# 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.

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URL: https://www.frixlaw.com/law-library/documents/fr%3A2014-05175

## Record

- **Collection:** Federal Register
- **Document type:** Notice
- **Published:** March 11, 2014
- **Citation:** 79 FR 13696

## Text

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”)
1

and Rule 608 thereunder
2

, 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”).
3

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.

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

2
17 CFR 242.608.

3

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.
4

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.
5

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).

4
17 CFR 242.600(b)(47).
See also
Section I(H) of the Plan.

5

See
Section V of the Plan.

As set forth in Section V of the Plan, the price bands would consist of a Lower Price Band and an Upper Price Band for each NMS Stock.
6

The price bands would be calculated by the Securities Information Processors (“SIPs” or “Processors”) responsible for consolidation of information for an NMS Stock pursuant to Rule 603(b) of Regulation NMS under the Act.
7

Those price bands would be based on a Reference Price
8

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. The price bands for an NMS Stock would be calculated by applying the Percentage Parameter for such NMS Stock to the Reference Price, with the Lower Price Band being a Percentage Parameter
9

below the Reference Price, and the Upper Price Band being a Percentage Parameter above the Reference Price. 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 would be calculated by applying double the Percentage Parameters.

6
Capitalized terms used herein but not otherwise defined shall have the meaning ascribed to such terms in the Plan.
See
Exhibit A,
infra.

7
17 CFR 242.603(b). The Plan refers to this entity as the Processor.

8

See
Section I(T) of the Plan.

9
As initially proposed by the Participants, the Percentage Parameters for Tier 1 NMS Stocks (
i.e.,
stocks in the S&P 500 Index or Russell 1000 Index and certain ETPs) with a Reference Price of $1.00 or more would be five percent and less than $1.00 would be the lesser of (a) $0.15 or (b) 75 percent. The Percentage Parameters for Tier 2 NMS Stocks (
i.e.,
all NMS Stocks other than those in Tier 1) with a Reference Price of $1.00 or more would be 10 percent and less than $1.00 would be the lesser of (a) $0.15 or (b) 75 percent. The Percentage Parameters for a Tier 2 NMS Stock that is a leveraged ETP would be the applicable Percentage Parameter set forth above multiplied by the leverage ratio of such product. On May 24, 2012, the Participants amended the Plan to create a 20% price band for Tier 1 and Tier 2 stocks with a Reference Price of $0.75 or more and up to and including $3.00. The Percentage Parameter for stocks with a

Reference Price below $0.75 would be the lesser of (a) $0.15 or (b) 75 percent.
See
Letter from Janet M. McGinness, Senior Vice President, Legal and Corporate Secretary, NYSE Euronext, to Elizabeth M. Murphy, Secretary, Commission, dated May 24, 2012 (“First Amendment”).

The Processors would also calculate a Pro-Forma Reference Price for each NMS Stock on a continuous basis during Regular Trading Hours. If a Pro-Forma Reference Price did not move by one percent or more from the Reference Price in effect, no new price bands would be disseminated, and the current Reference Price would remain the effective Reference Price. If the Pro-Forma Reference Price moved by one percent or more from the Reference Price in effect, the Pro-Forma Reference Price would become the Reference Price, and the Processors would disseminate new price bands based on the new Reference Price. Each new Reference Price would remain in effect for at least 30 seconds.

When one side of the market for an individual security is outside the applicable price band, the Processors would be required to disseminate such National Best Bid
10

or National Best Offer
11

with an appropriate flag identifying it as non-executable. When the other side of the market reaches the applicable price band, the market for an individual security would enter a Limit State,
12

and the Processors would be required to disseminate such National Best Offer or National Best Bid with an appropriate flag identifying it as a Limit State Quotation.
13

All trading would 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. Trading for an NMS Stock would exit a Limit State if, within 15 seconds of entering the Limit State, all Limit State Quotations were executed or canceled in their entirety. If the market did not exit a Limit State within 15 seconds, then the Primary Listing Exchange would declare a five-minute trading pause, which would be applicable to all markets trading the security.

10
17 CFR 242.600(b)(42).
See also
Section I(G) of the Plan.

11

Id.

12
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.

13

See
Section I(D) of the Plan.

These limit up-limit down requirements would be coupled with trading pauses
14

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
15

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.

14
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.

15
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,
16

thereby protecting investors and promoting a fair and orderly market.
17

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.
18

16
17 CFR 242.600(b)(47).

17

See
Transmittal Letter,
supra
note 3.

18
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.”
19

19

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.
20

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.
21

20

See
Section I(J) of the Plan.

21
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
1

I. Definitions
2

II. Parties
4

III. Amendments to Plan
7

IV. Trading Center Policies and Procedures
8

V. Price Bands
9

VI. Limit Up-Limit Down Requirements
11

VII. Trading Pauses
13

VIII. Implementation
15

IX. Withdrawal from Plan
16

X. Counterparts and Signatures
16

Appendix A—Percentage Parameters

1[8]
9

Appendix A—Schedule 1
21

Appendix B—Data
34

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.

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

(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.

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 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.

(C) Pilot

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.

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 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

I.
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
10
%.

(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

FM
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

JO
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

PIN
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

SH
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

VB
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

VO
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

VT
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

VV
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.

I.
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
t
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

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Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/fr%3A2014-05175. Public record. Not legal advice.