22008 Federal Register / Vol. 77, No. 71 / Thursday, April 12, 2012 / Notices 

10 15 U.S.C. 78s(b)(3)(A). 

11 17 CFR 240.19b–4 (f)(6). 

12 17 CFR 240.19b–4 (f)(6)(iii). 

13See, e.g., NASDAQ Rule 4611(a)(6), BATS Rule 

11.21 and BYX Rule 11.21. 14 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3A Member is any registered broker or dealer, or 

any person associated with a registered broker or 

dealer, that has been admitted to membership in the 

Exchange. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The Exchange has designated this rule 

filing as non-controversial under 

Section 19(b)(3)(A) of the Act 10 and 

paragraph (f)(6) of Rule 19b–4 

thereunder.11 The Exchange asserts that 

the proposed rule change: (1) Will not 

significantly affect the protection of 

investors or the public interest, (2) will 

not impose any significant burden on 

competition, and (3) will not become 

operative for 30 days from the date on 

which it was filed, or such shorter time 

as designated by the Commission. The 

Exchange provided the Commission 

with written notice of its intent to file 

the proposed rule change, along with a 

brief description and text of the 

proposed rule change, at least five 

business days prior to the date of filing, 

or such shorter time as the Commission 

may designate.12 In addition, the 

Exchange believes that the proposal to 

require Members to identify the capacity 

of each order as either a principal, 

agency, or riskless principal order does 

not present any policy issues that have 

not previously been considered by the 

Commission, but rather, is a minor 

change to the Exchange’s existing rules 

that is consistent with the rules of other 

national securities exchanges.13 For the 

foregoing reasons, this rule filing 

qualifies for immediate effectiveness as 

a ‘‘non-controversial’’ rule change under 

paragraph (f)(6) of Rule 19b–4. 

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change 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 rulecomments@sec.gov. Please include File 

Number SR–EDGX–2012–13 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 SR–EDGX–2012–13. 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 proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for Web site viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street, NE., 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of the 

Exchange. 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 SR–EDGX– 

2012–13 and should be submitted on or 

before May 3, 2012. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2012–8785 Filed 4–11–12; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–66763; File No. SR–EDGA– 

2012–13] 

Self-Regulatory Organizations; EDGA 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Relating to Amendments 

to the EDGA Exchange, Inc. Fee 

Schedule 

April 6, 2012. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on March 30, 

2012 the EDGA Exchange, Inc. (the 

‘‘Exchange’’ or the ‘‘EDGA’’) filed with 

the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III below, which items 

have been prepared by the selfregulatory organization. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend its 

fees and rebates applicable to Members 3

of the Exchange pursuant to EDGA Rule 

15.1(a) and (c). All of the changes 

described herein are applicable to EDGA 

Members. The text of the proposed rule 

change is available on the Exchange’s 

Internet Web site at http:// 

www.directedge.com, at the Exchange’s 

principal office, and at the Public 

Reference Room of the Commission. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

self-regulatory organization included 

statements concerning the purpose of, 

and basis for, the proposed rule change 

and discussed any comments it received 

on the proposed rule change. The text 

of these statements may be examined at 

the places specified in Item IV below. 

The self-regulatory organization has 

prepared summaries, set forth in 

sections A, B and C below, of the most 

significant aspects of such statements. 

mstockstill on DSK4VPTVN1PROD with NOTICES

Federal Register / Vol. 77, No. 71 / Thursday, April 12, 2012 / Notices 22009 

4This occurs when two orders presented to the 

Exchange from the same Member (i.e., MPID) are 

presented separately and not in a paired manner, 

but nonetheless inadvertently match with one 

another. Members are advised to consult Rule 12.2 

respecting fictitious trading. 

5See Exchange Rule 11.9(b)(3). 

6 Id. 

7 Id. 

8 15 U.S.C. 78f. 

9 15 U.S.C. 78f(b)(4). 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to decrease 

the rebate for adding liquidity from 

$0.0004 per share to $0.0003 per share, 

and to decrease the rebates in Footnote 

4 in the fee schedule from $0.0005 per 

share to $0.0004 per share as they relate 

to the calculation for the Total 

Consolidated Volume (‘‘TCV’’) in order 

to move in lockstep with the proposed 

rebate of $0.0003 per share for adding 

liquidity. In addition, the Exchange 

proposes to make conforming 

amendments on Flags B, V, Y, 3 and 4 

from a rebate of $0.0004 per share to a 

rebate of $0.0003 per share. 

Flag E represents a customer 

internalization 4 charge per side if a 

Member inadvertently matches with 

itself. In order to provide additional 

transparency to Members, Flag E is 

proposed to be bifurcated into two flags: 

Flag EA (internalization on the adding 

liquidity side) and Flag ER 

(internalization on the removing 

liquidity side). The Exchange also 

proposes to increase the fee charged to 

Members to $0.0002 per share, per side, 

to move in lockstep with the maker/ 

taker spread on EDGA, which the 

Exchange proposes to change to 

$0.0004. Similarly, the Exchange also 

proposes increasing the charge assessed 

in Flag 5 from $0.00015 to $0.0002. 

The Exchange proposes to add Flag 

PR for orders that remove liquidity from 

EDGA using eligible routing strategies 

ROUZ, ROUD or ROUQ.5 The Exchange 

proposes to list the eligible routing 

strategies in Footnote 15. The Exchange 

proposes to assess no charge to 

Members that utilize Flag PR. Therefore, 

the Exchange proposes to append 

Footnote 1 to Flag PR so that the 

Members using Flag PR will also be 

subject to the conditions of Footnote 1, 

which state that the removal rate on 

EDGA is contingent on the attributed 

MPID adding (including hidden) and/or 

routing a minimum average daily share 

volume, measured monthly, of 50,000 

shares on EDGA. Any attributed MPID 

not meeting the aforementioned 

minimum will be charged $0.0030 per 

share for removing liquidity from EDGA 

for securities priced $1.00 and over and 

0.20% of dollar value for securities 

priced less than $1.00. 

The Exchange proposes to add Flag 

CR for orders that remove liquidity from 

EDGA using eligible routing strategies 

ROUT, RDOT, ROUE, ROUC, ROOC, 

ROCO, IOCT or ICMT.6 The Exchange 

proposes to list the eligible routing 

strategies in Footnote 13. The Exchange 

proposes to assess no charge to 

Members that utilize Flag CR. Therefore, 

the Exchange proposes to append 

Footnote 1 to Flag CR so that Member’s 

using Flag CR will also be subject to the 

conditions of Footnote 1, which states 

that the removal rate on EDGA is 

contingent on the attributed MPID 

adding (including hidden) and/or 

routing a minimum average daily share 

volume, measured monthly, of 50,000 

shares on EDGA. Any attributed MPID 

not meeting the aforementioned 

minimum will be charged $0.0030 per 

share for removing liquidity from EDGA 

for securities priced $1.00 and over and 

0.20% of dollar value for securities 

priced less than $1.00. 

The Exchange proposes to add Flag 

XR for orders that remove liquidity from 

EDGA using eligible routing strategies 

ROUX, RDOX, ROPA, INET, ROBB, 

ROBY, ROBX, ROBA, SWPA, SWPB, 

SWPC, ROLF, IOCX or IOCM.7 The 

Exchange proposes to list the eligible 

routing strategies in Footnote 14. The 

Exchange proposes to assess a charge of 

$0.0007 per share to Members that 

utilize Flag XR, which corresponds to 

the default rate on EDGA for removing 

liquidity. Therefore, the Exchange 

proposes to append Footnote 1 to Flag 

XR so that Member’s using Flag XR will 

also subject to the conditions of 

Footnote 1, which states that the 

removal rate on EDGA is contingent on 

the attributed MPID adding (including 

hidden) and/or routing a minimum 

average daily share volume, measured 

monthly, of 50,000 shares on EDGA. 

Any attributed MPID not meeting the 

aforementioned minimum will be 

charged $0.0030 per share for removing 

liquidity from EDGA for securities 

priced $1.00 and over and 0.20% of 

dollar value for securities priced less 

than $1.00. 

The Exchange proposes to amend the 

description of Flag K in reference to 

orders routed to the PSX to include the 

ROUE routing strategy in addition to the 

ROUC routing strategy. The Exchange 

proposes to continue to assess a charge 

of $0.0025 per share. 

Similarly, the Exchange proposes to 

amend the description of Flag BY in 

reference to orders routed to the BATS 

BYX Exchange to include the ROUE 

routing. The Exchange proposes to 

continue to offer a rebate of $0.0002 per 

share. 

Currently, when an order is routed 

using the ROUQ or ROUC routing 

strategies, as defined in Rule 11.9(b)(3), 

a fee of $0.0020 per share is charged. 

The Exchange proposes to append 

footnote 16 to the Q flag to provide a 

lower rate for Q flag executions in the 

following circumstances: If a Member 

posts greater than or equal to 0.30% of 

the TCV in ADV on EDGA and routes 

2.5 million shares through the use of the 

Q flag, then the Member’s rate for the Q 

flag decreases to $0.0015 per share. If a 

Member posts greater than or equal to 

0.30% of the TCV in ADV on EDGA and 

routes 5 million shares through the use 

of the Q flag, then the Member’s rate for 

the Q flag decreases to $0.0010 per 

share. 

The Exchange also proposes to make 

a technical amendment to Footnote 1 on 

the fee schedule to remove ‘‘the’’ and 

replace it with ‘‘all,’’ remove ‘‘is’’ and 

replace it with ‘‘are,’’ and pluralize 

‘‘rate.’’ In addition, the Exchange also 

proposes to make a technical 

amendment to remove the word 

‘‘customer’’ in the description of Flag 5. 

The Exchange proposes to implement 

these amendments to its fee schedule on 

April 1, 2012. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule changes are consistent 

with the objectives of Section 6 of the 

Act,8 in general, and furthers the 

objectives of Section 6(b)(4),9 in 

particular, as it is designed to provide 

for the equitable allocation of reasonable 

dues, fees and other charges among its 

members and other persons using its 

facilities. 

The Exchange proposes to decrease 

the rebate for adding liquidity from 

$0.0004 per share to $0.0003 per share, 

and to decrease the rebate in Footnote 

4 in the fee schedule from $0.0005 per 

share to $0.0004 per share as they relate 

to the calculation for the TCV in order 

to move in lockstep with the proposed 

rebate of $0.0003 per share for adding 

liquidity. In addition, the Exchange will 

make corresponding changes to Flags B, 

V, Y, 3 and 4 because these Flags also 

add liquidity to the EDGA book. In 

addition, the increased revenue to the 

Exchange from the decreased rebate 

allows the Exchange to have additional 

revenue to offset administrative and 

infrastructure costs, and to offset the no 

charge for Flags PR and CR as described 

mstockstill on DSK4VPTVN1PROD with NOTICES

22010 Federal Register / Vol. 77, No. 71 / Thursday, April 12, 2012 / Notices 

10 In SR–EDGA–2011–14 (April 29, 2011), the 

Exchange represented that it ‘‘will continue to 

ensure that the internalization fee is no more 

favorable than each prevailing maker/taker spread.’’ 

11See Exchange Rule 1.5(cc). 

below. The Exchange believes that the 

proposed rate is non-discriminatory in 

that it applies uniformly to all Members. 

The Exchange believes that the 

proposed technical amendment to 

delete Flag E and replace it with Flags 

EA and ER promotes market 

transparency and improves investor 

protection by adding additional 

transparency to its fee schedule by more 

precisely delineating for Members 

whether they are ‘‘adders of liquidity’’ 

or ‘‘removers of liquidity’’ for purposes 

of paying an internalization fee. 

Similarly, the Exchange also proposes 

increasing the charge assessed in Flag 5 

from $0.00015 to $0.0002 because it 

pertains to internalization. In addition, 

the internalization rebate is equitable in 

that it is in line with the EDGA fee 

structure 10 which currently has a 

maker/taker spread of $0.0004 per share 

(the proposed standard rebate to add 

liquidity on EDGA is $0.0003 per share, 

while the standard fee to remove 

liquidity is $0.007 per share). EDGA 

also has a proposed tiered rate for 

adding liquidity of $0.0004, which 

would make this spread $0.0003 per 

share. As a result of the internalization 

charge, Members who internalize would 

be charged $0.0002 per side of an 

execution (total of $0.0004 per share) 

instead of capturing the maker/taker 

spread of $0.0003 per share if Members 

achieve this tier. Therefore, the total net 

amount equals $0.0004 per share, which 

would be an internalization rate that is 

no more favorable than the prevailing 

maker/taker spread. The Exchange also 

believes that the proposal is nondiscriminatory because it applies to all 

Members. 

The Exchange proposes to add Flag 

PR for orders that remove liquidity from 

EDGA using eligible routing strategies 

ROUZ, ROUD or ROUQ. The Exchange 

believes that the proposed rate of 

$0.0000 per share for Flag PR is an 

equitable allocation of reasonable dues, 

fees, and other charges because the rate 

correlates to the dues, fees, and other 

charges the Exchange receives when 

routing to low cost destinations. By 

routing to several low cost destinations 

using the eligible routing strategies, 

there is a greater potential for orders to 

be executed at these low cost 

destinations rather than a higher cost 

destination. For example, ROUD, as 

defined in Rule 11.9(b)(3)(b), is a 

routing option under which an order 

checks the System 11 for available shares 

and then is sent sequentially to low cost 

destinations on the System routing 

table. Therefore, the more low cost 

destinations that an order routes to 

allows the Exchange to pass on the 

savings it receives from such 

destinations to the Exchange’s Members. 

In addition, the Exchange believes that 

the proposed rate is non-discriminatory 

in that it applies uniformly to all 

Members. 

The Exchange proposes to add Flag 

CR for orders that remove liquidity from 

EDGA using eligible routing strategies 

ROUT, RDOT, ROUE, ROUC, ROOC, 

ROCO, IOCT or ICMT, which route to a 

combination of low cost destinations 

and higher cost destinations. The 

Exchange believes that the proposed 

rate of $0.0000 per share for Flag CR is 

an equitable allocation of reasonable 

dues, fees, and other charges because 

the rate correlates to the dues, fees, and 

other charges the Exchange receives 

when routing to low cost destinations. 

By routing to several low cost 

destinations using the eligible routing 

strategies, there is a greater potential for 

orders to be executed at these low cost 

destinations. For example, RDOT, as 

defined in Rule 11.9(b)(3)(h), is a 

routing option under which an order 

checks the System for available shares 

and then is sent sequentially to low cost 

destinations on the System routing 

table. If shares remain unexecuted after 

routing, they are sent to the NYSE and 

can be re-routed by the NYSE, which is 

a high cost destination. Therefore, the 

more low cost destinations that an order 

routes to allows the Exchange to pass on 

the savings it receives from such 

destinations to the Exchange’s Members. 

In addition, the Exchange believes that 

the proposed rate is non-discriminatory 

in that it applies uniformly to all 

Members. 

In addition, the Exchange believes its 

proposed rate of $0.0000 per share for 

Flags PR and CR is equitable because 

Flags PR and CR both route to low cost 

destinations in the System. 

The Exchange proposes to add Flag 

XR for orders that remove liquidity from 

EDGA using eligible routing strategies 

ROUX, RDOX, ROPA, INET, ROBB, 

ROBY, ROBX, ROBA, SWPA, SWPB, 

SWPC, ROLF, IOCX or IOCM. The 

Exchange believes that the proposed 

rate of $0.0007 per share for Flag XR 

which corresponds to the default rate on 

EDGA for removing liquidity, is an 

equitable allocation of reasonable dues, 

fees, and other charges because the rate 

is directly correlated with a higher 

number of high cost destinations; 

therefore, Flag XR creates a greater 

potential for an execution at a higher 

cost destination. For example, ROPA, as 

defined in Rule 11.9(b)(3)(k), is a 

routing option under which an order 

checks the System for available shares 

and then is sent, as an immediate or 

cancel (IOC) order, to NYSE Arca, 

which is a higher cost destination. 

Therefore, the Exchange passes through 

the charges associated with such higher 

cost destinations to the Exchange’s 

Members. The Exchange believes that 

the proposed rate is non-discriminatory 

in that it applies uniformly to all 

Members. 

The Exchange proposes to amend the 

description of Flag K in reference to 

orders routed to the PSX to include the 

ROUE routing strategy in addition to the 

ROUC routing strategy. The Exchange 

proposes to continue to assess a charge 

of $0.0025 per share. The Exchange 

believes that including the ROUE 

routing strategy will benefit Members 

because it provides another routing 

strategy to earn Flag K. In addition, the 

Exchange offers Members additional 

transparency in the fee schedule 

because Members can identify the 

routing strategy used to achieve Flag K. 

This encourages Members to utilize the 

Exchange to route to various 

destinations, which results in a lower 

overall routed rate for Members and 

allows the Exchange to pass on the 

savings it receives to the Exchange’s 

Members. The Exchange believes that 

the proposed rebate is nondiscriminatory in that it applies 

uniformly to all Members. 

Similarly, the Exchange proposes to 

amend the description of Flag BY in 

reference to orders routed to the BATS 

BYX Exchange to include the ROUE 

routing strategy. The Exchange proposes 

to continue to offer a rebate of $0.0002 

per share. The Exchange believes that 

including the ROUE routing strategy 

will benefit Members because it 

provides another routing strategy to earn 

Flag BY. In addition, the Exchange 

offers Members additional transparency 

in the fee schedule because Members 

can identify the routing strategy used to 

achieve Flag BY. This encourages 

Members to utilize the Exchange to 

route to various destinations, which 

results in a lower overall routed rate for 

Members and allows the Exchange to 

pass on the savings it receives to the 

Exchange’s Members. The Exchange 

believes that the proposed rebate is nondiscriminatory in that it applies 

uniformly to all Members. 

The Exchange believes that the lower 

rate on the Q flag if a Member satisfies 

the conditions in proposed footnote 16 

of the fee schedule represents and 

equitable allocation of reasonable dues, 

fees, and other charges as it is designed 

to incentivize Members to utilize the 

mstockstill on DSK4VPTVN1PROD with NOTICES

Federal Register / Vol. 77, No. 71 / Thursday, April 12, 2012 / Notices 22011 

12See the BATS BZX and BATS BYX Fee 

Schedules, http://batstrading.com/FeeSchedule 

13 Id. 

14See NASDAQ Price List, http:// 

www.nasdaqtrader.com/ 

Trader.aspx?id=PriceListTrading2 

15 15 U.S.C. 78s(b)(3)(A). 

16 17 CFR 19b 4(f)(2) [sic]. 17 17 CFR 200.30–3(a)(12). 

routing strategies on flag Q (ROUQ/ 

ROUC) to route through EDGA before 

routing to other low cost destinations 

and other venues. If a Member does so 

and adds a significant amount of 

liquidity to EDGA (posts greater than or 

equal to 0.30% of the TCV in ADV on 

EDGA), while at the same time routes 

through ROUQ or ROUC a certain 

number of shares (2.5 million or 5 

million shares), then the Member’s rate 

will decrease to $0.0015 per share or 

$0.0010 per share, depending on the 

amount of liquidity routed using the 

ROUQ or ROUC routing strategies. The 

Exchange believes that volume 

discounts such as the ones proposed 

herein increases potential revenue to the 

Exchange, and would allow the 

Exchange to spread its administrative 

and infrastructure costs over a greater 

number of shares, leading to lower per 

share costs. These lower per share costs 

would allow the Exchange to pass on 

the savings to Members in the form of 

lower rates. The increased liquidity also 

benefits all investors by deepening 

EDGA’s liquidity pool, offering 

additional flexibility for all investors to 

enjoy cost savings, supporting the 

quality of price discovery, promoting 

market transparency and improving 

investor protection. Volume-based 

discounts such as the ones proposed 

herein have been widely adopted in the 

cash equities markets, and are equitable 

because they are open to all Members on 

an equal basis and provide discounts 

that are reasonably related to the value 

to an exchange’s market quality 

associated with higher levels of market 

activity, such as higher levels of 

liquidity provision and introduction of 

higher volumes of orders into the price 

and volume discovery processes. In 

addition, the rates on the flag Q are 

reasonable when compared to 

competitive strategies on BATS, the 

DRT strategy 12, which is priced at 

$0.0020 per share and is similar to 

ROUQ; the ROUC routing strategy is 

similar to BATS’s SLIM strategy 13 (rates 

ranging from $0.0022 per share to 

$0.0029 per share) and to NASDAQ’s 

SAVE/SOLV strategies14 (rates ranging 

from $0.0022 per share to $0.0027 per 

share). 

The Exchange also notes that it 

operates in a highly-competitive market 

in which market participants can 

readily direct order flow to competing 

venues if they deem fee levels at a 

particular venue to be excessive. The 

proposed rule change reflects a 

competitive pricing structure designed 

to incent market participants to direct 

their order flow to the Exchange. The 

Exchange believes that the proposed 

rates are equitable and nondiscriminatory in that they apply 

uniformly to all Members. The 

Exchange believes the fees and credits 

remain competitive with those charged 

by other venues and therefore continue 

to be reasonable and equitably allocated 

to Members. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The proposed rule change does not 

impose any burden on competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange has not solicited, and 

does not intend to solicit, comments on 

this proposed rule change. The 

Exchange has not received any 

unsolicited written comments from 

members or other interested parties. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 19(b)(3) of 

the Act 15 and Rule 19b 4(f)(2) 16

thereunder. At any time within 60 days 

of the filing of such proposed rule 

change, the Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change 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 rulecomments@sec.gov. Please include File 

Number SR–EDGA–2012–13 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 SR–EDGA–2012–13. 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 proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for Web site viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE., 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of the 

Exchange. 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 SR–EDGA– 

2012–13 and should be submitted on or 

before May 3, 2012. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2012–8787 Filed 4–11–12; 8:45 am] 

BILLING CODE 8011–01–P 

mstockstill on DSK4VPTVN1PROD with NOTICES