asset classes and issuers, including domestic equity, international equity, fixed income, currency, and commodities and futures will be identified. Leveraged ETPs will be excluded and the list will be sorted by notional consolidated average daily volume (“CADV”). The period used to measure CADV will be from the first day of the previous fiscal half year up until one week before the beginning of the next fiscal half year. Daily volumes will be multiplied by closing prices and then averaged over the period. ETPs, including inverse ETPs, that trade over $2,000,000 CADV will be eligible to be included as a Tier 1 NMS Stock. The semi-annual updates to Schedule 1 do not require an amendment to the Plan. The Primary Listing Exchanges will maintain the updated Schedule 1 on their respective Web sites.

(2) The Percentage Parameters for Tier 1 NMS Stocks with a Reference Price more than $3.00 shall be 5%.

(3) The Percentage Parameters for Tier 1 NMS Stocks with a Reference Price equal to $0.75 and up to and including $3.00 shall be 20%.

(4) The Percentage Parameters for Tier 1 NMS Stocks with a Reference Price less than $0.75 shall be the lesser of (a) $0.15 or (b) 75%.

(5) The Reference Price used for determining which Percentage Parameter shall be applicable during a trading day shall be based on the closing price of the NMS Stock on the Primary Listing Exchange on the previous trading day, or if no closing price exists, the last sale on the Primary Listing Exchange reported by the Processor.

II.

Tier 2 NMS Stocks

(1) Tier 2 NMS Stocks shall include all NMS Stocks other than those in Tier 1, provided, however, that all rights and warrants are excluded from the Plan.

(2) The Percentage Parameters for Tier 2 NMS Stocks with a Reference Price more than $3.00 shall be

(3) The Percentage Parameters for Tier 2 NMS Stocks with a Reference Price equal to $0.75 and up to and including $3.00 shall be 20%.

(4) The Percentage Parameters for Tier 2 NMS Stocks with a Reference Price less than $0.75 shall be the lesser of (a) $0.15 or (b) 75%.

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

(6) The Reference Price used for determining which Percentage Parameter shall be applicable during a trading day shall be based on the closing price of the NMS Stock on the Primary Listing Exchange on the previous trading day, or if no closing price exists, the last sale on the Primary Listing Exchange reported by the Processor.

Appendix A—Schedule 1

Ticker

Name

Primary

exchange

AAXJ

iShares MSCI All Country Asia ex Japan ETF

NASDAQ GM

ACWI

iShares MSCI ACWI ETF

NASDAQ GM

ACWV

iShares MSCI All Country World Minimum Volatility ETF

NYSE Arca

ACWX

iShares MSCI ACWI ex US ETF

NASDAQ GM

AGG

iShares Core Total US Bond Market ETF

NYSE Arca

AGZ

iShares Agency Bond ETF

NYSE Arca

ALD

WisdomTree Asia Local Debt Fund

NYSE Arca

AMJ

JPMorgan Alerian MLP Index ETN

NYSE Arca

AMLP

Alerian MLP ETF

NYSE Arca

ASHR

db X-trackers Harvest CSI 300 China A-Shares Fund

NYSE Arca

BAB

PowerShares Build America Bond Portfolio

NYSE Arca

BBH

Market Vectors Biotech ETF

NYSE Arca

BIL

SPDR Barclays 1-3 Month T-Bill

NYSE Arca

BIV

Vanguard Intermediate-Term Bond ETF

NYSE Arca

BKF

iShares MSCI BRIC ETF

NYSE Arca

BKLN

PowerShares Senior Loan Portfolio

NYSE Arca

BLV

Vanguard Long-Term Bond ETF

NYSE Arca

BND

Vanguard Total Bond Market ETF

NYSE Arca

BNDX

Vanguard Total International Bond ETF

NASDAQ GM

BNO

United States Brent Oil Fund LP

NYSE Arca

BOND

Pimco Total Return ETF

NYSE Arca

BRF

Market Vectors Brazil Small-Cap ETF

NYSE Arca

BSCE

Guggenheim BulletShares 2014 Corporate Bond ETF

NYSE Arca

BSCF

Guggenheim BulletShares 2015 Corporate Bond ETF

NYSE Arca

BSCG

Guggenheim BulletShares 2016 Corporate Bond ETF

NYSE Arca

BSCH

Guggenheim BulletShares 2017 Corporate Bond ETF

NYSE Arca

BSJE

Guggenheim BulletShares 2014 High Yield Corporate Bond ETF

NYSE Arca

BSJF

Guggenheim BulletShares 2015 High Yield Corporate Bond ETF

NYSE Arca

BSJG

Guggenheim BulletShares 2016 High Yield Corporate Bond ETF

NYSE Arca

BSV

Vanguard Short-Term Bond ETF

NYSE Arca

BWX

SPDR Barclays International Treasury Bond ETF

NYSE Arca

BZF

WisdomTree Brazilian Real Fund

NYSE Arca

CFT

iShares Credit Bond ETF

NYSE Arca

CIU

iShares Intermediate Credit Bond ETF

NYSE Arca

CLY

iShares 10+ Year Credit Bond ETF

NYSE Arca

CORN

Teucrium Corn Fund

NYSE Arca

CSD

Guggenheim Spin-Off ETF

NYSE Arca

CSJ

iShares 1-3 Year Credit Bond ETF

NYSE Arca

CVY

Guggenheim Multi-Asset Income ETF

NYSE Arca

CWB

SPDR Barclays Convertible Securities ETF

NYSE Arca

DBA

PowerShares DB Agriculture Fund

NYSE Arca

DBB

PowerShares DB Base Metals Fund

NYSE Arca

DBC

PowerShares DB Commodity Index Tracking Fund

NYSE Arca

DBJP

db X-trackers MSCI Japan Hedged Equity Fund

NYSE Arca

DBO

PowerShares DB Oil Fund

NYSE Arca

DBP

PowerShares DB Precious Metals Fund

NYSE Arca

DBV

PowerShares DB G10 Currency Harvest Fund

NYSE Arca

DEM

WisdomTree Emerging Markets Equity Income Fund

NYSE Arca

DES

WisdomTree SmallCap Dividend Fund

NYSE Arca

DFE

WisdomTree Europe SmallCap Dividend Fund

NYSE Arca

DGS

WisdomTree Emerging Markets SmallCap Dividend Fund

NYSE Arca

DGZ

PowerShares DB Gold Short ETN

NYSE Arca

DHS

WisdomTree Equity Income Fund

NYSE Arca

DIA

SPDR Dow Jones Industrial Average ETF Trust

NYSE Arca

DJP

iPath Dow Jones—UBS Commodity Index Total Return ETN

NYSE Arca

DLN

WisdomTree LargeCap Dividend Fund

NYSE Arca

DLS

WisdomTree International SmallCap Dividend Fund

NYSE Arca

DOG

ProShares Short Dow30

NYSE Arca

DON

WisdomTree MidCap Dividend Fund

NYSE Arca

DTN

WisdomTree Dividend Ex-Financials Fund

NYSE Arca

DTYS

iPath US Treasury 10-year Bear ETN

NYSE Arca

DVY

iShares Select Dividend ETF

NYSE Arca

DWAS

PowerShares DWA SmallCap Momentum Portfolio

NYSE Arca

DWX

SPDR S&P International Dividend ETF

NYSE Arca

DXJ

WisdomTree Japan Hedged Equity Fund

NYSE Arca

EBND

SPDR Barclays Emerging Markets Local Bond ETF

NYSE Arca

ECH

iShares MSCI Chile Capped ETF

NYSE Arca

ECON

EGShares Emerging Markets Consumer ETF

NYSE Arca

EDIV

SPDR S&P Emerging Markets Dividend ETF

NYSE Arca

EDV

Vanguard Extended Duration Treasury ETF

NYSE Arca

EEB

Guggenheim BRIC ETF

NYSE Arca

EEM

iShares MSCI Emerging Markets ETF

NYSE Arca

EEMV

iShares MSCI Emerging Markets Minimum Volatility ETF

NYSE Arca

EES

WisdomTree SmallCap Earnings Fund

NYSE Arca

EFA

iShares MSCI EAFE ETF

NYSE Arca

EFAV

iShares MSCI EAFE Minimum Volatility ETF

NYSE Arca

EFG

iShares MSCI EAFE Growth ETF

NYSE Arca

EFV

iShares MSCI EAFE Value ETF

NYSE Arca

EFZ

ProShares Short MSCI EAFE

NYSE Arca

EIDO

iShares MSCI Indonesia ETF

NYSE Arca

ELD

WisdomTree Emerging Markets Local Debt Fund

NYSE Arca

EMB

iShares JP Morgan USD Emerging Markets Bond ETF

NYSE Arca

EMLC

Market Vectors Emerging Markets Local Currency Bond ETF

NYSE Arca

EMLP

First Trust North American Energy Infrastructure Fund

NYSE Arca

EPHE

iShares MSCI Philippines ETF

NYSE Arca

EPI

WisdomTree India Earnings Fund

NYSE Arca

EPOL

iShares MSCI Poland Capped ETF

NYSE Arca

EPP

iShares MSCI Pacific ex Japan ETF

NYSE Arca

EPU

iShares MSCI All Peru Capped ETF

NYSE Arca

ERUS

iShares MSCI Russia Capped ETF

NYSE Arca

EUFN

iShares MSCI Europe Financials ETF

NASDAQ GM

EUM

ProShares Short MSCI Emerging Markets

NYSE Arca

EWA

iShares MSCI Australia ETF

NYSE Arca

EWC

iShares MSCI Canada ETF

NYSE Arca

EWD

iShares MSCI Sweden ETF

NYSE Arca

EWG

iShares MSCI Germany ETF

NYSE Arca

EWH

iShares MSCI Hong Kong ETF

NYSE Arca

EWI

iShares MSCI Italy Capped ETF

NYSE Arca

EWJ

iShares MSCI Japan ETF

NYSE Arca

EWL

iShares MSCI Switzerland Capped ETF

NYSE Arca

EWM

iShares MSCI Malaysia ETF

NYSE Arca

EWN

iShares MSCI Netherlands ETF

NYSE Arca

EWP

iShares MSCI Spain Capped ETF

NYSE Arca

EWQ

iShares MSCI France ETF

NYSE Arca

EWS

iShares MSCI Singapore ETF

NYSE Arca

EWT

iShares MSCI Taiwan ETF

NYSE Arca

EWU

iShares MSCI United Kingdom ETF

NYSE Arca

EWW

iShares MSCI Mexico Capped ETF

NYSE Arca

EWX

SPDR S&P Emerging Markets SmallCap ETF

NYSE Arca

EWY

iShares MSCI South Korea Capped ETF

NYSE Arca

EWZ

iShares MSCI Brazil Capped ETF

NYSE Arca

EXI

iShares Global Industrials ETF

NYSE Arca

EZA

iShares MSCI South Africa ETF

NYSE Arca

EZM

WisdomTree MidCap Earnings Fund

NYSE Arca

EZU

iShares MSCI EMU ETF

NYSE Arca

FBT

First Trust NYSE Arca Biotechnology Index Fund

NYSE Arca

FCG

First Trust ISE-Revere Natural Gas Index Fund

NYSE Arca

FDL

First Trust Morningstar Dividend Leaders Index

NYSE Arca

FDN

First Trust Dow Jones Internet Index Fund

NYSE Arca

FEM

First Trust Emerging Markets AlphaDEX Fund

NYSE Arca

FEP

First Trust Europe AlphaDEX Fund

NYSE Arca

FEX

First Trust Large Cap Core AlphaDEX Fund

NYSE Arca

FEZ

SPDR EURO STOXX 50 ETF

NYSE Arca

FGD

First Trust DJ Global Select Dividend Index Fund

NYSE Arca

FLOT

iShares Floating Rate Bond ETF

NYSE Arca

FLRN

SPDR Barclays Investment Grade Floating Rate ETF

NYSE Arca

iShares MSCI Frontier 100 ETF

NYSE Arca

FNX

First Trust Mid Cap Core AlphaDEX Fund

NYSE Arca

FPX

First Trust US IPO Index Fund

NYSE Arca

FRI

First Trust S&P REIT Index Fund

NYSE Arca

FTA

First Trust Large Cap Value AlphaDEX Fund

NYSE Arca

FVD

First Trust Value Line Dividend Index Fund

NYSE Arca

FXA

CurrencyShares Australian Dollar Trust

NYSE Arca

FXB

CurrencyShares British Pound Sterling Trust

NYSE Arca

FXC

CurrencyShares Canadian Dollar Trust

NYSE Arca

FXD

First Trust Consumer Discretionary AlphaDEX Fund

NYSE Arca

FXE

CurrencyShares Euro Trust

NYSE Arca

FXF

CurrencyShares Swiss Franc Trust

NYSE Arca

FXG

First Trust Consumer Staples AlphaDEX Fund

NYSE Arca

FXH

First Trust Health Care AlphaDEX Fund

NYSE Arca

FXI

iShares China Large-Cap ETF

NYSE Arca

FXL

First Trust Technology AlphaDEX Fund

NYSE Arca

FXN

First Trust Energy AlphaDEX Fund

NYSE Arca

FXO

First Trust Financial AlphaDEX Fund

NYSE Arca

FXR

First Trust Industrials/Producer Durables AlphaDEX Fund

NYSE Arca

FXU

First Trust Utilities AlphaDEX Fund

NYSE Arca

FXY

CurrencyShares Japanese Yen Trust

NYSE Arca

FXZ

First Trust Materials AlphaDEX Fund

NYSE Arca

FYX

First Trust Small Cap Core AlphaDEX Fund

NYSE Arca

GCC

GreenHaven Continuous Commodity Index Fund

NYSE Arca

GDX

Market Vectors Gold Miners ETF

NYSE Arca

GDXJ

Market Vectors Junior Gold Miners ETF

NYSE Arca

GLD

SPDR Gold Shares

NYSE Arca

GLTR

ETFS Physical Precious Metal Basket Shares

NYSE Arca

GMF

SPDR S&P Emerging Asia Pacific ETF

NYSE Arca

GMM

SPDR S&P Emerging Markets ETF

NYSE Arca

GNR

SPDR S&P Global Natural Resources ETF

NYSE Arca

GSG

iShares S&P GSCI Commodity Indexed Trust

NYSE Arca

GSY

Guggenheim Enhanced Short Duration ETF

NYSE Arca

GUNR

FlexShares Global Upstream Natural Resources Index Fund

NYSE Arca

GURU

Global X Guru Index ETF

NYSE Arca

GVI

iShares Intermediate Government/Credit Bond ETF

NYSE Arca

GWL

SPDR S&P World ex-US ETF

NYSE Arca

GWX

SPDR S&P International Small Cap ETF

NYSE Arca

GXC

SPDR S&P China ETF

NYSE Arca

GXG

Global X FTSE Colombia 20 ETF

NYSE Arca

HAO

Guggenheim China Small Cap ETF

NYSE Arca

HDGE

Ranger Equity Bear ETF

NYSE Arca

HDV

iShares High Dividend ETF

NYSE Arca

HEDJ

WisdomTree Europe Hedged Equity Fund

NYSE Arca

HYD

Market Vectors High Yield Municipal Index ETF

NYSE Arca

HYEM

Market Vectors Emerging High Yield Bond ETF

NYSE Arca

HYG

iShares iBoxx $ High Yield Corporate Bond ETF

NYSE Arca

HYLD

Peritus High Yield ETF

NYSE Arca

HYMB

SPDR Nuveen S&P High Yield Municipal Bond ETF

NYSE Arca

HYS

PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund

NYSE Arca

IAI

iShares U.S. Broker-Dealers ETF

NYSE Arca

IAT

iShares US Regional Banks ETF

NYSE Arca

IAU

iShares Gold Trust

NYSE Arca

IBB

iShares Nasdaq Biotechnology ETF

NASDAQ GM

IBND

SPDR Barclays International Corporate Bond ETF

NYSE Arca

ICF

iShares Cohen & Steers REIT ETF

NYSE Arca

IDU

iShares US Utilities ETF

NYSE Arca

IDV

iShares International Select Dividend ETF

NYSE Arca

IDX

Market Vectors Indonesia Index ETF

NYSE Arca

IEF

iShares 7-10 Year Treasury Bond ETF

NYSE Arca

IEFA

iShares Core MSCI EAFE ETF

NYSE Arca

IEI

iShares 3-7 Year Treasury Bond ETF

NYSE Arca

IEMG

iShares Core MSCI Emerging Markets ETF

NYSE Arca

IEO

iShares U.S. Oil & Gas Exploration & Production ETF

NYSE Arca

IEV

iShares Europe ETF

NYSE Arca

IEZ

iShares U.S. Oil Equipment & Services ETF

NYSE Arca

IFGL

iShares International Developed Real Estate ETF

NASDAQ GM

IGE

iShares North American Natural Resources ETF

NYSE Arca

IGF

iShares Global Infrastructure ETF

NYSE Arca

IGM

iShares North American Tech ETF

NYSE Arca

IGOV

iShares International Treasury Bond ETF

NASDAQ GM

IGV

iShares North American Tech-Software ETF

NYSE Arca

IHE

iShares US Pharmaceuticals ETF

NYSE Arca

IHF

iShares U.S. Healthcare Providers ETF

NYSE Arca

IHI

iShares U.S. Medical Devices ETF

NYSE Arca

IHY

Market Vectors International High Yield Bond ETF

NYSE Arca

IJH

iShares Core S&P Mid-Cap ETF

NYSE Arca

IJJ

iShares S&P Mid-Cap 400 Value ETF

NYSE Arca

IJK

iShares S&P Mid-Cap 400 Growth ETF

NYSE Arca

IJR

iShares Core S&P Small-Cap ETF

NYSE Arca

IJS

iShares S&P Small-Cap 600 Value ETF

NYSE Arca

IJT

iShares S&P Small-Cap 600 Growth ETF

NYSE Arca

ILF

iShares Latin America 40 ETF

NYSE Arca

INDA

iShares MSCI India ETF

BATS

INDY

iShares India 50 ETF

NASDAQ GM

INP

iPath MSCI India Index ETN

NYSE Arca

IOO

iShares Global 100 ETF

NYSE Arca

IPE

SPDR Barclays TIPS ETF

NYSE Arca

ITA

iShares U.S. Aerospace & Defense ETF

NYSE Arca

ITB

iShares U.S. Home Construction ETF

NYSE Arca

ITM

Market Vectors Intermediate Municipal ETF

NYSE Arca

ITOT

iShares Core S&P Total US Stock Market ETF

NYSE Arca

ITR

SPDR Barclays Intermediate Term Corporate Bond ETF

NYSE Arca

IVE

iShares S&P 500 Value ETF

NYSE Arca

IVV

iShares Core S&P 500 ETF

NYSE Arca

IVW

iShares S&P 500 Growth ETF

NYSE Arca

IWB

iShares Russell 1000 ETF

NYSE Arca

IWC

iShares Micro-Cap ETF

NYSE Arca

IWD

iShares Russell 1000 Value ETF

NYSE Arca

IWF

iShares Russell 1000 Growth ETF

NYSE Arca

IWM

iShares Russell 2000 ETF

NYSE Arca

IWN

iShares Russell 2000 Value ETF

NYSE Arca

IWO

iShares Russell 2000 Growth ETF

NYSE Arca

IWP

iShares Russell Mid-Cap Growth ETF

NYSE Arca

IWR

iShares Russell Mid-Cap ETF

NYSE Arca

IWS

iShares Russell Mid-Cap Value ETF

NYSE Arca

IWV

iShares Russell 3000 ETF

NYSE Arca

IWW

iShares Russell 3000 Value ETF

NYSE Arca

IXC

iShares Global Energy ETF

NYSE Arca

IXG

iShares Global Financials ETF

NYSE Arca

IXJ

iShares Global Healthcare ETF

NYSE Arca

IXN

iShares Global Tech ETF

NYSE Arca

IXP

iShares Global Telecom ETF

NYSE Arca

IXUS

iShares Core MSCI Total International Stock ETF

NYSE Arca

IYC

iShares U.S. Consumer Services ETF

NYSE Arca

IYE

iShares U.S. Energy ETF

NYSE Arca

IYF

iShares US Financials ETF

NYSE Arca

IYG

iShares U.S. Financial Services ETF

NYSE Arca

IYH

iShares U.S. Healthcare ETF

NYSE Arca

IYJ

iShares U.S. Industrials ETF

NYSE Arca

IYM

iShares U.S. Basic Materials ETF

NYSE Arca

IYR

iShares US Real Estate ETF

NYSE Arca

IYT

iShares Transportation Average ETF

NYSE Arca

IYW

iShares US Technology ETF

NYSE Arca

IYY

iShares Dow Jones U.S. ETF

NYSE Arca

IYZ

iShares US Telecommunications ETF

NYSE Arca

JKE

iShares Morningstar Large-Cap Growth ETF

NYSE Arca

JKF

iShares Morningstar Large-Cap Value ETF

NYSE Arca

JNK

SPDR Barclays High Yield Bond ETF

NYSE Arca

iPath Dow Jones-UBS Coffee Subindex Total Return ETN

NYSE Arca

KBE

SPDR S&P Bank ETF

NYSE Arca

KBWB

PowerShares KBW Bank Portfolio

NYSE Arca

KIE

SPDR S&P Insurance ETF

NYSE Arca

KOL

Market Vectors Coal ETF

NYSE Arca

KRE

SPDR S&P Regional Banking ETF

NYSE Arca

KXI

iShares Global Consumer Staples ETF

NYSE Arca

LAG

SPDR Barclays Aggregate Bond ETF

NYSE Arca

LEMB

iShares Emerging Markets Local Currency Bond ETF

NYSE Arca

LQD

iShares iBoxx $ Investment Grade Corporate Bond ETF

NYSE Arca

MBB

iShares MBS ETF

NYSE Arca

MCHI

iShares MSCI China ETF

NYSE Arca

MDIV

First Trust NASDAQ US Multi-Asset Diversified Income Index Fun

NASDAQ GM

MDY

SPDR S&P MidCap 400 ETF Trust

NYSE Arca

MGC

Vanguard Mega Cap ETF

NYSE Arca

MGK

Vanguard Mega Cap Growth ETF

NYSE Arca

MGV

Vanguard Mega Cap Value ETF

NYSE Arca

MINT

PIMCO Enhanced Short Maturity Exchange-Traded Fund

NYSE Arca

MLPI

ETRACS Alerian MLP Infrastructure Index ETN

NYSE Arca

MLPN

Credit Suisse MLP Equal Weight Index ETN

NYSE Arca

MOAT

Market Vectors Wide Moat ETF

NYSE Arca

MOO

Market Vectors Agribusiness ETF

NYSE Arca

MUB

iShares National AMT-Free Muni Bond ETF

NYSE Arca

MUNI

PIMCO Intermediate Municipal Bond Exchange-Traded Fund

NYSE Arca

MXI

iShares Global Materials ETF

NYSE Arca

NEAR

iShares Short Maturity Bond ETF

BATS

NKY

MAXIS Nikkei 225 Index Fund ETF

NYSE Arca

NOBL

ProShares S&P 500 Aristocrats ETF

NYSE Arca

OEF

iShares S&P 100 ETF

NYSE Arca

OIH

Market Vectors Oil Service ETF

NYSE Arca

OIL

iPath Goldman Sachs Crude Oil Total Return Index ETN

NYSE Arca

ONEQ

Fidelity NASDAQ Composite Index Tracking Stock ETF

NASDAQ GM

PALL

ETFS Physical Palladium Shares

NYSE Arca

PBE

Powershares Dynamic Biotechnology & Genome Portfolio

NYSE Arca

PBS

Powershares Dynamic Media Portfolio

NYSE Arca

PBW

Powershares WilderHill Clean Energy Portfolio

NYSE Arca

PCEF

PowerShares CEF Income Composite Portfolio

NYSE Arca

PCY

PowerShares Emerging Markets Sovereign Debt Portfolio

NYSE Arca

PDP

PowerShares DWA Momentum Portfolio

NYSE Arca

PFF

iShares US Preferred Stock ETF

NYSE Arca

PGF

PowerShares Financial Preferred Portfolio

NYSE Arca

PGJ

Powershares Golden Dragon China Portfolio

NYSE Arca

PGX

PowerShares Preferred Portfolio

NYSE Arca

PHB

PowerShares Fundamental High Yield Corporate Bond Portfolio

NYSE Arca

PHO

PowerShares Water Resources Portfolio

NYSE Arca

PHYS

Sprott Physical Gold Trust

NYSE Arca

PID

PowerShares International Dividend Achievers Portfolio

NYSE Arca

PIE

PowerShares DWA Emerging Markets Momentum Portfolio

NYSE Arca

PowerShares India Portfolio

NYSE Arca

PIZ

PowerShares DWA Developed Markets Momentum Portfolio

NYSE Arca

PJP

Powershares Dynamic Pharmaceuticals Portfolio

NYSE Arca

PKW

PowerShares Buyback Achievers Portfolio

NYSE Arca

PNQI

PowerShares NASDAQ Internet Portfolio

NASDAQ GM

PPH

Market Vectors Pharmaceutical ETF

NYSE Arca

PPLT

ETFS Platinum Trust

NYSE Arca

PRF

Powershares FTSE RAFI US 1000 Portfolio

NYSE Arca

PRFZ

PowerShares FTSE RAFI US 1500 Small-Mid Portfolio

NASDAQ GM

PSK

SPDR Wells Fargo Preferred Stock ETF

NYSE Arca

PSLV

Sprott Physical Silver Trust

NYSE Arca

PSP

PowerShares Global Listed Private Equity Portfolio

NYSE Arca

PSQ

ProShares Short QQQ

NYSE Arca

PWV

PowerShares Dynamic Large Cap Value Portfolio

NYSE Arca

PXF

PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio

NYSE Arca

PZA

PowerShares Insured National Municipal Bond Portfolio

NYSE Arca

QAI

IndexIQ ETF Trust—IQ Hedge Multi-Strategy Tracker ETF

NYSE Arca

QQEW

First Trust NASDAQ-100 Equal Weighted Index Fund

NASDAQ GM

QQQ

Powershares QQQ Trust Series 1

NASDAQ GM

REM

iShares Mortgage Real Estate Capped ETF

NYSE Arca

REZ

iShares Residential Real Estate Capped ETF

NYSE Arca

RFG

Guggenheim S&P Midcap 400 Pure Growth ETF

NYSE Arca

RIGS

Riverfront Strategic Income Fund

NYSE Arca

RJI

ELEMENTS Linked to the Rogers International Commodity Index—Total Return

NYSE Arca

RPG

Guggenheim S&P 500 Pure Growth ETF

NYSE Arca

RPV

Guggenheim S&P 500 Pure Value ETF

NYSE Arca

RSP

Guggenheim S&P 500 Equal Weight ETF

NYSE Arca

RSX

Market Vectors Russia ETF

NYSE Arca

RTH

Market Vectors Retail ETF

NYSE Arca

RWM

ProShares Short Russell2000

NYSE Arca

RWO

SPDR Dow Jones Global Real Estate ETF

NYSE Arca

RWR

SPDR Dow Jones REIT ETF

NYSE Arca

RWX

SPDR Dow Jones International Real Estate ETF

NYSE Arca

RXI

iShares Global Consumer Discretionary ETF

NYSE Arca

RYH

Guggenheim S&P 500 Equal Weight Healthcare ETF

NYSE Arca

RYT

Guggenheim S&P 500 Equal Weight Technology ETF

NYSE Arca

SCHA

Schwab US Small-Cap ETF

NYSE Arca

SCHB

Schwab US Broad Market ETF

NYSE Arca

SCHD

Schwab US Dividend Equity ETF

NYSE Arca

SCHE

Schwab Emerging Markets Equity ETF

NYSE Arca

SCHF

Schwab International Equity ETF

NYSE Arca

SCHG

Schwab U.S. Large-Cap Growth ETF

NYSE Arca

SCHH

Schwab U.S. REIT ETF

NYSE Arca

SCHM

Schwab U.S. Mid-Cap ETF

NYSE Arca

SCHO

Schwab Short-Term U.S. Treasury ETF

NYSE Arca

SCHP

Schwab U.S. TIPs ETF

NYSE Arca

SCHR

Schwab Intermediate-Term U.S. Treasury ETF

NYSE Arca

SCHV

Schwab U.S. Large-Cap Value ETF

NYSE Arca

SCHX

Schwab US Large-Cap ETF

NYSE Arca

SCHZ

Schwab U.S. Aggregate Bond ETF

NYSE Arca

SCIF

Market Vectors India Small-Cap Index ETF

NYSE Arca

SCPB

SPDR Barclays Short Term Corporate Bond ETF

NYSE Arca

SCZ

iShares MSCI EAFE Small-Cap ETF

NYSE Arca

SDIV

Global X SuperDividend ETF

NYSE Arca

SDOG

ALPS Sector Dividend Dogs ETF

NYSE Arca

SDY

SPDR S&P Dividend ETF

NYSE Arca

SGOL

ETFS Gold Trust

NYSE Arca

ProShares Short S&P500

NYSE Arca

SHM

SPDR Nuveen Barclays Short Term Municipal Bond ETF

NYSE Arca

SHV

iShares Short Treasury Bond ETF

NYSE Arca

SHY

iShares 1-3 Year Treasury Bond ETF

NYSE Arca

SIL

Global X Silver Miners ETF

NYSE Arca

SIVR

ETFS Physical Silver Shares

NYSE Arca

SJNK

SPDR Barclays Short Term High Yield Bond ETF

NYSE Arca

SLV

iShares Silver Trust

NYSE Arca

SLX

Market Vectors Steel Index Fund

NYSE Arca

SLY

SPDR S&P 600 Small CapETF

NYSE Arca

SMH

Market Vectors Semiconductor ETF

NYSE Arca

SOCL

Global X Social Media Index ETF

NASDAQ GM

SOXX

iShares PHLX Semiconductor ETF

NASDAQ GM

SPHB

PowerShares S&P 500 High Beta Port ETF

NYSE Arca

SPLV

PowerShares S&P 500 Low Volatility Portfolio

NYSE Arca

SPY

SPDR S&P 500 ETF Trust

NYSE Arca

SRLN

SPDR Blackstone/GSO Senior Loan ETF

NYSE Arca

STIP

iShares 0-5 Year TIPS Bond ETF

NYSE Arca

STPZ

PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund

NYSE Arca

SUB

iShares Short-Term National AMT-Free Muni Bond ETF

NYSE Arca

SVXY

ProShares Short VIX Short-Term Futures ETF

NYSE Arca

TAN

Guggenheim Solar ETF

NYSE Arca

TBF

ProShares Short 20+ Year Treasury

NYSE Arca

TDTF

FlexShares iBoxx 5-Year Target Duration TIPS Index Fund

NYSE Arca

TDTT

FlexShares iBoxx 3-Year Target Duration TIPS Index Fund

NYSE Arca

TFI

SPDR Nuveen Barclays Municipal Bond ETF

NYSE Arca

THD

iShares MSCI Thailand Capped ETF

NYSE Arca

TIP

iShares TIPS Bond ETF

NYSE Arca

TLH

iShares 10-20 Year Treasury Bond ETF

NYSE Arca

TLT

iShares 20+ Year Treasury Bond ETF

NYSE Arca

TLTD

FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund

NYSE Arca

TOK

iShares MSCI Kokusai ETF

NYSE Arca

TUR

iShares MSCI Turkey ETF

NYSE Arca

UNG

United States Natural Gas Fund LP

NYSE Arca

USCI

United States Commodity Index Fund

NYSE Arca

USDU

WisdomTree Bloomberg U.S. Dollar Bullish Fund

NYSE Arca

USMV

iShares MSCI USA Minimum Volatility ETF

NYSE Arca

USO

United States Oil Fund LP

NYSE Arca

UUP

PowerShares DB US Dollar Index Bullish Fund

NYSE Arca

VAW

Vanguard Materials ETF

NYSE Arca

Vanguard Small-Cap ETF

NYSE Arca

VBK

Vanguard Small-Cap Growth ETF

NYSE Arca

VBR

Vanguard Small-Cap Value ETF

NYSE Arca

VCIT

Vanguard Intermediate-Term Corporate Bond ETF

NASDAQ GM

VCLT

Vanguard Long-Term Corporate Bond ETF

NASDAQ GM

VCR

Vanguard Consumer Discretionary ETF

NYSE Arca

VCSH

Vanguard Short-Term Corporate Bond ETF

NASDAQ GM

VDC

Vanguard Consumer Staples ETF

NYSE Arca

VDE

Vanguard Energy ETF

NYSE Arca

VEA

Vanguard FTSE Developed Markets ETF

NYSE Arca

VEU

Vanguard FTSE All-World ex-US ETF

NYSE Arca

VFH

Vanguard Financials ETF

NYSE Arca

VGK

Vanguard FTSE Europe ETF

NYSE Arca

VGSH

Vanguard Short-Term Government Bond ETF

NASDAQ GM

VGT

Vanguard Information Technology ETF

NYSE Arca

VHT

Vanguard Health Care ETF

NYSE Arca

VIDI

Vident International Equity Fund

NASDAQ GM

VIG

Vanguard Dividend Appreciation ETF

NYSE Arca

VIIX

VelocityShares VIX Short Term ETN

NASDAQ GM

VIS

Vanguard Industrials ETF

NYSE Arca

VIXM

ProShares VIX Mid-Term Futures ETF

NYSE Arca

VIXY

ProShares VIX Short-Term Futures ETF

NYSE Arca

VMBS

Vanguard Mortgage-Backed Securities ETF

NASDAQ GM

VNM

Market Vectors Vietnam ETF

NYSE Arca

VNQ

Vanguard REIT ETF

NYSE Arca

VNQI

Vanguard Global ex-U.S. Real Estate ETF

NASDAQ GM

Vanguard Mid-Cap ETF

NYSE Arca

VOE

Vanguard Mid-Cap Value ETF

NYSE Arca

VOO

Vanguard S&P 500 ETF

NYSE Arca

VOT

Vanguard Mid-Cap Growth ETF

NYSE Arca

VOX

Vanguard Telecommunication Services ETF

NYSE Arca

VPL

Vanguard FTSE Pacific ETF

NYSE Arca

VPU

Vanguard Utilities ETF

NYSE Arca

VQT

Barclays ETN+ ETNs Linked to the S&P 500 Dynamic VEQTORTM TotaL Return Index

NYSE Arca

VSS

Vanguard FTSE All World ex-US Small-Cap ETF

NYSE Arca

Vanguard Total World Stock ETF

NYSE Arca

VTI

Vanguard Total Stock Market ETF

NYSE Arca

VTIP

Vanguard Short-Term Inflation-Protected Securities ETF

NASDAQ GM

VTV

Vanguard Value ETF

NYSE Arca

VTWO

Vanguard Russell 2000

NASDAQ GM

VUG

Vanguard Growth ETF

NYSE Arca

Vanguard Large-Cap ETF

NYSE Arca

VWO

Vanguard FTSE Emerging Markets ETF

NYSE Arca

VXF

Vanguard Extended Market ETF

NYSE Arca

VXUS

Vanguard Total International Stock ETF

NASDAQ GM

VXX

iPATH S&P 500 VIX Short-Term Futures ETN

NYSE Arca

VXZ

iPATH S&P 500 VIX Mid-Term Futures ETN

NYSE Arca

VYM

Vanguard High Dividend Yield ETF

NYSE Arca

WIP

SPDR DB International Government Inflation-Protected Bond ETF

NYSE Arca

XBI

SPDR S&P Biotech ETF

NYSE Arca

XES

SPDR S&P Oil & Gas Equipment & Services ETF

NYSE Arca

XHB

SPDR S&P Homebuilders ETF

NYSE Arca

XIV

VelocityShares Daily Inverse VIX Short Term ETN

NASDAQ GM

XLB

Materials Select Sector SPDR Fund

NYSE Arca

XLE

Energy Select Sector SPDR Fund

NYSE Arca

XLF

Financial Select Sector SPDR Fund

NYSE Arca

XLG

Guggenheim Russell Top 50 Mega Cap ETF

NYSE Arca

XLI

Industrial Select Sector SPDR Fund

NYSE Arca

XLK

Technology Select Sector SPDR Fund

NYSE Arca

XLP

Consumer Staples Select Sector SPDR Fund

NYSE Arca

XLU

Utilities Select Sector SPDR Fund

NYSE Arca

XLV

Health Care Select Sector SPDR Fund

NYSE Arca

XLY

Consumer Discretionary Select Sector SPDR Fund

NYSE Arca

XME

SPDR S&P Metals & Mining ETF

NYSE Arca

XOP

SPDR S&P Oil & Gas Exploration & Production ETF

NYSE Arca

XPH

SPDR S&P Pharmaceuticals ETF

NYSE Arca

XRT

SPDR S&P Retail ETF

NYSE Arca

XSD

SPDR S&P Semiconductor ETF

NYSE Arca

ZIV

VelocityShares Daily Inverse VIX Medium Term ETN

NASDAQ GM

ZROZ

PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund

NYSE Arca

Appendix B—Data

Unless otherwise specified, the following data shall be collected and transmitted to the SEC in an agreed-upon format on a monthly basis, to be provided 30 calendar days following month end. Unless otherwise specified, the Primary Listing Exchanges shall be responsible for collecting and transmitting the data to the SEC. Data collected in connection with Sections II(E)-(G) below shall be transmitted to the SEC with a request for confidential treatment under the Freedom of Information Act. 5 U.S.C. 552, and the SEC's rules and regulations thereunder.

Summary Statistics

A. Frequency with which NMS Stocks enter a Limit State. Such summary data shall be broken down as follows:

1. Partition stocks by category

a. Tier 1 non-ETP issues > $3.00

b. Tier 1 non-ETP issues >= $0.75 and <= $3.00

c. Tier 1 non-ETP issues < $0.75

d. Tier 1 non-leveraged ETPs in each of above categories

e. Tier 1 leveraged ETPs in each of above categories

f. Tier 2 non-ETPs in each of above categories

g. Tier 2 non-leveraged ETPs in each of above categories

h. Tier 2 leveraged ETPs in each of above categories

2. Partition by time of day

a. Opening (prior to 9:45 a.m. ET)

b. Regular (between 9:45 a.m. ET and 3:35 p.m. ET)

c. Closing (after 3:35 p.m. ET)

d. Within five minutes of a Trading Pause re-open or IPO open

3. Track reasons for entering a Limit State, such as:

a. Liquidity gap—price reverts from a Limit State Quotation and returns to trading within the Price Bands

b. Broken trades

c. Primary Listing Exchange manually declares a Trading Pause pursuant to Section (VII)(2) of the Plan

d. Other

B. Determine (1), (2) and (3) for when a Trading Pause has been declared for an NMS Stock pursuant to the Plan.

II.

Raw Data

(all Participants, except A-E, which are for the Primary Listing Exchanges only)

A. Record of every Straddle State.

1. Ticker, date, time entered, time exited, flag for ending with Limit State, flag for ending with manual override.

2. Pipe delimited with field names as first record.

B. Record of every Price Band

1. Ticker, date, time at beginning of Price Band, Upper Price Band, Lower Price Band

2. Pipe delimited with field names as first record

C. Record of every Limit State

1. Ticker, date, time entered, time exited, flag for halt

2. Pipe delimited with field names as first record

D. Record of every Trading Pause or halt

1. Ticker, date, time entered, time exited, type of halt (i.e., regulatory halt, non-regulatory halt, Trading Pause pursuant to the Plan, other)

2. Pipe delimited with field names as first record

E. Data set or orders entered into reopening auctions during halts or Trading Pauses

1. Arrivals, Changes, Cancels, # shares, limit/market, side, Limit State side

2. Pipe delimited with field name as first record

F. Data set of order events received during Limit States

G. Summary data on order flow of arrivals and cancellations for each 15-second period for discrete time periods and sample stocks to be determined by the SEC in subsequent data requests. Must indicate side(s) of Limit State.

1. Market/marketable sell orders arrivals and executions

a. Count

b. Shares

c. Shares executed

2. Market/marketable buy orders arrivals and executions

a. Count

b. Shares

c. Shares executed

3. Count arriving, volume arriving and shares executing in limit sell orders above NBBO mid-point

4. Count arriving, volume arriving and shares executing in limit sell orders at or below NBBO mid-point (non-marketable)

5. Count arriving, volume arriving and shares executing in limit buy orders at or above NBBO mid-point (non-marketable)

6. Count arriving, volume arriving and shares executing in limit buy orders below NBBO mid-point

7. Count and volume arriving of limit sell orders priced at or above NBBO mid-point plus $0.05

8. Count and volume arriving of limit buy orders priced at or below NBBO mid-point minus $0.05

9. Count and volume of (3-8) for cancels

10. Include: ticker, date, time at start, time of Limit S

ate, all data item fields in 1, last sale prior to 15-second period (null if no trades today), range during 15-second period, last trade during 15-second period

III.

[At least two months prior to the end of the Pilot Period,]

By September 30, 2014,

all Participants shall provide to the SEC assessments relating to the impact of the Plan and calibration of the Percentage Parameters as follows:

A. Assess the statistical and economic impact on liquidity of approaching Price Bands.

B. Assess the statistical and economic impact of the Price Bands on erroneous trades.

C. Assess the statistical and economic impact of the appropriateness of the Percentage Parameters used for the Price Bands.

D. Assess whether the Limit State is the appropriate length to allow for liquidity replenishment when a Limit State is reached because of a temporary liquidity gap.

E. Evaluate concerns from the options markets regarding the statistical and economic impact of Limit States on liquidity and market quality in the options markets. (Participants that operate options exchange should also prepare such assessment reports.)

F. Assess whether the process for entering a Limit State should be adjusted and whether Straddle States are problematic.

G. Assess whether the process for exiting a Limit State should be adjusted.

H. Assess whether the Trading Pauses are too long or short and whether the reopening procedures should be adjusted.

[FR Doc. 2014-05175 Filed 3-10-14; 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.