Joint Industry Plan; Notice of Filing of the Seventeenth Amendment to the National Market System Plan To Address Extraordinary Market Volatility by Cboe BZX Exchange, Inc., Cboe BYX Exchange, Inc., Cboe EDGA Exchange, Inc., Cboe EDGX Exchange, Inc., Chicago Stock Exchange, Inc., Financial Industry Regulatory Authority, Inc., Investors Exchange LLC, NASDAQ BX, Inc., NASDAQ PHLX LLC, The Nasdaq Stock Market LLC, NYSE National, Inc., New York Stock Exchange LLC, NYSE American LLC, and NYSE Arca, Inc.
Federal Register, Volume 83 Issue 55 (Wednesday, March 21, 2018)
Federal Register Volume 83, Number 55 (Wednesday, March 21, 2018)
Notices
Pages 12432-12447
From the Federal Register Online via the Government Publishing Office www.gpo.gov
FR Doc No: 2018-05661
Page 12432
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SECURITIES AND EXCHANGE COMMISSION
Release No. 34-82888; File No. 4-631
Joint Industry Plan; Notice of Filing of the Seventeenth Amendment to the National Market System Plan To Address Extraordinary Market Volatility by Cboe BZX Exchange, Inc., Cboe BYX Exchange, Inc., Cboe EDGA Exchange, Inc., Cboe EDGX Exchange, Inc., Chicago Stock Exchange, Inc., Financial Industry Regulatory Authority, Inc., Investors Exchange LLC, NASDAQ BX, Inc., NASDAQ PHLX LLC, The Nasdaq Stock Market LLC, NYSE National, Inc., New York Stock Exchange LLC, NYSE American LLC, and NYSE Arca, Inc.
March 15, 2018.
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Introduction
On February 26, 2018, NYSE Group, Inc., on behalf of the following parties to the National Market System Plan to Address Extraordinary Market Volatility (``the Plan''): \1\ Cboe BZX Exchange, Inc., Cboe BYX Exchange, Inc., Cboe EDGA Exchange, Inc., Cboe EDGX Exchange, Inc., Chicago Stock Exchange, Inc., the Financial Industry Regulatory Authority, Inc. (``FINRA''), Investors Exchange LLC, NASDAQ BX, Inc., NASDAQ PHLX LLC, The NASDAQ Stock Market LLC (``Nasdaq''), New York Stock Exchange LLC (``NYSE''), NYSE Arca, Inc., NYSE National Inc., and NYSE American LLC (collectively, the ``Participants'') filed with the Securities and Exchange Commission (``Commission'') pursuant to Section 11A(a)(3) of the Securities Exchange Act of 1934 (``Exchange Act'') \2\ and Rule 608 thereunder,\3\ a proposal to amend the Plan (``Seventeenth Amendment'').\4\ The proposal reflects changes unanimously approved by the Participants. The Seventeenth Amendment proposes to extend the pilot period of the Plan for one year, as discussed below. 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 Seventeenth Amendment.\5\
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\1\ On May 31, 2012, the Commission approved the Plan, as modified by Amendment No. 1. See Securities Exchange Act Release No. 67091, 77 FR 33498 (June 6, 2012) (File No. 4- 631) (``Approval Order''). On February 20, 2013, the Commission noticed for immediate effectiveness the Second Amendment to the Plan. See Securities Exchange Act Release No. 68953, 78 FR 13113 (February 26, 2013). On April 3, 2013, the Commission approved the Third Amendment to the Plan. See Securities Exchange Act Release No. 69287, 78 FR 21483 (April 10, 2013). On August 27, 2013, the Commission noticed for immediate effectiveness the Fourth Amendment to the Plan. See Securities Exchange Act Release No. 70273, 78 FR 54321 (September 3, 2013). On September 26, 2013, the Commission approved the Fifth Amendment to the Plan. See Securities Exchange Act Release No. 70530, 78 FR 60937 (October 2, 2013). On January 7, 2014, the Commission noticed for immediate effectiveness the Sixth Amendment to the Plan. See Securities Exchange Act Release No. 71247, 79 FR 2204 (January 13, 2014). On April 3, 2014, the Commission approved the Seventh Amendment to the Plan. See Securities Exchange Act Release No. 71851, 79 FR 19687 (April 9, 2014). On February 19, 2015, the Commission approved the Eight Amendment to the Plan. See Securities Exchange Act Release No. 74323, 80 FR 10169 (February 25, 2015). On October 22, 2015, the Commission approved the Ninth Amendment to the Plan. See Securities Exchange Act Release No. 76244, 80 FR 66099 (October 28, 2015). On April 21, 2016, the Commission approved the Tenth Amendment to the Plan. See Securities Exchange Act Release No. 77679, 81 FR 24908 (April 27, 2016). On August 26, 2016, the Commission noticed for immediate effectiveness the Eleventh Amendment to the Plan. See Securities Exchange Act Release No. 78703, 81 FR 60397 (September 1, 2016). On January 19, 2017, the Commission approved the Twelfth Amendment to the Plan. See Securities Exchange Act Release No. 79845, 82 FR 8551 (January 26, 2017). On April 13, 2017, the Commission approved the Thirteenth Amendment to the Plan. See Securities Exchange Act Release No. 80455, 82 FR 18519 (April 19, 2017). On April 28, 2017, the Commission noticed for immediate effectiveness the Fourteenth Amendment to the Plan. See Securities Exchange Act Release No. 80549, 82 FR 20928 (May 4, 2017). On September 26, 2017, the Commission noticed for immediate effectiveness the Fifteenth Amendment to Plan. See Securities Exchange Act Release No. 81720, 82 FR 45922 (October 2, 2017) (``Fifteenth Amendment''). On February 14, 2018, the Commission received the Sixteenth Amendment to the Plan, which was effective on filing but notice of which has not yet been published.
\2\ 15 U.S.C. 78k-1(a)(3).
\3\ 17 CFR 242.608.
\4\ See Letter from Elizabeth King, General Counsel and Corporate Secretary, NYSE, to Brent Fields, Secretary, Commission, dated February 23, 2018. (``Transmittal Letter'').
\5\ 17 CFR 242.608.
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Description of the Plan
Set forth in this Section II is the statement of the purpose and summary of the Seventeenth Amendment, along with the information required by Rule 608(a)(4) and (5) under the Exchange Act,\6\ prepared and submitted by the Participants to the Commission.\7\
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\6\ See 17 CFR 242.608(a)(4) and (a)(5).
\7\ See Transmittal Letter, supra note 4.
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Statement of Purpose and Summary of the Plan Amendment
The Participants filed the Plan on April 5, 2011, to create a market-wide limit up-limit down mechanism intended to address extraordinary market volatility in NMS Stocks, as defined in Rule 600(b)(47) of Regulation NMS under the Exchange Act. The Plan sets forth procedures that provide for market-wide limit up-limit down requirements that would 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,\8\ as defined in Section I(Y) of the Plan, to accommodate more fundamental price moves. In particular, the Participants adopted this Plan to address the type of sudden price movements that the market experienced on the afternoon of May 6, 2010.
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\8\ Unless otherwise specified, the terms used herein have the same meaning as set forth in the Plan.
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As set forth in more detail in the Plan, all trading centers in NMS Stocks, including both those operated by Participants and those operated by members of Participants, shall establish, maintain, and enforce written policies and procedures that are reasonably designed to comply with the limit up-limit down requirements specified in the Plan. More specifically, the single plan processor responsible for consolidation of information for an NMS Stock pursuant to Rule 603(b) of Regulation NMS under the Exchange Act will be responsible for calculating and disseminating a lower price band and upper price band, as provided for in Section V of the Plan. Section VI of the Plan sets forth the limit up-limit down requirements of the Plan, and in particular, that 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, consistent with the Plan.
The Plan was initially approved for a one-year pilot period, which began on April 8, 2013.\9\ Accordingly, the pilot period was 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,\10\ the Participants modified the implementation schedule of Phase II of the Plan to extend the time period as to when the Plan would fully apply to all NMS Stocks. Accordingly, the Plan was not implemented across all NMS Stocks until December 8, 2013. Pursuant to the sixth amendment to the Plan,\11\ which further modified the implementation schedule of Phase II of the Plan, the date
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for full implementation of the Plan was moved to February 24, 2014. Pursuant to the seventh, ninth, tenth, and thirteenth amendments to the Plan,\12\ the pilot period was extended from April 8, 2014 to February 20, 2015, from February 20, 2015 to April 22, 2016, from April 22, 2016 to April 17, 2017, and from April 17, 2017 to April 16, 2018.
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\9\ See Section VIII of the Plan.
\10\ See supra note 1.
\11\ See supra note 1.
\12\ See supra note 1.
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The Participants propose to amend Section VIII(C) of the Plan to extend the pilot period through April 15, 2019, to allow the Participants time to assess the changes to the Plan as described in the twelfth and thirteenth amendments to the Plan,\13\ which were implemented on November 20, 2017. In the twelfth amendment, the Participants amended the Plan to provide that a Trading Pause will continue until the Primary Listing Exchange has reopened trading using its established reopening procedures and reports a Reopening Price. The Plan was further amended to eliminate the current allowance for a trading center to resume trading in an NMS Stock following a Trading Pause if the Primary Listing Exchange has not reported a Reopening Price within ten minutes after the declaration of a Trading Pause and has not declared a Regulatory Halt. In addition, to preclude potential scenarios when trading may resume without Price Bands, the Plan was amended to provide that a trading center may not resume trading in an NMS Stock following a Trading Pause without Price Bands in such NMS Stock. To address potential scenarios in which there is no Reopening Price from the Primary Listing Exchange to use to calculate Price Bands, the Plan was amended to address when trading may resume if the Primary Listing Exchange is unable to reopen due to a systems or technology issue and how the Reference Price would be determined in such a scenario or if the Primary Listing Exchange reopens trading on a zero bid or zero offer, or both. The thirteenth amendment to the Plan further provided authority for the Processors to publish the following information provided by a primary listing exchange in connection with the reopening of trading following a Trading Pause: auction reference price; auction collars; and number of extensions to the reopening auction.
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\13\ See supra note 1.
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In conjunction with amending the Plan, the Primary Listing Exchanges amended their rules for automated reopenings following a Trading Pause consistent with a standardized approach agreed to by Participants that would allow for extensions of a Trading Pause if equilibrium cannot be met for a Reopening Price within specified parameters.\14\ The Primary Listing Exchanges implemented the changes to their automated reopenings on November 20, 2017.
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\14\ See Securities Exchange Act Release Nos. 79846 (January 19, 2017), 82 FR 8548 (January 26, 2017) (SR-NYSEArca-2016-130) (Approval Order); 79884 (January 26, 2017), 82 FR 8968 (February 1, 2017) (SR-BatsBZX-2016-61) (Approval Order); 79876 (January 25, 2017), 82 FR 8888 (January 31, 2017) (SR-Nasdaq-2016-131) (Approval Order).
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Because both the twelfth and thirteenth amendments to the Plan and the Primary Listing Exchange's amended reopening procedures were implemented on November 20, 2017, the Participants propose to extend the current Pilot an additional year to April 15, 2019. The Participants believe that this additional time will be beneficial in that it allows ``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.'' \15\ In particular, this additional time will allow the public, the Participants, and the Commission time to assess the operation of the twelfth and thirteenth amendments to the Plan.
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\15\ See Approval Order, supra note 1, 77 FR 33498 at 33508.
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The Participants further believe that extending the Pilot another year would provide additional time for the Participants, the Commission, and the public to consider other potential modifications to the Plan that are currently under consideration. These include consideration of changes to how NMS Stocks are tiered under the Plan, and the applicable percentage parameters associated with such tiers, consideration of the elimination of double-wide Price Bands at the open and close of trading, and consideration of recommendations made by the Equity Market Structure Advisory Committee with respect to Plan operations.\16\ The Participants believe that the Plan should continue to operate as a Pilot uninterrupted to provide time to consider whether to make any such further modifications to the Plan.
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\16\ See U.S. Securities and Exchange Commission Equity Market Structure Advisory Committee, Recommendations for Rulemaking on Issues of Market Quality, dated November 29, 2016, available here: https://www.sec.gov/spotlight/emsac/emsac-recommendations-rulemaking-market-quality.pdf.
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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.
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Implementation of Plan
The initial date of the Plan operations was April 8, 2013.
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Development and Implementation Phases
The Plan was initially 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 was completed on February 24, 2014. The tenth amendment to the Plan was implemented on July 18, 2016 and the twelfth and thirteenth amendments to the Plan were implemented on November 20, 2017.\17\ Pursuant to this proposed amendment, the Participants propose to extend the pilot period until April 15, 2019.
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\17\ See Fifteenth Amendment, supra note 1.
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Analysis of Impact on Competition
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.
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Written Understanding or Agreements Relating to Interpretation of, or Participation in, Plan
The Participants 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.
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Approval of Amendment of the Plan
Each of the Plan's Participants has executed a written amended Plan.
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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 Exchange 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.
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Method of Determination and Imposition, and Amount of, Fees and Charges
Not applicable.
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Method and Frequency of Processor Evaluation
Not applicable.
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Dispute Resolution
Section III(C) of the Plan provides that each Participant shall designate an individual to represent the Participant as a member of an Operating Committee. No later than the initial date of the Plan, the Operating Committee shall designate one member of the Operating Committee to act as the Chair of the Operating Committee. 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.
On February 22, 2018, the Operating Committee, duly constituted and chaired by Mr. Robert Books of Cboe, voted unanimously to amend the Plan as set forth herein in accordance with Section III(C) of the Plan. The Plan Advisory Committee was notified in connection with the Seventeenth Amendment and was in favor.
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Solicitation of Comments
Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the amendment is consistent with the Exchange Act and the rules thereunder. 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 email protected. Please include File Number 4-631 on the subject line.
Paper Comments
Send paper comments in triplicate to Brent J. Fields, 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 website (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed plan amendment that are filed with the Commission, and all written communications relating to the amendment 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 website 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 such filing also will be available for inspection and copying at the Participants' offices. All comments received will be posted without change. Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment 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 11, 2018.
By the Commission.
Brent J. Fields,
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
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Definitions.................................................. 2
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Parties..................................................... 4
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Amendments to Plan......................................... 7
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Trading Center Policies and Procedures...................... 8
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Price Bands.................................................. 8
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Limit Up-Limit Down Requirements............................ 11
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Trading Pauses............................................. 13
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Implementation............................................ 15
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Withdrawal from Plan........................................ 15
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Counterparts and Signatures.................................. 15
Appendix A--Percentage Parameters............................... 17
Appendix A--Schedule 1.......................................... 19
Appendix B--Data................................................ 35
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.
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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. If the Primary Listing Exchange opens with quotations, the ``Opening Price'' shall mean the closing price of the NMS Stock on the Primary Listing Exchange on the previous trading day, or if no such closing price exists, the last sale on the Primary Listing Exchange.
(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) ``Reference Price'' shall have the meaning provided in Section V of the Plan.
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(S) ``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.
(T) ``Regulatory Halt'' shall have the meaning specified in the Market Data Plans.
(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.
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Parties
(A) List of Parties
The parties to the Plan are as follows:
(1) Cboe BZX Exchange, Inc., 400 South LaSalle Street, Chicago, Illinois 60605
(2) Cboe BYX Exchange, Inc., 400 South LaSalle Street, Chicago, Illinois 60605
(3) Cboe EDGA Exchange, Inc., 400 South LaSalle Street, Chicago, Illinois 60605
(4) Cboe EDGX Exchange, Inc., 400 South LaSalle Street, Chicago, Illinois 60605
(5) Chicago Stock Exchange, Inc., 440 South LaSalle Street, Chicago, Illinois 60605
(6) Financial Industry Regulatory Authority, Inc., 1735 K Street NW, Washington, DC 20006
(7) Investors Exchange LLC, 4 World Trade Center, 44th Floor, New York, New York 10007
(8) NASDAQ BX, Inc., One Liberty Plaza, New York, New York 10006
(9) NASDAQ PHLX LLC, 1900 Market Street, Philadelphia, Pennsylvania 19103
(10) The Nasdaq Stock Market LLC, 1 Liberty Plaza, 165 Broadway, New York, NY 10006
(11) NYSE National, Inc., 11 Wall Street, New York, NY 10005
(12) New York Stock Exchange LLC, 11 Wall Street, New York, New York 10005
(13) NYSE American LLC, 11 Wall Street, New York, New York 10005
(14) NYSE Arca, Inc., 11 Wall Street, New York, New York 10005
(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.
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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.
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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.
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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
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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 the Processor has not yet disseminated Price Bands, but a Reference Price is available, a trading center may calculate and apply Price Bands based on the same Reference Price that the Processor would use for calculating such Price Bands until such trading center receives Price Bands from the Processor. If, under Section VII(B)(2), the Primary Listing Exchange notifies the Processor that it is unable to reopen an NMS Stock due to a systems or technology issue and it has not declared a Regulatory Halt, the Processor will calculate and disseminate Price Bands by applying triple the Percentage Parameters set forth in Appendix A for the first 30 seconds such Price Bands are disseminated.
(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, if the Primary Listing Exchange reopens trading with a transaction or quotation that does not include a zero bid or zero offer, the next Reference Price shall be the Reopening Price on the Primary Listing Exchange. Subsequent Reference Prices shall be determined in the manner prescribed for normal openings, as specified in Section V(B)(1) of the Plan. If the Primary Listing Exchange notifies the Processor that it is unable to reopen an NMS Stock due to a systems or technology issue, or if the Primary Listing Exchange reopens trading with a quotation that has a zero bid or zero offer, or both, the next Reference Price shall be the last effective Price Band that was in a Limit State 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.
-
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.
-
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
Page 12437
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 Processor will publish the following information that the Primary Listing Exchange provides to the Processor in connection with such reopening: Auction reference price; auction collars; and number of extensions to the reopening auction. 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 due to a systems or technology issue and if it has not declared a Regulatory Halt. The Processor shall disseminate this information to the public.
(3) Trading centers may not resume trading in an NMS Stock following a Trading Pause without Price Bands in such NMS Stock.
(4) The Processor shall update the Price Bands as set forth in Section V(C)(1)-(2) of the Plan after receiving notification from the Primary Listing Exchange of a Reopening Price following a Trading Pause (or a resume message in the case of a reopening quote that has a zero bid or zero offer, or both) or that it is unable to reopen trading following a Trading Pause due to a systems or technology issue, provided that if the Primary Listing Exchange is unable to reopen due to a systems or technology issue, the update to the Price Bands will be no earlier than ten minutes after the beginning of the Trading Pause.
(C) Trading Pauses Within Ten Minutes of the End of Regular Trading Hours
(1) If an NMS Stock is in a Trading Pause during 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.
-
Implementation
The initial date of Plan operations shall be April 8, 2013.
The Plan shall be implemented on a pilot basis set to end on April 16, 2018April 15, 2019.
-
Withdrawal From Plan
If a Participant obtains SEC approval to withdraw from the Plan, such Participant may withdraw from the Plan at any time on not less than 30 days' prior written notice to each of the other Participants. At such time, the withdrawing Participant shall have no further rights or obligations under the Plan.
-
Counterparts and Signatures
The Plan may be executed in any number of counterparts, no one of which need contain all signatures of all Participants, and as many of such counterparts as shall together contain all such signatures shall constitute one and the same instrument.
In Witness Thereof, this Plan has been executed as of the ___day of February 2018 by each of the parties hereto.
Cboe BZX EXCHANGE, INC.
Cboe BYX EXCHANGE, INC.
BY:--------------------------------------------------------------------
BY:--------------------------------------------------------------------
Cboe EDGA EXCHANGE, INC.
Cboe EDGX EXCHANGE, INC.
BY:--------------------------------------------------------------------
BY:--------------------------------------------------------------------
CHICAGO STOCK EXCHANGE, INC.
FINANCIAL INDUSTRY REGULATORY AUTHORITY, INC.
BY:--------------------------------------------------------------------
BY:--------------------------------------------------------------------
INVESTORS EXCHANGE LLC
NASDAQ BX, Inc.
BY:--------------------------------------------------------------------
BY:--------------------------------------------------------------------
NASDAQ PHLX LLC
THE NASDAQ STOCK MARKET LLC
BY:--------------------------------------------------------------------
BY:--------------------------------------------------------------------
NYSE NATIONAL, INC.
NEW YORK STOCK EXCHANGE LLC
BY:--------------------------------------------------------------------
BY:--------------------------------------------------------------------
NYSE American LLC
NYSE ARCA, INC.
BY:--------------------------------------------------------------------
BY:--------------------------------------------------------------------
Appendix A--Percentage Parameters
-
Tier 1 NMS Stocks
(1) Tier 1 NMS Stocks shall include all NMS Stocks included in the S&P 500 Index, the Russell 1000 Index, and the exchange-traded products (``ETP'') identified as 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 websites.
(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.
-
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
Page 12438
exists, the last sale on the Primary Listing Exchange reported by the Processor.
Appendix A--Schedule 1
As of January 2, 2018
------------------------------------------------------------------------
Ticker ETP name Exchange
------------------------------------------------------------------------
SPY...................... SPDR S&P NYSE Arca.
500supreg ETF.
QQQ...................... Powershares QQQ NASDAQ.
Trust Series 1.
IWM...................... iShares Russell NYSE Arca.
2000 ETF.
EEM...................... iShares MSCI NYSE Arca.
Emerging Markets
ETF.
XLF...................... Financial Select NYSE Arca.
Sector SPDR Fund.
VXX...................... iPath S&P 500 VIX NYSE Arca.
Short-Term Futures
ETN.
EFA...................... iShares MSCI EAFE NYSE Arca.
ETF.
TLT...................... iShares 20+ Year NASDAQ.
Treasury Bond ETF.
HYG...................... iShares iBoxx $ NYSE Arca.
High Yield
Corporate Bond ETF.
GDX...................... VanEck Vectors Gold NYSE Arca.
Miners ETF.
XIV...................... VelocityShares NASDAQ.
Daily Inverse VIX
Short Term ETN.
IVV...................... iShares Core S&P NYSE Arca.
500 ETF.
GLD...................... SPDR Gold Trust.... NYSE Arca.
XLE...................... Energy Select NYSE Arca.
Sector SPDR Fund.
LQD...................... iShares iBoxx $ NYSE Arca.
Investment Grade
Corporate Bond ETF.
EWZ...................... iShares MSCI Brazil NYSE Arca.
Capped ETF.
XLU...................... Utilities Select NYSE Arca.
Sector SPDR Fund.
XLI...................... Industrial Select NYSE Arca.
Sector SPDR Fund.
DIA...................... SPDR Dow Jones NYSE Arca.
Industrial Average
ETF Trust.
XLP...................... Consumer Staples NYSE Arca.
Select Sector SPDR
Fund.
XLK...................... Technology Select NYSE Arca.
Sector SPDR Fund.
SVXY..................... ProShares Short VIX NYSE Arca.
Short Term Futures.
FXI...................... iShares China Large- NYSE Arca.
Cap ETF.
XLV...................... Health Care Select NYSE Arca.
Sector SPDR Fund.
IYR...................... iShares U.S. Real NYSE Arca.
Estate ETF.
XOP...................... SPDR S&P Oil & Gas NYSE Arca.
Exploration &
Production ETF.
VWO...................... Vanguard FTSE NYSE Arca.
Emerging Markets
ETF.
VOO...................... Vanguard S&P 500 NYSE Arca.
ETF.
IEMG..................... iShares Core MSCI NYSE Arca.
Emerging Markets
ETF.
EWJ...................... iShares MSCI Japan NYSE Arca.
ETF.
GDXJ..................... VanEck Vectors NYSE Arca.
Junior Gold Miners
ETF.
XLY...................... Consumer NYSE Arca.
Discretionary
Select Sector SPDR
Fund.
SMH...................... VanEck Vectors NYSE Arca.
Semiconductor ETF.
JNK...................... SPDR Bloomberg NYSE Arca.
Barclays High
Yield Bond ETF.
KRE...................... SPDR S&P Regional NYSE Arca.
Banking ETF.
MDY...................... SPDR S&P MidCap NYSE Arca.
400supreg ETF.
XBI...................... SPDR S&P Biotech NYSE Arca.
ETF.
VEA...................... Vanguard FTSE NYSE Arca.
Developed Markets
ETF.
IBB...................... iShares Nasdaq NASDAQ.
Biotechnology ETF.
VNQ...................... Vanguard REIT ETF.. NYSE Arca.
AGG...................... iShares Core U.S. NYSE Arca.
Aggregate Bond ETF.
EZU...................... iShares MSCI Cboe BZX.
Eurozone ETF.
VTI...................... Vanguard Total NYSE Arca.
Stock Market ETF.
IEFA..................... iShares Core MSCI Cboe BZX.
EAFE ETF.
XLB...................... Materials Select NYSE Arca.
Sector SPDR Fund.
EMB...................... iShares JP Morgan NASDAQ.
USD Emerging
Markets Bond ETF.
IWD...................... iShares Russell NYSE Arca.
1000 Value ETF.
USO...................... United States Oil NYSE Arca.
Fund LP.
XRT...................... SPDR S&P Retail ETF NYSE Arca.
IEF...................... iShares 7-10 Year NASDAQ.
Treasury Bond ETF.
IJR...................... iShares Core S&P NYSE Arca.
Small-Cap ETF.
IJH...................... iShares Core S&P NYSE Arca.
Mid-Cap ETF.
IWF...................... iShares Russell NYSE Arca.
1000 Growth ETF.
VGK...................... Vanguard FTSE NYSE Arca.
Europe ETF.
EWY...................... iShares MSCI South NYSE Arca.
Korea Capped ETF.
BND...................... Vanguard Total Bond NYSE Arca.
Market ETF.
OIH...................... VanEck Vectors Oil NYSE Arca.
Services ETF.
DXJ...................... WisdomTree Japan NYSE Arca.
Hedged Equity Fund.
AMLP..................... Alerian MLP ETF.... NYSE Arca.
EWW...................... iShares MSCI Mexico NYSE Arca.
Capped ETF.
IWB...................... iShares Russell NYSE Arca.
1000 ETF.
VTV...................... Vanguard Value ETF. NYSE Arca.
RSX...................... VanEck Vectors NYSE Arca.
Russia ETF.
SLV...................... iShares Silver NYSE Arca.
Trust.
EWT...................... iShares MSCI Taiwan NYSE Arca.
Capped ETF.
IAU...................... iShares Gold Trust. NYSE Arca.
VCSH..................... Vanguard Short-Term NASDAQ.
Corporate Bond ETF.
TIP...................... iShares TIPS Bond NYSE Arca.
ETF.
Page 12439
ACWI..................... iShares MSCI ACWI NASDAQ.
ETF.
IWO...................... iShares Russell NYSE Arca.
2000 Growth ETF.
BSV...................... Vanguard Short-Term NYSE Arca.
Bond ETF.
MCHI..................... iShares MSCI China NASDAQ.
ETF.
VCIT..................... Vanguard NASDAQ.
Intermediate-Term
Corporate Bond ETF.
IWN...................... iShares Russell NYSE Arca.
2000 Value ETF.
EWG...................... iShares MSCI NYSE Arca.
Germany ETF.
INDA..................... iShares MSCI India Cboe BZX.
ETF.
FEZ...................... SPDR EURO STOXX 50 NYSE Arca.
ETF.
KBE...................... SPDR S&P Bank ETF.. NYSE Arca.
IVW...................... iShares S&P 500 NYSE Arca.
Growth ETF.
VEU...................... Vanguard FTSE All- NYSE Arca.
World ex-US ETF.
PFF...................... iShares US NASDAQ.
Preferred Stock
ETF.
ITB...................... iShares U.S. Home Cboe BZX.
Construction ETF.
AAXJ..................... iShares MSCI All NASDAQ.
Country Asia ex
Japan ETF.
EWH...................... iShares MSCI Hong NYSE Arca.
Kong ETF.
HEDJ..................... WisdomTree Europe NYSE Arca.
Hedged Equity Fund.
SOXX..................... iShares PHLX NASDAQ.
Semiconductor ETF.
XME...................... SPDR S&P Metals & NYSE Arca.
Mining ETF.
IVE...................... iShares S&P 500 NYSE Arca.
Value ETF.
SHV...................... iShares Short NASDAQ.
Treasury Bond ETF.
SHY...................... iShares 1-3 Year NASDAQ.
Treasury Bond ETF.
VB....................... Vanguard Small-Cap NYSE Arca.
ETF.
VUG...................... Vanguard Growth ETF NYSE Arca.
BKLN..................... PowerShares Senior NYSE Arca.
Loan Portfolio.
AMJ...................... JPMorgan Alerian NYSE Arca.
MLP Index ETN.
VGT...................... Vanguard NYSE Arca.
Information
Technology ETF.
SH....................... ProShares Short NYSE Arca.
S&P500.
USMV..................... iShares MSCI USA Cboe BZX.
Minimum Volatility
ETF.
EWU...................... iShares MSCI United NYSE Arca.
Kingdom ETF.
VYM...................... Vanguard High NYSE Arca.
Dividend Yield
Index Fund.
XHB...................... SPDR S&P NYSE Arca.
Homebuilders ETF.
IEI...................... iShares 3-7 Year NASDAQ.
Treasury Bond ETF.
FXE...................... CurrencyShares Euro NYSE Arca.
Trust.
EWC...................... iShares MSCI Canada NYSE Arca.
ETF.
UNG...................... United States NYSE Arca.
Natural Gas Fund
LP.
MBB...................... iShares MBS ETF.... NASDAQ.
XLRE..................... Real Estate Select NYSE Arca.
Sector SPDR Fund.
SPLV..................... PowerShares S&P NYSE Arca.
500supreg Low
Volatility
Portfolio.
MUB...................... iShares National NYSE Arca.
Muni Bond ETF.
VT....................... Vanguard Total NYSE Arca.
World Stock Index
Fund.
MINT..................... PIMCO Enhanced NYSE Arca.
Short Maturity
Strategy Exchange-
Traded Fund.
DBEF..................... Xtrackers MSCI EAFE NYSE Arca.
Hedged Equity ETF.
VO....................... Vanguard Mid-Cap NYSE Arca.
ETF.
OEF...................... iShares S&P 100 ETF NYSE Arca.
VIG...................... Vanguard Dividend NYSE Arca.
Appreciation ETF.
EWP...................... iShares MSCI Spain NYSE Arca.
Capped ETF.
FLOT..................... iShares Floating Cboe BZX.
Rate Bond ETF.
EPI...................... WisdomTree India NYSE Arca.
Earnings Fund.
DVY...................... iShares Select NASDAQ.
Dividend ETF.
CSJ...................... iShares 1-3 Year NASDAQ.
Credit Bond ETF.
VIXY..................... ProShares VIX Short- NYSE Arca.
Term Futures ETF.
CWB...................... SPDR Bloomberg NYSE Arca.
Barclays
Convertible
Securities ETF.
BIV...................... Vanguard NYSE Arca.
Intermediate-Term
Bond ETF.
SCHF..................... Schwab NYSE Arca.
International
Equity ETF.
ITA...................... iShares US Cboe BZX.
Aerospace &
Defense ETF.
SCZ...................... iShares MSCI EAFE NASDAQ.
Small-Cap ETF.
RSP...................... Guggenheim S&P 500 NYSE Arca.
Equal Weight ETF.
SJNK..................... SPDR Bloomberg NYSE Arca.
Barclays Short
Term High Yield
Bond ETF.
ITOT..................... iShares Core S&P NYSE Arca.
Total U.S. Stock
Market ETF.
BNDX..................... Vanguard Total NASDAQ.
International Bond
ETF.
EWA...................... iShares MSCI NYSE Arca.
Australia ETF.
IYT...................... iShares Cboe BZX.
Transportation
Average ETF.
ILF...................... iShares Latin NYSE Arca.
America 40 ETF.
VFH...................... Vanguard Financials NYSE Arca.
ETF.
PCY...................... PowerShares NYSE Arca.
Emerging Markets
Sovereign Debt
Portfolio.
HYS...................... PIMCO 0-5 Year High NYSE Arca.
Yield Corporate
Bond Index
Exchange-Traded
Fund.
FDN...................... First Trust Dow NYSE Arca.
Jones Internet
Index Fund.
CIU...................... iShares NASDAQ.
Intermediate
Credit Bond ETF.
MTUM..................... iShares MSCI USA Cboe BZX.
Momentum Factor
ETF.
VBR...................... Vanguard Small-Cap NYSE Arca.
Value ETF.
Page 12440
VXUS..................... Vanguard Total NASDAQ.
International
Stock ETF.
SDY...................... SPDR S&P Dividend NYSE Arca.
ETF.
IWR...................... iShares Russell Mid- NYSE Arca.
Cap ETF.
EMLC..................... VanEck Vectors NYSE Arca.
Emerging Markets
Local Currency
Bond ETF.
HEWJ..................... iShares Currency NYSE Arca.
Hedged MSCI Japan
ETF.
EFAV..................... iShares MSCI EAFE Cboe BZX.
Minimum Volatility
ETF.
EUFN..................... iShares MSCI Europe NASDAQ.
Financials ETF.
IWS...................... iShares Russell Mid- NYSE Arca.
Cap Value ETF.
SCHX..................... Schwab U.S. Large- NYSE Arca.
Cap ETF.
NEAR..................... iShares Short Cboe BZX.
Maturity Bond ETF.
IWP...................... iShares Russell Mid- NYSE Arca.
Cap Growth ETF.
KWEB..................... KraneShares CSI NYSE Arca.
China Internet ETF.
HEFA..................... iShares Currency Cboe BZX.
Hedged MSCI EAFE
ETF.
EWI...................... iShares MSCI Italy NYSE Arca.
Capped ETF.
IWV...................... iShares Russell NYSE Arca.
3000 ETF.
IYF...................... iShares U.S. NYSE Arca.
Financials ETF.
EZA...................... iShares MSCI South NYSE Arca.
Africa ETF.
VXF...................... Vanguard Extended NYSE Arca.
Market Index Fund.
IYW...................... iShares U.S. NYSE Arca.
Technology ETF.
VHT...................... Vanguard Health NYSE Arca.
Care ETF.
BIL...................... SPDR Bloomberg NYSE Arca.
Barclays 1-3 Month
T-Bill ETF.
UUP...................... PowerShares DB US NYSE Arca.
Dollar Index
Bullish Fund.
IEUR..................... iShares Core MSCI NYSE Arca.
Europe ETF.
DBC...................... PowerShares DB NYSE Arca.
Commodity Index
Tracking Fund.
EFV...................... iShares MSCI EAFE Cboe BZX.
Value ETF.
HEZU..................... iShares Currency NYSE Arca.
Hedged MSCI
Eurozone ETF.
SCHB..................... Schwab U.S. Broad NYSE Arca.
Market ETF.
IEV...................... iShares Europe ETF. NYSE Arca.
SCHD..................... Schwab U.S. NYSE Arca.
Dividend Equity
ETF.
VV....................... Vanguard Large-Cap NYSE Arca.
ETF.
PGX...................... PowerShares NYSE Arca.
Preferred
Portfolio.
EWL...................... iShares MSCI NYSE Arca.
Switzerland Capped
ETF.
VPL...................... Vanguard FTSE NYSE Arca.
Pacific ETF.
IJK...................... iShares S&P Mid-Cap NYSE Arca.
400 Growth ETF.
BOTZ..................... Global X Robotics & NASDAQ.
Artificial
Intelligence
Thematic ETF.
VMBS..................... Vanguard Mortgage- NASDAQ.
Backed Securities
ETF.
IXUS..................... iShares Core MSCI NASDAQ.
Total
International
Stock ETF.
VCLT..................... Vanguard Long-Term NASDAQ.
Corporate Bond ETF.
SCHE..................... Schwab Emerging NYSE Arca.
Markets Equity ETF.
LIT...................... Global X Lithium & NYSE Arca.
Battery Tech ETF.
ASHR..................... Xtrackers Harvest NYSE Arca.
CSI 300 China A-
Shares ETF.
ACWX..................... iShares MSCI ACWI NASDAQ.
ex US ETF.
VOE...................... Vanguard Mid-Cap NYSE Arca.
Value ETF.
VDE...................... Vanguard Energy ETF NYSE Arca.
HDV...................... iShares Core High NYSE Arca.
Dividend ETF.
IUSG..................... iShares Core US NASDAQ.
Growth ETF.
SCHA..................... Schwab U.S. Small- NYSE Arca.
Cap ETF.
PSQ...................... ProShares Short QQQ NYSE Arca.
GOVT..................... iShares Core US Cboe BZX.
Treasury Bond ETF.
KBWB..................... PowerShares KBW NASDAQ.
Bank Portfolio.
EEMV..................... iShares MSCI Cboe BZX.
Emerging Markets
Minimum Volatility
ETF/Dup.
VTIP..................... Vanguard Short-Term NASDAQ.
Inflation-
Protected
Securities ETF.
RWX...................... SPDR Dow Jones NYSE Arca.
International Real
Estate ETF.
ROBO..................... ROBO Global NASDAQ.
Robotics and
Automation Index
ETF.
DBJP..................... Xtrackers MSCI NYSE Arca.
Japan Hedged
Equity ETF.
VNQI..................... Vanguard Global ex- NASDAQ.
U.S. Real Estate
ETF.
SHYG..................... iShares 0-5 Year NYSE Arca.
High Yield
Corporate Bond ETF.
QUAL..................... iShares MSCI USA Cboe BZX.
Quality Factor ETF.
IGV...................... iShares North Cboe BZX.
American Tech-
Software ETF.
EPP...................... iShares MSCI NYSE Arca.
Pacific ex Japan
ETF.
EWQ...................... iShares MSCI France NYSE Arca.
ETF.
VLUE..................... iShares MSCI USA Cboe BZX.
Value Factor ETF.
VSS...................... Vanguard FTSE All- NYSE Arca.
World Ex-US Small-
Cap Index Fund.
ECH...................... iShares MSCI Chile Cboe BZX.
Capped ETF.
SCHZ..................... Schwab U.S. NYSE Arca.
Aggregate Bond ETF.
IDV...................... iShares Cboe BZX.
International
Select Dividend
ETF.
IJS...................... iShares S&P Small- NYSE Arca.
Cap 600 Value ETF.
DBEU..................... Xtrackers MSCI NYSE Arca.
Europe Hedged
Equity ETF.
SPIB..................... SPDR Bloomberg NYSE Arca.
Barclays
Intermediate Term
Corporate Bond ETF.
IHI...................... iShares U.S. NYSE Arca.
Medical Devices
ETF.
HYD...................... VanEck Vectors High NYSE Arca.
Yield Municipal
Index ETF.
Page 12441
SCHO..................... Schwab Short-Term NYSE Arca.
U.S. Treasury ETF.
SCHH..................... Schwab U.S. REIT NYSE Arca.
ETF.
IUSV..................... iShares Core US NASDAQ.
Value ETF.
SCHG..................... Schwab U.S. Large- NYSE Arca.
Cap Growth ETF.
SHM...................... SPDR Nuveen NYSE Arca.
Bloomberg Barclays
Short Term
Municipal Bond ETF.
FPE...................... First Trust NYSE Arca.
Preferred
Securities and
Income ETF.
SPSB..................... SPDR Bloomberg NYSE Arca.
Barclays Short
Term Corporate
Bond ETF.
VBK...................... Vanguard Small-Cap NYSE Arca.
Growth ETF.
ACWV..................... iShares MSCI All Cboe BZX.
Country World
Minimum Volatility
ETF.
TOTL..................... SPDR DoubleLine NYSE Arca.
Total Return
Tactical ETF.
VTEB..................... Vanguard Tax-Exempt NYSE Arca.
Bond Index Fund.
FXU...................... First Trust NYSE Arca.
Utilities AlphaDEX
Fund.
IJT...................... iShares S&P Small- NASDAQ.
Cap 600 Growth ETF.
IYM...................... iShares U.S. Basic NYSE Arca.
Materials ETF.
MLPI..................... ETRACS Alerian MLP NYSE Arca.
Infrastructure ETN.
VPU...................... Vanguard Utilities NYSE Arca.
Index Fund.
SRLN..................... SPDR Blackstone/GSO NYSE Arca.
Senior Loan ETF.
FXL...................... First Trust NYSE Arca.
Technology
AlphaDEX Fund.
BLV...................... Vanguard Long-Term NYSE Arca.
Bond ETF.
SPHD..................... PowerShares S&P 500 NYSE Arca.
High Dividend Low
Volatility
Portfolio.
IYH...................... iShares U.S. NYSE Arca.
Healthcare ETF.
TFI...................... SPDR Nuveen NYSE Arca.
Bloomberg Barclays
Municipal Bond ETF.
ICF...................... iShares Cohen & Cboe BZX.
Steers REIT ETF.
VDC...................... Vanguard Consumer NYSE Arca.
Staples ETF.
EWM...................... iShares MSCI NYSE Arca.
Malaysia ETF.
VOX...................... Vanguard NYSE Arca.
Telecommunication
Services ETF.
IJJ...................... iShares S&P Mid-Cap NYSE Arca.
400 Value ETF.
SCHP..................... Schwab U.S. TIPS NYSE Arca.
ETF.
DBA...................... PowerShares DB NYSE Arca.
Agriculture Fund.
THD...................... iShares MSCI NYSE Arca.
Thailand Capped
ETF.
VIS...................... Vanguard NYSE Arca.
Industrials ETF.
EIDO..................... iShares MSCI NYSE Arca.
Indonesia ETF.
IYG...................... iShares U.S. NYSE Arca.
Financial Services
ETF.
ANGL..................... VanEck Vectors NYSE Arca.
Fallen Angel High
Yield Bond ETF.
RWM...................... ProShares Short NYSE Arca.
Russell2000.
FTSM..................... First Trust NASDAQ.
Enhanced Short
Maturity ETF.
EWS...................... iShares MSCI NYSE Arca.
Singapore Capped
ETF.
FVD...................... First Trust Value NYSE Arca.
Line Dividend
Index Fund.
BWX...................... SPDR Bloomberg NYSE Arca.
Barclays
International
Treasury Bond ETF.
OIL...................... iPath S&P GSCI NYSE Arca.
Crude Oil Total
Return Index ETNs.
IYE...................... iShares U.S. Energy NYSE Arca.
ETF.
QTEC..................... First Trust NASDAQ.- NASDAQ.
100 Technology
Index Fund.
DGRO..................... iShares Core NYSE Arca.
Dividend Growth
ETF.
TUR...................... iShares MSCI Turkey NASDAQ.
ETF.
VOT...................... Vanguard Mid-Cap NYSE Arca.
Growth ETF.
IYZ...................... iShares US Cboe BZX.
Telecommunications
ETF.
PHB...................... PowerShares High NYSE Arca.
Yield Corporate
Bond Portfolio.
SCHV..................... Schwab U.S. Large- NYSE Arca.
Cap Value ETF.
KIE...................... SPDR S&P Insurance NYSE Arca.
ETF.
IDU...................... iShares U.S. NYSE Arca.
Utilities ETF.
EMLP..................... First Trust North NYSE Arca.
American Energy
Infrastructure
Fund.
REM...................... iShares Mortgage Cboe BZX.
Real Estate Capped
ETF.
RWR...................... SPDR Dow Jones REIT NYSE Arca.
ETF.
ERUS..................... iShares MSCI Russia NYSE Arca.
Capped ETF.
MGK...................... Vanguard Mega Cap NYSE Arca.
Growth ETF.
VGSH..................... Vanguard Short-Term NASDAQ.
Government Bond
ETF.
FXB...................... CurrencyShares NYSE Arca.
British Pound
Sterling Trust.
NOBL..................... ProShares S&P 500 Cboe BZX.
Dividend
Aristocrats ETF.
GBIL..................... Goldman Sachs NYSE Arca.
TreasuryAccesssup
reg 0-1 Year ETF.
PRF...................... PowerShares FTSE NYSE Arca.
RAFI U.S. 1000
Portfolio.
EFG...................... iShares MSCI EAFE Cboe BZX.
Growth ETF.
AMZA..................... InfraCap MLP ETF... NYSE Arca.
GVI...................... iShares Cboe BZX.
Intermediate
Government/Credit
Bond ETF.
GUNR..................... FlexShares Global NYSE Arca.
Upstream Natural
Resources Index
Fund.
VAW...................... Vanguard Materials NYSE Arca.
ETF.
XAR...................... SPDR S&P Aerospace NYSE Arca.
& Defense ETF.
BOND..................... PIMCO Active Bond NYSE Arca.
Exchange-Traded
Fund.
VTWO..................... Vanguard Russell NASDAQ.
2000.
IGF...................... iShares Global NASDAQ.
Infrastructure ETF.
FLRN..................... SPDR Bloomberg NYSE Arca.
Barclays
Investment Grade
Floating Rate ETF.
SCHM..................... Schwab U.S. Mid-Cap NYSE Arca.
ETF.
Page 12442
FNDX..................... Schwab Fundamental NYSE Arca.
U.S. Large Company
Index ETF.
RWO...................... SPDR Dow Jones NYSE Arca.
Global Real Estate
ETF.
EWD...................... iShares MSCI Sweden NYSE Arca.
Capped ETF.
CQQQ..................... Guggenheim China NYSE Arca.
Technology ETF.
VRP...................... PowerShares NYSE Arca.
Variable Rate
Preferred
Portfolio.
FTEC..................... Fidelity MSCI NYSE Arca.
Information
Technology Index
ETF.
ZIV...................... VelocityShares NASDAQ.
Daily Inverse VIX
Medium Term ETN.
IYJ...................... iShares U.S. Cboe BZX.
Industrials ETF.
DEM...................... WisdomTree Emerging NYSE Arca.
Markets High
Dividend Fund.
USMC..................... Principal U.S. Mega- NASDAQ.
Cap Multi-Factor
ETF.
GSY...................... Guggenheim Ultra NYSE Arca.
Short Duration ETF.
XES...................... SPDR S&P Oil & Gas NYSE Arca.
Equipment &
Services ETF.
VGIT..................... Vanguard NASDAQ.
Intermediate-Term
Government Bond
ETF.
VCR...................... Vanguard Consumer NYSE Arca.
Discretionary ETF.
FNDF..................... Schwab Fundamental NYSE Arca.
International
Large Company
Index ETF.
FXY...................... CurrencyShares NYSE Arca.
Japanese Yen Trust.
FNDA..................... Schwab Fundamental NYSE Arca.
U.S. Small Company
Index ETF.
IDEV..................... iShares Core MSCI NYSE Arca.
International
Developed Markets
ETF.
DON...................... WisdomTree U.S. NYSE Arca.
MidCap Dividend
Fund.
ITM...................... VanEck Vectors AMT- NYSE Arca.
Free Intermediate
Municipal Index
ETF.
HACK..................... ETFMG Prime Cyber NYSE Arca.
Security ETF.
CRED..................... iShares Core US NASDAQ.
Credit Bond ETF.
FNCL..................... Fidelity MSCI NYSE Arca.
Financials Index
ETF.
IXN...................... iShares Global Tech NYSE Arca.
ETF.
ONEQ..................... Fidelity NASDAQ. NASDAQ.
Composite Index
Tracking Stock ETF.
SPDW..................... SPDR S&P World ex- NYSE Arca.
US ETF.
HEWG..................... iShares Currency NASDAQ.
Hedged MSCI
Germany ETF.
TBF...................... ProShares Short 20+ NYSE Arca.
Year Treasury.
RPG...................... Guggenheim S&P 500 NYSE Arca.
Pure Growth ETF.
DOG...................... ProShares Short NYSE Arca.
Dow30.
RYT...................... Guggenheim S&P NYSE Arca.
Equal Weight
Technology ETF.
LMBS..................... First Trust Low NASDAQ.
Duration
Opportunities ETF.
GXC...................... SPDR S&P China ETF. NYSE Arca.
SPHB..................... PowerShares S&P NYSE Arca.
500supreg High
Beta Portfolio.
INDY..................... iShares India 50 NASDAQ.
ETF.
IYC...................... iShares U.S. NYSE Arca.
Consumer Services
ETF.
RING..................... iShares MSCI Global NASDAQ.
Gold Miners ETF.
MDYG..................... SPDR S&P 400 Mid NYSE Arca.
Cap Growth ETF.
DFE...................... WisdomTree Europe NYSE Arca.
SmallCap Dividend
Fund.
DGRW..................... WisdomTree U.S. NASDAQ.
Quality Dividend
Growth Fund.
SPEM..................... SPDR S&P Emerging NYSE Arca.
Markets ETF.
FNDE..................... Schwab Fundamental NYSE Arca.
Emerging Markets
Large Company
Index ETF.
IXC...................... iShares Global NYSE Arca.
Energy ETF.
EPHE..................... iShares MSCI NYSE Arca.
Philippines ETF.
DGS...................... WisdomTree Emerging NYSE Arca.
Markets SmallCap
Dividend Fund.
FXC...................... CurrencyShares NYSE Arca.
Canadian Dollar
Trust.
EPOL..................... iShares MSCI Poland NYSE Arca.
Capped ETF.
GSLC..................... Goldman Sachs NYSE Arca.
ActiveBeta U.S.
Large Cap Equity
ETF.
ISTB..................... iShares Core 1-5 NASDAQ.
Year USD Bond ETF.
VWOB..................... Vanguard Emerging NASDAQ.
Markets Government
Bond ETF.
STIP..................... iShares 0-5 Year NYSE Arca.
TIPS Bond ETF.
SUB...................... iShares Short-Term NYSE Arca.
National Muni Bond
ETF.
TLH...................... iShares 10-20 Year NYSE Arca.
Treasury Bond ETF.
EMHY..................... iShares Emerging Cboe BZX.
Markets High Yield
Bond ETF.
FXO...................... First Trust NYSE Arca.
Financial AlphaDEX
Fund.
LDRS..................... Innovator NYSE Arca.
IBDsupreg ETF
Leaders ETF.
SPAB..................... SPDR Bloomberg NYSE Arca.
Barclays Aggregate
Bond ETF.
SLYV..................... SPDR S&P 600 Small NYSE Arca.
Cap Value ETF.
DJP...................... iPath Bloomberg NYSE Arca.
Commodity Index
Total Return ETN.
SDOG..................... ALPS Sector NYSE Arca.
Dividend Dogs ETF.
MLPA..................... Global X MLP ETF... NYSE Arca.
FBT...................... First Trust NYSE NYSE Arca.
Arca.
Biotechnology
Index Fund.
FV....................... First Trust Dorsey NASDAQ.
Wright Focus 5 ETF.
SCHR..................... Schwab Intermediate- NYSE Arca.
Term U.S. Treasury
ETF.
MDYV..................... SPDR S&P 400 Mid NYSE Arca.
Cap Value ETF.
TAN...................... Guggenheim Solar NYSE Arca.
ETF.
FTSL..................... First Trust Senior NASDAQ.
Loan ETF.
PZA...................... PowerShares NYSE Arca.
National AMT-Free
Municipal Bond
Portfolio.
VOOG..................... Vanguard S&P 500 NYSE Arca.
Growth ETF.
FEX...................... First Trust Large NASDAQ.
Cap Core AlphaDEX
Fund.
SKYY..................... First Trust ISE NASDAQ.
Cloud Computing
Index Fund.
Page 12443
SDIV..................... Global X NYSE Arca.
SuperDividend ETF.
IAT...................... iShares U.S. NYSE Arca.
Regional Banks ETF.
SLYG..................... SPDR S&P 600 Small NYSE Arca.
Cap Growth ETF.
IYK...................... iShares U.S. NYSE Arca.
Consumer Goods ETF.
IUSB..................... iShares Core Total NASDAQ.
USD Bond Market
ETF.
VGLT..................... Vanguard Long-Term NASDAQ.
Government Bond
ETF.
XSD...................... SPDR S&P NYSE Arca.
Semiconductor ETF.
EDV...................... Vanguard Extended NYSE Arca.
Duration Treasury
ETF.
HYLS..................... First Trust NASDAQ.
Exchange-Traded
Fund IV First
Trust Tactical
High Yield ETF.
CWI...................... SPDR MSCI ACWI ex- NYSE Arca.
US ETF.
GREK..................... Global X MSCI NYSE Arca.
Greece ETF.
XT....................... iShares Exponential NASDAQ.
Technologies ETF.
SPTM..................... SPDR Portfolio NYSE Arca.
Total Stock Market
ETF.
PPLT..................... ETFS Physical NYSE Arca.
Platinum Shares.
XMLV..................... PowerShares S&P NYSE Arca.
MidCap Low
Volatility
Portfolio.
VIGI..................... Vanguard NASDAQ.
International
Dividend
Appreciation ETF.
SCHK..................... Schwab 1000 NYSE Arca.
Indexsupreg ETF.
SPYG..................... SPDR Portfolio S&P NYSE Arca.
500 Growth ETF.
IGM...................... iShares North NYSE Arca.
American Tech ETF.
ARKK..................... ARK Innovation ETF. NYSE Arca.
XSLV..................... PowerShares S&P NYSE Arca.
SmallCap Low
Volatility
Portfolio.
FXH...................... First Trust Health NYSE Arca.
Care AlphaDEX Fund.
IWY...................... iShares Russell Top NYSE Arca.
200 Growth ETF.
VONG..................... Vanguard Russell NASDAQ.
1000 Growth ETF.
EWN...................... iShares MSCI NYSE Arca.
Netherlands ETF.
CLRG..................... IQ Chaikin U.S. NASDAQ.
Large Cap ETF.
PICK..................... iShares MSCI Global Cboe BZX.
Metals & Mining
Producers ETF.
DES...................... WisdomTree U.S. NYSE Arca.
SmallCap Dividend
Fund.
SCHC..................... Schwab NYSE Arca.
International
Small-Cap Equity
ETF.
IGOV..................... iShares NASDAQ.
International
Treasury Bond ETF.
GNR...................... SPDR S&P Global NYSE Arca.
Natural Resources
ETF.
CLY...................... iShares 10+ Year NYSE Arca.
Credit Bond ETF.
IPAC..................... iShares Core MSCI NYSE Arca.
Pacific ETF.
EMQQ..................... EMQQ The Emerging NYSE Arca.
Markets Internet &
Ecommerce ETF.
FFTY..................... Innovator NYSE Arca.
IBDsupreg 50 ETF.
AIEQ..................... AI Powered Equity NYSE Arca.
ETF.
FEP...................... First Trust Europe NASDAQ.
AlphaDEX Fund.
DLS...................... WisdomTree NYSE Arca.
International
SmallCap Dividend
Fund.
IXJ...................... iShares Global NYSE Arca.
Healthcare ETF.
AOM...................... iShares Core NYSE Arca.
Moderate
Allocation Fund.
PGF...................... PowerShares NYSE Arca.
Financial
Preferred
Portfolio.
FXR...................... First Trust NYSE Arca.
Industrials/
Producer Durables
AlphaDEX Fund.
JO....................... iPath Bloomberg NYSE Arca.
Coffee Subindex
Total Return ETN.
FDL...................... First Trust NYSE Arca.
Morningstar
Dividend Leaders
Index Fund.
FHLC..................... Fidelity MSCI NYSE Arca.
Health Care Index
ETF.
VXZ...................... iPATH S&P 500 VIX NYSE Arca.
Mid-Term Futures
ETN.
SIL...................... Global X Silver NYSE Arca.
Miners ETF.
LRGF..................... iShares Edge MSCI NYSE Arca.
Multifactor USA
ETF.
SPLG..................... SPDR Portfolio NYSE Arca.
Large Cap ETF.
DFJ...................... WisdomTree Japan NYSE Arca.
SmallCap Dividend
Fund.
PHYS..................... Sprott Physical NYSE Arca.
Gold Trust.
SPTL..................... SPDR Bloomberg NYSE Arca.
Barclays Long Term
Treasury ETF.
URA...................... Global X Uranium NYSE Arca.
ETF.
JPIN..................... JPMorgan NYSE Arca.
Diversified Return
International
Equity ETF.
PDBC..................... PowerShares DB NASDAQ.
Optimum Yield
Diversified
Commodity Strategy
Portfolio.
HYMB..................... SPDR Nuveen S&P NYSE Arca.
High Yield
Municipal Bond ETF.
FNDC..................... Schwab Fundamental NYSE Arca.
International
Small Company
Index ETF.
HYLB..................... Xtrackers USD High NYSE Arca.
Yield Corporate
Bond ETF.
PXH...................... PowerShares FTSE NYSE Arca.
RAFI Emerging
Markets Portfolio.
DBO...................... PowerShares DB Oil NYSE Arca.
Fund.
PRFZ..................... PowerShares FTSE NASDAQ.
RAFI US 1500 Small-
Mid Portfolio.
AIA...................... iShares Asia 50 ETF NASDAQ.
DWX...................... SPDR S&P NYSE Arca.
International
Dividend ETF.
MOAT..................... VanEck Vectors NYSE Arca.
Morningstar Wide
Moat ETF.
XPH...................... SPDR S&P NYSE Arca.
Pharmaceuticals
ETF.
RPV...................... Guggenheim S&P 500 NYSE Arca.
Pure Value ETF.
AOR...................... iShares Core Growth NYSE Arca.
Allocation Fund.
ITE...................... SPDR Bloomberg NYSE Arca.
Barclays
Intermediate Term
Treasury ETF.
PSI...................... PowerShares Dynamic NYSE Arca.
Semiconductors
Portfolio.
VYMI..................... Vanguard NASDAQ.
International High
Dividend Yield ETF.
PPA...................... PowerShares NYSE Arca.
Aerospace &
Defense Portfolio.
Page 12444
JPMF..................... JPMorgan Managed NYSE Arca.
Futures Strategy
ETF.
SCIF..................... VanEck Vectors NYSE Arca.
India Small-Cap
Index ETF.
FM....................... iShares MSCI NYSE Arca.
Frontier 100 ETF.
FDT...................... First Trust NASDAQ.
Developed Markets
ex-US AlphaDEX
Fund.
DSI...................... iShares MSCI KLD NYSE Arca.
400 Social ETF.
GWX...................... SPDR S&P NYSE Arca.
International
Small Cap ETF.
SLQD..................... iShares 0-5 Year NASDAQ.
Investment Grade
Corporate Bond ETF.
ARKW..................... ARK Web x.0 ETF.... NYSE Arca.
STPZ..................... PIMCO 1-5 Year U.S. NYSE Arca.
TIPS Index
Exchange-Traded
Fund.
SPSM..................... SPDR Portfolio NYSE Arca.
Small Cap ETF.
IEO...................... iShares U.S. Oil & Cboe BZX.
Gas Exploration &
Production ETF.
SPHQ..................... PowerShares S&P 500 NYSE Arca.
Quality Portfolio.
PNQI..................... PowerShares NASDAQ. NASDAQ.
Internet Portfolio.
IWC...................... iShares Micro-Cap NYSE Arca.
ETF.
VIOO..................... Vanguard S&P Small- NYSE Arca.
Cap 600 ETF.
RYH...................... Guggenheim S&P NYSE Arca.
Equal Weight
Health Care ETF.
SGOL..................... ETFS Physical Swiss NYSE Arca.
Gold Shares.
REMX..................... VanEck Vectors Rare NYSE Arca.
Earth/Strategic
Metals ETF.
REET..................... iShares Global REIT NYSE Arca.
ETF.
VONV..................... Vanguard Russell NASDAQ.
1000 Value.
IHF...................... iShares U.S. NYSE Arca.
Healthcare
Providers ETF.
BSCI..................... Guggenheim NYSE Arca.
BulletShares 2018
Corporate Bond ETF.
MGV...................... Vanguard Mega Cap NYSE Arca.
Value ETF.
BSJJ..................... Guggenheim NYSE Arca.
BulletShares 2019
High Yield
Corporate Bond ETF.
BBH...................... VanEck Vectors NASDAQ.
Biotech ETF.
IGE...................... iShares North Cboe BZX.
American Natural
Resources ETF.
BSJK..................... Guggenheim NYSE Arca.
BulletShares 2020
High Yield
Corporate Bond ETF.
PDP...................... PowerShares DWA NASDAQ.
Momentum Portfolio.
FXA...................... CurrencyShares NYSE Arca.
Australian Dollar
Trust.
BSJI..................... Guggenheim NYSE Arca.
BulletShares 2018
High Yield
Corporate Bond ETF.
RFDI..................... First Trust NASDAQ.
RiverFront Dynamic
Developed
International ETF.
CORP..................... PIMCO Investment NYSE Arca.
Grade Corporate
Bond Index
Exchange-Traded
Fund.
FPX...................... First Trust US IPO NYSE Arca.
Index Fund.
GEM...................... Goldman Sachs NYSE Arca.
ActiveBeta
Emerging Markets
Equity ETF.
PWV...................... PowerShares Dynamic NYSE Arca.
Large Cap Value
Portfolio.
BSCK..................... Guggenheim NYSE Arca.
BulletShares 2020
Corporate Bond ETF.
TDTT..................... FlexShares iBoxx 3- NYSE Arca.
Year Target
Duration TIPS
Index Fund.
AMU...................... ETRACS Alerian MLP NYSE Arca.
Index ETN.
IXG...................... iShares Global NYSE Arca.
Financials ETF.
FXD...................... First Trust NYSE Arca.
Consumer
Discretionary
AlphaDEX Fund.
DLN...................... WisdomTree U.S. NYSE Arca.
LargeCap Dividend
Fund.
ILTB..................... iShares Core Long- NYSE Arca.
Term USD Bond ETF.
FREL..................... Fidelity MSCI Real NYSE Arca.
Estate Index ETF.
SCJ...................... iShares MSCI Japan NYSE Arca.
Small-Cap ETF.
SPMD..................... SPDR S&P 1000 ETF.. NYSE Arca.
GSG...................... iShares S&P GSCI NYSE Arca.
Commodity-Indexed
Trust.
FENY..................... Fidelity MSCI NYSE Arca.
Energy Index ETF.
BSCJ..................... Guggenheim NYSE Arca.
BulletShares 2019
Corporate Bond ETF.
FXG...................... First Trust NYSE Arca.
Consumer Staples
AlphaDEX Fund.
BAB...................... PowerShares Taxable NYSE Arca.
Municipal Bond
Portfolio.
QAI...................... IQ Hedge Multi- NYSE Arca.
Strategy Tracker
ETF.
SPYV..................... SPDR Portfolio S&P NYSE Arca.
500 Value ETF.
PPH...................... VanEck Vectors NASDAQ.
Pharmaceutical ETF.
SMIN..................... iShares MSCI India Cboe BZX.
Small-Cap ETF.
DBB...................... PowerShares DB Base NYSE Arca.
Metals Fund.
TOK...................... iShares MSCI NYSE Arca.
Kokusai ETF.
SECT..................... Main Sector Cboe BZX.
Rotation ETF.
FCG...................... First Trust Natural NYSE Arca.
Gas ETF.
IVOG..................... Vanguard S&P Mid- NYSE Arca.
Cap 400 Growth ETF.
EXI...................... iShares Global NYSE Arca.
Industrials ETF.
EWO...................... iShares MSCI NYSE Arca.
Austria Capped ETF.
SGG...................... iPath Bloomberg NYSE Arca.
Sugar Subindex
Total Return ETN.
IDLV..................... PowerShares S&P NYSE Arca.
International
Developed Low
Volatility
Portfolio.
SIZE..................... iShares Edge MSCI NYSE Arca.
USA Size Factor
ETF.
FTA...................... First Trust Large NASDAQ.
Cap Value AlphaDEX
Fund.
FLEE..................... Franklin FTSE NYSE Arca.
Europe ETF.
PJP...................... PowerShares Dynamic NYSE Arca.
Pharmaceuticals
Portfolio.
ECON..................... EGShares Emerging NYSE Arca.
Markets Consumer
ETF.
FEM...................... First Trust NASDAQ.
Emerging Markets
AlphaDEX Fund.
HFXI..................... IQ 50 Percent NYSE Arca.
Hedged FTSE
International ETF.
EBND..................... SPDR Bloomberg NYSE Arca.
Barclays Emerging
Markets Local Bond
ETF.
Page 12445
INTF..................... iShares Edge MSCI NYSE Arca.
Multifactor Intl
ETF.
EUM...................... ProShares Short NYSE Arca.
MSCI Emerging
Markets.
IFV...................... First Trust Dorsey NASDAQ.
Wright
International
Focus 5 ETF.
LEMB..................... iShares J.P. Morgan NYSE Arca.
EM Local Currency
Bond ETF.
IPE...................... SPDR Bloomberg NYSE Arca.
Barclays TIPS ETF.
BSCL..................... Guggenheim NYSE Arca.
BulletShares 2021
Corporate Bond ETF.
AOK...................... iShares Core NYSE Arca.
Conservative
Allocation Fund.
IHE...................... iShares U.S. NYSE Arca.
Pharmaceuticals
ETF.
FXZ...................... First Trust NYSE Arca.
Materials AlphaDEX
Fund.
IYY...................... iShares Dow Jones NYSE Arca.
U.S. ETF.
PXF...................... PowerShares FTSE NYSE Arca.
RAFI Developed
Markets ex-U.S.
Portfolio.
QDF...................... FlexShares Quality NYSE Arca.
Dividend Index
Fund.
HYEM..................... VanEck Vectors NYSE Arca.
Emerging Markets
High Yield Bond
ETF.
AOA...................... iShares Core NYSE Arca.
Aggressive
Allocation Fund.
RYF...................... Guggenheim S&P NYSE Arca.
Equal Weight
Financial ETF.
PSLV..................... Sprott Physical NYSE Arca.
Silver Trust.
FXN...................... First Trust Energy NYSE Arca.
AlphaDEX Fund.
SPYD..................... SPDR Portfolio S&P NYSE Arca.
500 High Dividend
ETF.
MOO...................... VanEck Vectors NYSE Arca.
Agribusiness ETF.
ULVM..................... USAA MSCI USA Value NYSE Arca.
Momentum Blend
Index ETF.
PKW...................... PowerShares Buyback NASDAQ.
Achievers
Portfolio.
PWS...................... Pacer WealthShield Cboe BZX.
ETF.
QQEW..................... First Trust NASDAQ.- NASDAQ.
100 Equal Weighted
Index Fund.
DHS...................... WisdomTree U.S. NYSE Arca.
High Dividend Fund.
IVOO..................... Vanguard S&P Mid- NYSE Arca.
Cap 400 ETF.
CMF...................... iShares California NYSE Arca.
Muni Bond ETF.
IGHG..................... ProShares Cboe BZX.
Investment Grade-
Interest Rate
Hedged ETF.
SPLB..................... SPDR Bloomberg NYSE Arca.
Barclays Long Term
Corporate Bond ET.
PID...................... PowerShares NASDAQ.
International
Dividend Achievers
Portfolio.
VONE..................... Vanguard Russell NASDAQ.
1000.
IAGG..................... iShares Cboe BZX.
International
Aggregate Bond
Fund.
EPU...................... iShares MSCI All NYSE Arca.
Peru Capped ETF.
RWL...................... Oppenheimer Large NYSE Arca.
Cap Revenue ETF.
RHS...................... Guggenheim S&P 500 NYSE Arca.
Equal Weight
Consumer Staples
ETF.
USRT..................... iShares U.S. Core NYSE Arca.
REIT ETF.
MGC...................... Vanguard Mega Cap NYSE Arca.
300 Index Fund.
PTLC..................... Pacer Trendpilot Cboe BZX.
750 ETF.
IQDF..................... FlexShares NYSE Arca.
International
Quality Dividend
Index Fund.
EWX...................... SPDR S&P Emerging NYSE Arca.
Markets Small Cap
ETF.
JKD...................... iShares Morningstar NYSE Arca.
Large-Cap ETF.
FXF...................... CurrencyShares NYSE Arca.
Swiss Franc Trust.
PFXF..................... VanEck Vectors NYSE Arca.
Preferred
Securities ex
Financials ETF.
LVHD..................... Legg Mason Low NASDAQ.
Volatility High
Dividend ETF.
KBWY..................... PowerShares KBW NASDAQ.
Premium Yield
Equity REIT
Portfolio.
FEMS..................... First Trust NASDAQ.
Emerging Markets
Small Cap AlphaDEX
Fund.
CFO...................... Victory CEMP US 500 NASDAQ.
Enhanced
Volatility Wtd
Index ETF.
PSCT..................... PowerShares S&P NASDAQ.
SmallCap
Information
Technology
Portfolio.
NIB...................... iPath Bloomberg NYSE Arca.
Cocoa Subindex
Total Return ETN.
CSML..................... IQ Chaikin U.S. NASDAQ.
Small Cap ETF.
BSCM..................... Guggenheim NYSE Arca.
BulletShares 2022
Corporate Bond ETF.
IEZ...................... iShares U.S. Oil NYSE Arca.
Equipment &
Services ETF.
FUTY..................... Fidelity MSCI NYSE Arca.
Utilities Index
ETF.
FTCS..................... First Trust Capital NASDAQ.
Strength ETF.
PALL..................... ETFS Physical NYSE Arca.
Palladium Shares.
XLG...................... Guggenheim S&P NYSE Arca.
500supreg Top 50
ETF.
BSJL..................... Guggenheim NYSE Arca.
BulletShares 2021
High Yield
Corporate Bond ETF.
RDIV..................... Oppenheimer Ultra NYSE Arca.
Dividend Revenue
ETF.
CGW...................... Guggenheim S&P NYSE Arca.
Global Water Index
ETF.
BSCH..................... Guggenheim NYSE Arca.
BulletShares 2017
Corporate Bond ETF.
FSTA..................... Fidelity MSCI NYSE Arca.
Consumer Staples
Index ETF.
FDD...................... First Trust STOXX NYSE Arca.
European Select
Dividend Income
Fund.
PSP...................... PowerShares Global NYSE Arca.
Listed Private
Equity Portfolio.
FIDU..................... Fidelity MSCI NYSE Arca.
Industrials Index
ETF.
VNM...................... VanEck Vectors NYSE Arca.
Vietnam ETF.
PSK...................... SPDR Wells Fargo NYSE Arca.
Preferred Stock
ETF.
MDIV..................... First Trust Multi- NASDAQ.
Asset Diversified
Income Index Fund.
ARGT..................... Global X MSCI NYSE Arca.
Argentina ETF.
EEMA..................... iShares MSCI NASDAQ.
Emerging Markets
Asia ETF.
EZM...................... WisdomTree U.S. NYSE Arca.
MidCap Earnings
Fund.
IFGL..................... iShares NASDAQ.
International
Developed Real
Estate ETF.
RWJ...................... Oppenheimer Small NYSE Arca.
Cap Revenue ETF.
Page 12446
TDTF..................... FlexShares iBoxx 5- NYSE Arca.
Year Target
Duration TIPS
Index Fund.
PEY...................... PowerShares High NASDAQ.
Yield Equity
Dividend Achievers
Portfolio.
ATMP..................... Barclays ETN+ NYSE Arca.
Select MLP ETN.
PTH...................... PowerShares DWA NASDAQ.
Healthcare
Momentum Portfolio.
IOO...................... iShares Global 100 NYSE Arca.
ETF.
GBF...................... iShares Government/ NYSE Arca.
Credit Bond ETF.
FTXO..................... First Trust Nasdaq NASDAQ.
Bank ETF.
FIXD..................... First Trust TCW NASDAQ.
Opportunistic
Fixed Income ETF.
HEEM..................... iShares Currency Cboe BZX.
Hedged MSCI
Emerging Markets
ETF.
PIN...................... PowerShares India NYSE Arca.
Portfolio.
PCEF..................... PowerShares CEF NYSE Arca.
Income Composite
Portfolio.
CHIQ..................... Global X China NYSE Arca.
Consumer ETF.
DWM...................... WisdomTree NYSE Arca.
International
Equity Fund.
CXSE..................... WisdomTree Trust NASDAQ.
WisdomTree China
ex-State-Owned
Enterprises Fund.
VOOV..................... Vanguard S&P 500 NYSE Arca.
Value ETF.
RYE...................... Guggenheim S&P 500 NYSE Arca.
Equal Weight
Energy ETF.
PKB...................... PowerShares Dynamic NYSE Arca.
Building &
Construction
Portfolio.
GMF...................... SPDR S&P Emerging NYSE Arca.
Asia Pacific ETF.
MNA...................... IQ Merger Arbitrage NYSE Arca.
ETF.
FMAT..................... Fidelity MSCI NYSE Arca.
Materials Index
ETF.
OUSA..................... O'Shares FTSE U.S. NYSE Arca.
Quality Dividend
ETF.
RZV...................... Guggenheim S&P NYSE Arca.
Smallcap 600 Pure
Value ETF.
IBDM..................... iShares iBonds Dec NYSE Arca.
2021 Term
Corporate ETF.
FLTR..................... VanEck Vectors NYSE Arca.
Investment Grade
Floating Rate ETF.
BNO...................... United States Brent NYSE Arca.
Oil Fund, LP.
QABA..................... First Trust NASDAQ. NASDAQ.
ABA Community Bank
Index Fund.
FDIS..................... Fidelity MSCI NYSE Arca.
Consumer
Discretionary
Index ETF.
SLY...................... SPDR S&P 600 Small NYSE Arca.
Cap ETF.
CDC...................... Victory CEMP US EQ NASDAQ.
Income Enhanced
Volatility Wtd
Index ETF.
FYX...................... First Trust Small NASDAQ.
Cap Core AlphaDEX
Fund.
SUSA..................... iShares MSCI USA NYSE Arca.
ESG Select ETF.
REZ...................... iShares Residential NYSE Arca.
Real Estate Capped
ETF.
IBDL..................... iShares iBonds Dec NYSE Arca.
2020 Term
Corporate ETF.
BSJH..................... Guggenheim NYSE Arca.
BulletShares 2017
High Yield
Corporate Bond ETF.
UIVM..................... USAA MSCI NYSE Arca.
International
Value Momentum
Blend Index ETF.
GSIE..................... Goldman Sachs NYSE Arca.
ActiveBeta
International
Equity ETF.
AGGY..................... WisdomTree Barclays NYSE Arca.
Yield Enhanced
U.S. Aggregate
Bond Fund.
JPUS..................... JPMorgan NYSE Arca.
Diversified Return
US Equity ETF.
RGI...................... Guggenheim S&P 500 NYSE Arca.
Equal Weight
Industrials ETF.
IHDG..................... WisdomTree NYSE Arca.
International
Hedged Quality
Dividend Growth
Fund.
URTH..................... iShares MSCI World NYSE Arca.
ETF.
DGL...................... PowerShares DB Gold NYSE Arca.
Fund.
CIBR..................... First Trust NASDAQ. NASDAQ.
Cybersecurity ETF.
FMB...................... First Trust Managed NASDAQ.
Municipal ETF.
FTC...................... First Trust Large NASDAQ.
Cap Growth
AlphaDEX Fund.
RDVY..................... First Trust NASDAQ. NASDAQ.
Rising Dividend
Achievers ETF.
KBA...................... KraneShares Bosera NYSE Arca.
MSCI China A Share
ETF.
DXJS..................... WisdomTree Japan NASDAQ.
Hedged SmallCap
Equity Fund.
TDIV..................... First Trust NASDAQ. NASDAQ.
Technology
Dividend Index
Fund.
IXP...................... iShares Global NYSE Arca.
Telecom ETF.
SLX...................... VanEck Vectors NYSE Arca.
Steel ETF.
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Appendix B--Data
Unless otherwise specified, the following data shall be collected and transmitted to the SEC in an agreed-upon format on a monthly basis, to be provided 30 calendar days following month end. Unless otherwise specified, the Primary Listing Exchanges shall be responsible for collecting and transmitting the data to the SEC. Data collected in connection with Sections II(E)--(G) below shall be transmitted to the SEC with a request for confidential treatment under the Freedom of Information Act. 5 U.S.C. 552, and the SEC's rules and regulations thereunder.
-
Summary Statistics
-
Frequency with which NMS Stocks enter a Limit State. Such summary data shall be broken down as follows:
1. Partition stocks by category
-
Tier 1 non-ETP issues >$3.00
-
Tier 1 non-ETP issues >= $0.75 and = $3.00
-
Tier 1 non-ETP issues
-
