Document ID: SEC-2012-0934-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: EDGA Exchange, Inc.
Posted Date: 2012-06-13T04:00Z

[Federal Register Volume 77, Number 114 (Wednesday, June 13, 2012)]
[Notices]
[Pages 35450-35453]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-14343]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-67160; File No. SR-EDGA-2012-19]

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

DATES: June 7, 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 May 29, 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 self-regulatory 
organization. The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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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.
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    \3\ A 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.
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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.

A. Self-Regulatory Organization's Statement of the Purpose of, and the 
Statutory Basis for, the Proposed Rule Change

Purpose
    The Exchange proposes to introduce the Message Efficiency Incentive 
Program (``MEIP'') to its fee schedule and codify it in footnote c of 
the fee schedule. Under the MEIP, Members will receive standard rebates 
and tier rebates as provided on the EDGA fee schedule so long as the 
Member's average inbound message-to-trade ratio, measured monthly, is 
at or less than 100:1 for that month. The Exchange notes that the 
message-to-trade ratio is calculated by including total messages as the 
numerator (orders, cancels, and cancel/replace messages) and dividing 
it by total executions.\4\ The Exchange also notes that any cancel/
replace message, regardless of whether it is a partial cancel, is 
considered a new order. Members who do not satisfy this criteria will 
have their rebates reduced by $0.0001 per share, regardless of any 
tiers for which the Member would otherwise qualify.
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    \4\ The Exchange notes that it counts only the first partial or 
complete execution resulting from an order if it is filled in parts. 
So, if a 1,000 share orders results in three partial executions of 
400 shares, 300 shares, and 300 shares, it counts only the first 
execution of 400 shares toward the denominator. Thus, the Exchange 
counts all fills against an order as one trade for purposes of 
``total executions.''
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    The Exchange notes that Members sending fewer than 1 million 
messages per day are exempt from MEIP. Because of a Market Maker's \5\ 
importance in liquidity provision and their ongoing obligations in Rule 
11.21(d) \6\ to maintain continuous two-sided interest, Members that 
are registered as Market Makers \7\ will be exempt from the MEIP 
requirements in all securities provided that a Market Maker is 
registered in at least 100 securities over the course of a given month 
and is meeting its continuous, two-sided quoting obligations in those 
100 securities as provided for in Rule 11.21(d) on at least 10 
consecutive trading days in the month, where the Exchange believes that 
10 days represents a consistent quoting obligation from the Member.\8\

[[Page 35451]]

Because a Member's trading activity is not segregated by market 
participant identifiers (MPID), the Market Making exemption applies to 
the parent firm and all wholly owned affiliates upon the satisfaction 
of the Market Maker exemption criteria by one MPID. All MPIDs that are 
wholly-owned affiliates are exempt from the MEIP as long as one MPID 
satisfies the criteria for an exemption under market making. In 
recognition of the value that the Exchange derives from such market 
making, any Member that meets the market making obligations pursuant to 
Rule 11.21(d) on at least 10 consecutive trading days in the month will 
be exempt from a MEIP rebate reduction.
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    \5\ As defined in Rule 1.5(l).
    \6\ Rule 11.21(d) provides that ``For each security in which a 
Member is registered as a Market Maker, the Member shall be willing 
to buy and sell such security for its own account on a continuous 
basis during Regular Trading Hours shall enter and maintain a two-
sided trading interest (``Two-Sided Obligation'') that is displayed 
in the Exchange's System at all times.''
    \7\ Registration requirements for Market Makers are outlined in 
Rule 11.20.
    \8\ The Exchange notes that all registered Market Makers are 
obligated to meet continuous, two-sided quoting obligations under 
Rule 11.21(d) whether or not they qualify for the exemption under 
the MEIP.
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    The Exchange may exclude one or more days of data for purposes of 
calculating the message-to-trade ratio for a Member if the Exchange 
determines, in its sole discretion, that one or more Members or the 
Exchange experienced a bona fide systems problem.\9\ Any Member seeking 
relief as a result of a systems problem will be required to notify the 
Exchange via email with a description of the systems problem. The 
Exchange shall keep a record of all such requests and whether the 
request was deemed by the Exchange to be a bona fide systems problem 
resulting in waiving that day's activity from the calculation of the 
message-to-trade ratio.
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    \9\ An example of bona fide systems problem includes, but is not 
limited to, an Exchange systems problem that causes a Member to 
continually attempt to update or withdraw its orders, generating a 
large volume of traffic. In those cases, where the bona fide systems 
problem is at the Exchange, the Exchange will exclude the day's 
activity from the calculation of the message-to-trade ratio for all 
Members that were impacted by the bona fide systems problem. See 
Securities Exchange Act Release No. 65341 (September 14, 2011), 76 
FR 58555 (September 21, 2011) (SR-NYSEAmex-2011-68) for 
substantially similar exclusions from their ``Messages Fee.''
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    The Exchange proposes to implement these amendments to its fee 
schedule on June 1, 2012.
Basis
    The Exchange believes that the proposed rule changes are consistent 
with the objectives of Section 6 of the Act,\10\ in general, and 
furthers the objectives of Section 6(b)(4),\11\ 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.
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    \10\ 15 U.S.C. 78f.
    \11\ 15 U.S.C. 78f(b)(4).
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    The Exchange believes that the MEIP 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 
believes that the MEIP will promote a more efficient marketplace and 
enhance the trading experience of all Members by encouraging Members to 
more efficiently participate in the marketplace, ensuring that systems 
capacity/bandwidth is utilized efficiently while still encouraging the 
provision of liquidity in volatile, high-volume markets and provide 
Members with order management flexibility. Unfettered growth in 
bandwidth consumption can have a detrimental effect on all market 
participants who are potentially compelled to upgrade capacity as a 
result of the bandwidth usage of other participants. All Members are 
still free to manage their order and message flow as is consistent with 
their business models. However, Members who more efficiently 
participate by sending average monthly inbound message-to-trade ratios 
of equal to or less than 100:1 for that month are rewarded with the 
standard rebates and tiered fees provided in the fee schedule. The 
Exchange believes that this will promote a more efficient marketplace, 
encourage liquidity provision and enhance the trading experience of all 
Members on an ongoing basis. The Exchange notes that its technology and 
infrastructure are still able to handle high-volume and high-volatility 
situations for those Members that do not satisfy the criteria of the 
MEIP. The Exchange believes that the proposal is equitable and non-
discriminatory in that it applies uniformly to all Members, except with 
respect to its Members that are registered as Market Makers who meet 
certain criteria, as discussed in more detail below.
    The MEIP is also reasonable in that it is similar to other programs 
offered by equities exchanges, namely Nasdaq OMX (``Nasdaq''), NYSE, 
and NYSE Arca. The Exchange believes the MEIP encourages Members to 
avoid sending extraneous messages to the Exchange's system and thereby 
encourages more efficient amounts of liquidity to be added to EDGA each 
month. The Exchange believes that the MEIP will thus discourage trading 
practices that offer little benefit from liquidity posted to or routed 
through the EDGA book that may place unwarranted burdens on EDGA's 
systems. Such increased ``efficient'' volume lowers operational, 
bandwidth, and surveillance costs of the Exchange and promotes more 
relevant quotes, which may result in lower per share costs for all 
Members. 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.
    In addition, the rebate is also reasonable in that other exchanges 
likewise employ similar pricing mechanisms. For example, Nasdaq \12\ 
and NYSE Arca \13\ offer investor support programs and investor tiers, 
respectively. Such programs reward liquidity provision attributes and 
encourage price discovery by encouraging a low cancellation rate on 
liquidity-providing orders. MEIP is similar to Nasdaq's/NYSE Arca's 
programs in they both encourage efficient liquidity provision. It is 
similar to Nasdaq's Investor Support Program in that for Nasdaq members 
to qualify, among a firm's liquidity-providing

[[Page 35452]]

orders, it must maintain a ratio of ``orders'' to ``orders executed'' 
of less than ten to one (i.e., at least one out of every ten liquidity-
providing orders submitted must be executed rather than cancelled). 
Similarly, NYSE Arca's investor tiers require its members to maintain a 
ratio of cancelled orders to total orders of less than 30% and maintain 
a ratio of executed liquidity adding volume to total volume of greater 
than 80%, among other criteria. The MEIP is similar to NYSE Arca's 
investor tiers in that like NYSE Arca's investor tiers, the Exchange's 
goal is to incentivize Members to maintain low cancellation rates and 
provide liquidity that supports the quality of price discovery and 
promotes market transparency. In addition, similar to the investor 
tiers of NYSE Arca, the MEIP ``reward[s] providers whose orders stay on 
the [b]ook and do not rapidly cancel a large portion of their orders 
placed, which makes the price discovery process more efficient and 
results in higher fill rates, greater depth and lower volatility. It 
serves to encourage customers to post orders that are more likely to be 
executed.'' \14\
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    \12\ See Nasdaq Rule 7014. Similarly, Nasdaq established an 
Investor Support Program (``ISP'') targeting retail and 
institutional investor orders where firms receive a higher rebate if 
they meet all of the following criteria: (1) Add at least 10 million 
shares of liquidity per day via ISP-designated ports; (2) Maintain a 
ratio of orders-to-orders executed of less than 10 to 1 (counting 
only liquidity-providing orders and excluding certain order types) 
on ISP-designated ports; (3) Exceed the firm's August 2010/2011 
``baseline'' volume of liquidity added across all the firm's ports. 
For a detailed description of the Investor Support Program as 
originally implemented, see Securities Exchange Act Release No. 
63270 (November 8, 2010), 75 FR 69489 (November 12, 2010) (SR-
Nasdaq-2010-141) (notice of filing and immediate effectiveness) (the 
``ISP Filing''). See also Securities Exchange Act Release Nos. 63414 
(December 2, 2010), 75 FR 76505 (December 8, 2010) (SR-Nasdaq-2010-
153) (notice of filing and immediate effectiveness); 63628 (January 
3, 2011), 76 FR 1201 (January 7, 2011) (SR-Nasdaq-2010-154) (notice 
of filing and immediate effectiveness); 63891 (February 11, 2011), 
76 FR 9384 (February 17, 2011) (SR-Nasdaq-2011-022) (notice of 
filing and immediate effectiveness); and 64050 (March 8, 2011), 76 
FR 13694 (March 14, 2011) (SR-Nasdaq-2011-034). See also Securities 
Exchange Act Release No. 65717 (November 9, 2011), 76 FR 70784 
(November 15, 2011) (SR-Nasdaq-2011-150).
    \13\ NYSE Arca also implemented investor tiers where they allow 
Members to earn a credit of $0.0032 per share for executed orders 
that provide liquidity to the Book for Tape A, Tape B and Tape C 
securities when they meet all of the following criteria on a monthly 
basis: (1) Maintain a ratio of cancelled orders to total orders of 
less than 30%; (2) Maintain a ratio of executed liquidity adding 
volume to total volume of greater than 80%; and (3) Firms must add 
liquidity that represents 0.45% or more of the total US average 
daily consolidated share volume (``ADV'') per month (volume on days 
when the market closes early is excluded from the calculation of 
ADV). See Securities Exchange Act Release No. 64593 (June 3, 2011), 
76 FR 33380 (June 8, 2011) (SR-NYSEArca-2011-34); Securities 
Exchange Act Release No. 66115 (January 6, 2012), 77 FR 1969 
(January 12, 2012) (SR-NYSEArca-2011-101) (notice of filing and 
immediate effectiveness of a proposed rule change replacing 
numerical thresholds with percentage thresholds for the Investor 
Tiers' volume requirements). See also Securities Exchange Act 
Release No. 66378 (February 10, 2012), 77 FR 9278 (February 16, 
2012) (SR-NYSEArca-2012-13).
    \14\ See Securities Exchange Act Release No. 64593 (June 3, 
2011), 74 FR 33380 (June 8, 2011) (SR-NYSEArca-2011-34).
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    The MEIP is also similar to Nasdaq's ``excessive message fee'', in 
which Nasdaq charges a per order fee for its members that make 
inefficient use of certain features of Nasdaq's routing facility.\15\ 
When Nasdaq members route to the NYSE after having their orders check 
the Nasdaq book, they may designate their orders as eligible for 
posting to the Nasdaq book after accessing available liquidity at NYSE 
and elsewhere, or they may designate their orders for posting the NYSE 
book. Nasdaq's excessive message fee applies to round lot or mixed lot 
orders that attempt to execute on Nasdaq for the full size of the order 
prior to routing, but that are designated as not eligible to post on 
Nasdaq (``DOTI Orders''). If a member sends an average of more than 
10,000 DOTI Orders per day during the month, and the ratio between 
total DOTI Orders and DOTI Orders that are fully or partially executed 
(either at Nasdaq or NYSE) exceeds 300 to 1, then the Nasdaq member 
will be charged a fee of $ 0.01 for each order that exceeds the ratio.
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    \15\ See Securities Exchange Act Release No. 59455 (February 25, 
2009), 74 FR 9457 (March 4, 2009) (SR-NYSEArca-2009-013).
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    Similar to the Exchange, Nasdaq introduced the excessive message 
fee to encourage more efficient liquidity provision--namely, ``to 
address the practice of [its] members routing an order to the NYSE book 
through NASDAQ and quickly cancelling the order and resubmitting it at 
a different price if it does not execute within a short period of time. 
The practice offers no benefits in terms of liquidity posted to the 
NASDAQ book or execution or routing revenues, and could place 
unwarranted burdens on NASDAQ routing systems.'' \16\ Nasdaq stated 
that ``Members wishing to continue to use this routing strategy may do 
so through other means of routing to NYSE, but will be discouraged from 
doing so through NASDAQ systems.'' \17\ The Exchange shares these same 
objectives in introducing MEIP.
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    \16\ Id.
    \17\ Id.
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    The MEIP is also similar to the NYSE Amex options exchange's 
``Messages Fee,'' which promotes efficient usage of system capacity by 
assessing a fee against its members that enter excessive amounts of 
orders and quotes that produce little or no volume based on the ratio 
of quotes and orders to contracts traded. Like NYSE Amex, the Exchange 
believes it is in the best interest of all Members who access its 
markets to encourage efficient usage of capacity.\18\ In addition, the 
MEIP is also similar to a host of other options exchanges that assess 
cancellation fees based on the number of order cancellations, as such 
high cancellations increases these market centers' costs by requiring 
them to spend increased amounts on systems and other hardware to 
process increased order traffic flow.\19\
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    \18\ See Securities Exchange Act Release No. 64655 (June 13, 
2011), 76 FR 35495 (June 17, 2011) (SR-NYSEAmex-2011-37); See also 
Securities Exchange Act Release No. 65341 (September 14, 2011), 76 
FR 58555 (September 21, 2011) (SR-NYSEAmex-2011-68).
    \19\ See Securities and Exchange Act Release No. 62744 (August 
19, 2010), 75 FR 52558 (August 26, 2010) (SR-Phlx-2010-105); 
Securities and Exchange Act Release No. 53226 (February 3, 2006), 71 
FR 7602 (February 13, 2006) (SR-Phlx-2005-92); Securities and 
Exchange Act Release No. 49802 (June 3, 2004), 69 FR 32391 (June 9, 
2004) (SR-PCX-2004-31); Securities and Exchange Act Release No. 
46189 (July 11, 2002), 67 FR 47587 (July 19, 2002) (SR-ISE-2002-16); 
Securities and Exchange Act Release No. 44607 (July 27, 2001), 66 FR 
40757 (August 3, 2001) (SR-CBOE-2001-40).
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    Finally, the lower rebates offered to Members who do not satisfy 
the MEIP criteria allows the Exchange to recoup costs associated with 
the higher costs of surveillance, data, storage, bandwidth, and other 
infrastructure associated with higher message traffic compared to those 
Members with lower message traffic. The Exchange believes it to be 
equitable for Members to get lower rebates when their higher message 
traffic causes the Exchange to incur higher costs and for Members to 
receive higher rebates when their message traffic causes the Exchange 
to incur lower costs.
    The Exchange believes that the proposal is allocated in a 
reasonable and equitable manner because it exempts Members that are 
registered as Market Makers that contribute to market quality by 
providing higher volumes of liquidity and have enhanced obligations 
under Exchange Rule 11.21(d) to maintain fair and orderly markets and 
quote continuous, two-sided markets. The proposal is equitable because 
it provides 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. The Exchange believes that allowing Market Makers to be 
exempt from the MEIP will attract additional order flow and liquidity 
to the Exchange. This concept is similar to the structure of varying 
rebate schedules on other exchanges, where it is common to tie rebates 
to market making obligations. For example, rewarding Market Makers with 
better rebates tied to their market making obligations is consistent 
with how Supplemental Liquidity Providers (``SLPs'') and Designated 
Market Makers (``DMMs'') are rebated on NYSE \20\ and Lead Market 
Makers (``LMMs'') are rebated on NYSE Arca.\21\ NYSE offers rebates to 
Designated Market Makers ranging from $0.0004 per share to $0.0035 per 
share and to Supplemental Liquidity Providers ranging from $0.0010 per 
share to $0.0024 per share. NYSE Arca offers rebates to its market 
makers ranging from $0.001 per share to $0.0015 per share and to its 
Lead Market Makers ranging from $0.004 per share to $0.0045 per share. 
In addition, the NYSE Amex's messages to contracts traded ratio fee 
allows its market makers to have incentives, but incorporate a higher 
level of message traffic before its fees take effect. Like the 
Exchange, NYSE Amex felt that the ``higher level of free message 
traffic [was] appropriate due to the quoting obligations incurred by 
market makers and their importance as liquidity providers in the 
options market.'' \22\ In addition, Members that send less than 1 
million messages/day are exempt from this reduction in rebate under the 
MEIP as well. The Exchange believes this to be equitable and

[[Page 35453]]

reasonable since those Members do not have a large cumulative effect on 
the Exchange's message traffic and thus the Exchange's operational, 
surveillance, and administrative costs are lower for those Members than 
those Members with higher message traffic.
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    \20\ See NYSE Price List 2012.
    \21\ See NYSE Arca Equities, Inc. Schedule of Fees and Charges 
for Exchange Services.
    \22\ See Securities Exchange Act Release No. 64655 (June 13, 
2011), 76 FR 35495 (June 17, 2011) (SR-NYSEAmex-2011-37).
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    Thus, the Exchange believes that the MEIP's fees among its Members 
are uniform except with respect to reasonable and well-established 
distinctions with respect to market making and Members with lower 
message traffic (those that send less than 1 million messages/day). 
These distinctions or analogous versions of them have been previously 
filed with the Commission.\23\
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    \23\ Id. See also supra notes 13-15, 18-21 (NYSE Amex assesses a 
messages fee if the certain of its members exceed one billion quotes 
and/or orders (``messages''); Nasdaq assesses its excessive message 
fee if a member sends an average of more than 10,000 DOTI Orders per 
day during the month, and the ratio between total DOTI Orders and 
DOTI Orders that are fully or partially executed (either at Nasdaq 
or NYSE) exceeds 300 to 1.)
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    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 encourage market participants to direct their 
order flow to the Exchange. The Exchange believes that the proposed 
rates are equitable and non-discriminatory in that they apply uniformly 
to all Members, except with respect to Market Makers for the reasons 
cited above. 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 \24\ and Rule 19b-4(f)(2) \25\ 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.
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    \24\ 15 U.S.C. 78s(b)(3)(A).
    \25\ 17 CFR 19b-4(f)(2).
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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 rule-comments@sec.gov. Please 
include File Number SR-EDGA-2012-19 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-2012-19. 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 
10:00 a.m. and 3:00 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-2012-19 and should be 
submitted on or before July 5, 2012.
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    \26\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\26\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-14343 Filed 6-12-12; 8:45 am]
BILLING CODE 8011-01-P