Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Withdrawal of Proposed Rule Change, as Modified by Amendment Nos. 1 and 2 Thereto, To Establish the Market Quality Program, 74042-74043 [2012-29960]
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74042
Federal Register / Vol. 77, No. 239 / Wednesday, December 12, 2012 / Notices
Securities and Exchange Commission,
100 F Street NE., Washington, DC
20549–1090.
SECURITIES AND EXCHANGE
COMMISSION
All submissions should refer to File
Number SR–CBOE–2012–115. This file
number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for Web site viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE.,
Washington, DC 20549–1090, 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 CBOE’s
principal office and on its Internet Web
site. All comments received will be
posted without change; the Commission
does not edit personal identifying
information from submissions. You
should submit only information that
you wish to make available publicly. All
submissions should refer to File
Number SR–CBOE–2012–115, and
should be submitted on or before
January 2, 2013.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–29929 Filed 12–11–12; 8:45 am]
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CFR 200.30–3(a)(12).
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[Release No. 34–68378; File No. SR–
NASDAQ–2012–043]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Withdrawal of Proposed Rule Change,
as Modified by Amendment Nos. 1 and
2 Thereto, To Establish the Market
Quality Program
December 6, 2012.
On March 23, 2012, The NASDAQ
Stock Market LLC (‘‘Exchange’’ or
‘‘NASDAQ’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 1 and Rule 19b–4 thereunder,2 a
proposed rule change to establish the
Market Quality Program (‘MQP’’). On
March 29, 2012, the Exchange submitted
Amendment No. 1 to the proposed rule
change. The proposed rule change, as
modified by Amendment No. 1 thereto,
was published for comment in the
Federal Register on April 12, 2012.3
The Commission initially received
fifteen comment letters on the proposed
rule change.4 On May 18, 2012, the
Commission extended the time period
in which to either approve the proposed
rule change, disapprove the proposed
rule change, or institute proceedings to
determine whether to disapprove the
proposed rule change, to July 11, 2012.5
The Commission subsequently received
three additional comment letters on the
proposed rule change and a response
letter from the Exchange.6
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Securities Exchange Act Release No. 66765
(April 6, 2012), 77 FR 22042.
4 See Letter from Frank Choi, dated April 13,
2012; Letter from Christopher J. Csicsko, dated
April 14, 2012; Letter from Jeremiah O’Connor III,
dated April 14, 2012; Letter from Dezso J. Szalay,
dated April 15, 2012; Letter from Kathryn Keita,
dated April 18, 2012; Letter from Anonymous,
dated April 18, 2012; Letter from Mark Connell,
dated April 19, 2012; Letter from Timothy Quast,
Managing Director, Modern Networks IR LLC, dated
April 26, 2012; Letter from Daniel G. Weaver, Ph.D.,
Professor of Finance, Rutgers Business School,
dated April 26, 2012; Letter from Amber Anand,
Associate Professor of Finance, Syracuse
University, dated April 29, 2012; Letter from Albert
J. Menkveld, Associate Professor of Finance, VU
University Amsterdam, dated May 2, 2012; Letter
from James J. Angel, Associate Professor of Finance,
Georgetown University, dated May 2, 2012; Letter
from Ari Burstein, Senior Counsel, Investment
Company Institute, dated May 3, 2012; Letter from
Gus Sauter, Managing Director and Chief
Investment Officer, Vanguard, dated May 3, 2012;
and Letter from Leonard J. Amoruso, General
Counsel, Knight Capital Group, Inc., dated May 4,
2012.
5 See Securities Exchange Act Release No. 67022
(May 18, 2012), 77 FR 31050 (May 24, 2012).
6 See Letter from Gary L. Gastineau, Managing
Member, ETF Consultants LLC, dated June 11, 2012;
2 17
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On July 11, 2012, the Commission
instituted proceedings to determine
whether to approve or disapprove the
proposed rule change, as modified by
Amendment No. 1.7 The Commission
thereafter received six comment letters
and two response letters and one email
response from the Exchange.8 On
October 2, 2012, the Commission issued
a notice of designation of longer period
for Commission action on proceedings
to determine whether to disapprove the
proposed rule change.9 On November 6,
2012, the Exchange submitted
Amendment No. 2 to the proposed rule
change.10 On December 6, 2012, the
Letter from Rey Ramsey, President & CEO, TechNet,
dated June 20, 2012; and Letter from Stuart J.
Kaswell, Executive Vice President & Managing
Director, General Counsel, Managed Funds
Association, dated July 3, 2012. See also Letter from
Joan C. Conley, Senior Vice President & Corporate
Secretary, NASDAQ, dated July 6, 2012.
7 See Securities Exchange Act Release No. 67411,
77 FR 42052 (July 17, 2012).
8 See Letter from Joseph Cavatoni, Managing
Director, and Joanne Medero, Managing Director,
BlackRock, Inc., dated July 11, 2012; Letter from
Stanislav Dolgopolov, Assistant Adjunct Professor,
UCLA School of Law, dated August 15, 2012; Letter
from James E. Ross, Global Head, SPDR Exchange
Traded Funds, State Street Global Advisors, dated
August 16, 2012; Letter from Ari Burstein, Senior
Counsel, Investment Company Institute, dated
August 16, 2012; Letter from F. William McNabb,
Chairman and Chief Executive Officer, Vanguard,
dated August 16, 2012; and Letter from Andrew
Stevens, Legal Counsel, IMC Chicago, LLC d/b/a
IMC Financial Markets, dated August 16, 2012. See
also Letters from Joan C. Conley, Senior Vice
President & Corporate Secretary, NASDAQ OMX
LLC, dated August 30, 2012 and Jurij Trypupenko,
Esq., NASDAQ, dated September 7, 2012, and email
from Ed Knight, NASDAQ, dated September 19,
2012.
9 See Securities Exchange Act Release No. 67961,
77 FR 61452 (October 9, 2012).
10 In Amendment No. 2, the Exchange proposed
to amend its proposed rule text to: (i) Add
provisions requiring it to disclose on its Web site:
(a) The dates that MQP Securities commence
participation in and withdraw or are terminated
from the MQP, (b) a statement about the MQP that
sets forth a general description of the MQP as
implemented on a pilot basis and a fair and
balanced summation of the potentially positive
aspects of the MQP (e.g., enhancement of liquidity
and market quality in MQP Securities) as well as
the potentially negative aspects and risks of the
MQP (e.g., possible lack of liquidity and negative
price impact on MQP Securities that withdraw or
are terminated from the MQP), and indicates how
interested parties can get additional information
about products in the MQP, and (c) when it receives
notification that an MQP Company or MQP Market
Maker intends to withdraw from the MQP, and the
date of actual withdrawal or termination from the
MQP; (ii) add a requirement that during such time
that an MQP Company lists an MQP Security, the
MQP Company must, on a product-specific Web
site for each product, indicate that the product is
in the MQP and provide the link to the Exchange’s
MQP Web page; (iii) add a provision clarifying that
the MQP Fee in respect of an ETF shall be paid by
the sponsor(s) of such ETF, and the MQP Fee in
respect of a TIR shall be paid by the sponsor(s) of
such TIR, as applicable; (iv) amend the termination
provision to provide that the MQP will terminate
in respect of an MQP Security if such MQP Security
sustains an average daily trading volume
E:\FR\FM\12DEN1.SGM
12DEN1
Federal Register / Vol. 77, No. 239 / Wednesday, December 12, 2012 / Notices
Exchange withdrew the proposed rule
change, as modified by Amendment
Nos. 1 and 2 thereto (SR–NASDAQ–
2012–043).
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–68368; File No. SR–ODD–
2012–02]
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–29960 Filed 12–11–12; 8:45 am]
BILLING CODE 8011–01–P
Self-Regulatory Organizations; The
Options Clearing Corporation; Order
Granting Approval of Accelerated
Delivery of Supplement to the Options
Disclosure Document Reflecting
Certain Changes to Disclosure
Regarding Adjustments for Cash
Dividends and Distributions in Respect
of Options Overlying Less than 100
Shares To Accommodate the Trading
of Mini Options
mstockstill on DSK4VPTVN1PROD with
December 6, 2012.
(consolidated trades in all U.S. markets) (‘‘ATV’’) of
1.0 million shares or more for three consecutive
months (the previously proposed termination
threshold was average daily trading volume of 2.0
million shares or more traded on NASDAQ for three
consecutive months); and (v) amend the definition
of ‘‘MQP Company’’ to clarify that such term means
a fund sponsor or issuer, as applicable, that lists an
MQP Security on the Exchange pursuant to the
MQP (the previously proposed definition defined
an ‘‘MQP Company’’ as a fund sponsor or ‘‘other
entity’’ that lists an MQP Security on the Exchange
pursuant to the MQP).
In Amendment No. 2, the Exchange further
proposed to amend the filing to state that while the
Exchange originally proposed a termination
threshold of 2.0 million shares or more ATV for
three consecutive months, it is scaling back the
threshold to better provide an opportunity to
observe the impact, if any, on MQP Securities that
exceed the threshold and ‘‘graduate’’ from the MQP.
The Exchange notes that it has compiled statistics
indicating that ‘‘graduation’’ from the MQP may
occur more frequently at a 1.0 million ATV
threshold than at a 2.0 million ATV threshold, and
includes a chart showing from years 2001 to 2012
the number of ETFs that would have graduated
from the MQP under the 2.0 million and 1.0 million
ATV thresholds. Finally, in Amendment No. 2, the
Exchange proposed to amend the filing to make the
following additional representations: (i) the
Exchange represents that it will post on its Web site
the monthly reports that it provides to the
Commission relating to the MQP during the pilot
period; (ii) the Exchange represents that it will
endeavor to provide similar data to the Commission
about comparable products that are listed on the
Exchange that are not in the MQP and any other
MQP-related data and analysis requested by
Commission staff for the purpose of evaluating the
efficacy of the MQP; and (iii) the Exchange
represents that it will issue to its members an
information bulletin about the MQP prior to
operation of the MQP.
11 17 CFR 200.30–3(a)(12).
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On October 2, 2012, The Options
Clearing Corporation (‘‘OCC’’) submitted
to the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Rule 9b–1 under the Securities
Exchange Act of 1934 (‘‘Act’’),1 five
preliminary copies of a supplement
(‘‘November 2012 Supplement’’) to
amend the options disclosure document
(‘‘ODD’’) to reflect certain changes to
disclosure regarding adjustments for
cash dividends and distributions in
respect of options overlying less than
100 shares to accommodate the trading
of mini options.2 On November 14,
2012, the OCC submitted to the
Commission definitive copies of the
November 2012 Supplement.3
The ODD currently contains general
disclosures on the characteristics and
risks of trading standardized options. In
September 2012, the Commission
approved proposed rule changes that
permitted the International Securities
Exchange, LLC and NYSE Arca, Inc. to
list and trade mini options (‘‘Mini
Options’’) overlying 10 shares of SPDR
S&P 500 ETF, Apple Inc., SPDR Gold
Trust, Google Inc., and Amazon.com,
Inc.4 Subsequently, NASDAQ OMX
PHLX LLC filed a proposed rule change
to list and trade these Mini Options.5
The current proposed November 2012
1 17
CFR 240.9b–1.
letter from Jean M. Cawley, Senior Vice
President, Deputy General Counsel and Chief
Compliance Officer, OCC, to Sharon Lawson, Senior
Special Counsel, Division of Trading and Markets
(‘‘Division’’), Commission, dated October 1, 2012.
3 See letter from Jean M. Cawley, Senior Vice
President, Deputy General Counsel and Chief
Compliance Officer, OCC, to Sharon Lawson, Senior
Special Counsel, Division, Commission, dated
November 9, 2012.
4 See Securities Exchange Act Release No. 67948
(September 28, 2012), 77 FR 60735 (October 4,
2012) (SR–NYSEArca–2012–64 and SR–ISE–2012–
58).
5 See Securities Exchange Act Release No. 68132
(November 1, 2012), 77 FR 66904 (November 7,
2012) (SR–Phlx–2012–126) (notice of filing and
immediate effectiveness of proposed rule change to
list and trade Mini Options).
2 See
PO 00000
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74043
Supplement amends the ODD disclosure
to accommodate adjustments for cash
dividends and distributions in respect
of options overlying less than 100
shares.6 This change will help to ensure
that Mini Options are adjusted when the
corresponding standard-sized options
are adjusted. Specifically, the November
2012 Supplement would make clear that
no adjustment will normally be made
for any cash dividend or distribution
that amounts to less than $0.125 per
underlying share. In addition, for
contracts originally listed with a unit of
trading larger than 100 shares, the
November 2012 Supplement will
continue to provide that no adjustment
normally would be made for any cash
dividend or distribution that amounts to
less than $12.50 per contract. The
proposed supplement is intended to be
read in conjunction with the more
general ODD, which discusses the
characteristics and risks of options
generally.7
Rule 9b–1(b)(2)(i) under the Act 8
provides that an options market must
file five copies of an amendment or
supplement to the ODD with the
Commission at least 30 days prior to the
date definitive copies are furnished to
customers, unless the Commission
determines otherwise, having due
regard to the adequacy of the
information disclosed and the public
interest and protection of investors.9 In
addition, five copies of the definitive
ODD, as amended or supplemented,
6 The Commission recently approved a proposed
rule change by the OCC to make similar changes to
its By-Laws. See Securities Exchange Act Release
Nos. 67917 (September 24, 2012), 77 FR 59687
(September 28, 2012) (‘‘OCC Notice’’) and 68104
(October 25, 2012), 77 FR 65917 (October 31, 2012)
(SR–OCC–2012–16). In its filing, the OCC stated
that without the By-Law amendments, some cash
dividends or distributions that would exceed the
adjustment threshold in the case of standard
options would not exceed the adjustment threshold
in the case of a Mini Option because the per
contract distribution on the Mini Option would be
only 1⁄10th of the distribution on the standard
option and the adjustment threshold was stated on
a per contract basis rather than a per share basis.
Therefore, the OCC amended, with Commission
approval, the adjustment threshold from $12.50 per
contract to $0.125 per share. In its filing, the OCC
also stated that it did not intend for the rule change
to affect options contracts that were originally listed
with units of trading in excess of 100 shares.
7 The Commission notes that the options markets
must continue to ensure that the ODD is in
compliance with the requirements of Rule 9b–
1(b)(2)(i) under the Act, 17 CFR 240.9b–1(b)(2)(i),
including when changes regarding Mini Options are
made in the future. Any future changes to the rules
of the options markets concerning Mini Options
would need to be submitted to the Commission
under Section 19(b) of the Act. 15 U.S.C. 78s(b).
8 17 CFR 240.9b–1(b)(2)(i).
9 This provision permits the Commission to
shorten or lengthen the period of time which must
elapse before definitive copies may be furnished to
customers.
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12DEN1
Agencies
[Federal Register Volume 77, Number 239 (Wednesday, December 12, 2012)]
[Notices]
[Pages 74042-74043]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-29960]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-68378; File No. SR-NASDAQ-2012-043]
Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Withdrawal of Proposed Rule Change, as Modified by Amendment
Nos. 1 and 2 Thereto, To Establish the Market Quality Program
December 6, 2012.
On March 23, 2012, The NASDAQ Stock Market LLC (``Exchange'' or
``NASDAQ'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 \1\ and Rule 19b-4 thereunder,\2\ a proposed rule
change to establish the Market Quality Program (`MQP''). On March 29,
2012, the Exchange submitted Amendment No. 1 to the proposed rule
change. The proposed rule change, as modified by Amendment No. 1
thereto, was published for comment in the Federal Register on April 12,
2012.\3\ The Commission initially received fifteen comment letters on
the proposed rule change.\4\ On May 18, 2012, the Commission extended
the time period in which to either approve the proposed rule change,
disapprove the proposed rule change, or institute proceedings to
determine whether to disapprove the proposed rule change, to July 11,
2012.\5\ The Commission subsequently received three additional comment
letters on the proposed rule change and a response letter from the
Exchange.\6\
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ Securities Exchange Act Release No. 66765 (April 6, 2012),
77 FR 22042.
\4\ See Letter from Frank Choi, dated April 13, 2012; Letter
from Christopher J. Csicsko, dated April 14, 2012; Letter from
Jeremiah O'Connor III, dated April 14, 2012; Letter from Dezso J.
Szalay, dated April 15, 2012; Letter from Kathryn Keita, dated April
18, 2012; Letter from Anonymous, dated April 18, 2012; Letter from
Mark Connell, dated April 19, 2012; Letter from Timothy Quast,
Managing Director, Modern Networks IR LLC, dated April 26, 2012;
Letter from Daniel G. Weaver, Ph.D., Professor of Finance, Rutgers
Business School, dated April 26, 2012; Letter from Amber Anand,
Associate Professor of Finance, Syracuse University, dated April 29,
2012; Letter from Albert J. Menkveld, Associate Professor of
Finance, VU University Amsterdam, dated May 2, 2012; Letter from
James J. Angel, Associate Professor of Finance, Georgetown
University, dated May 2, 2012; Letter from Ari Burstein, Senior
Counsel, Investment Company Institute, dated May 3, 2012; Letter
from Gus Sauter, Managing Director and Chief Investment Officer,
Vanguard, dated May 3, 2012; and Letter from Leonard J. Amoruso,
General Counsel, Knight Capital Group, Inc., dated May 4, 2012.
\5\ See Securities Exchange Act Release No. 67022 (May 18,
2012), 77 FR 31050 (May 24, 2012).
\6\ See Letter from Gary L. Gastineau, Managing Member, ETF
Consultants LLC, dated June 11, 2012; Letter from Rey Ramsey,
President & CEO, TechNet, dated June 20, 2012; and Letter from
Stuart J. Kaswell, Executive Vice President & Managing Director,
General Counsel, Managed Funds Association, dated July 3, 2012. See
also Letter from Joan C. Conley, Senior Vice President & Corporate
Secretary, NASDAQ, dated July 6, 2012.
---------------------------------------------------------------------------
On July 11, 2012, the Commission instituted proceedings to
determine whether to approve or disapprove the proposed rule change, as
modified by Amendment No. 1.\7\ The Commission thereafter received six
comment letters and two response letters and one email response from
the Exchange.\8\ On October 2, 2012, the Commission issued a notice of
designation of longer period for Commission action on proceedings to
determine whether to disapprove the proposed rule change.\9\ On
November 6, 2012, the Exchange submitted Amendment No. 2 to the
proposed rule change.\10\ On December 6, 2012, the
[[Page 74043]]
Exchange withdrew the proposed rule change, as modified by Amendment
Nos. 1 and 2 thereto (SR-NASDAQ-2012-043).
---------------------------------------------------------------------------
\7\ See Securities Exchange Act Release No. 67411, 77 FR 42052
(July 17, 2012).
\8\ See Letter from Joseph Cavatoni, Managing Director, and
Joanne Medero, Managing Director, BlackRock, Inc., dated July 11,
2012; Letter from Stanislav Dolgopolov, Assistant Adjunct Professor,
UCLA School of Law, dated August 15, 2012; Letter from James E.
Ross, Global Head, SPDR Exchange Traded Funds, State Street Global
Advisors, dated August 16, 2012; Letter from Ari Burstein, Senior
Counsel, Investment Company Institute, dated August 16, 2012; Letter
from F. William McNabb, Chairman and Chief Executive Officer,
Vanguard, dated August 16, 2012; and Letter from Andrew Stevens,
Legal Counsel, IMC Chicago, LLC d/b/a IMC Financial Markets, dated
August 16, 2012. See also Letters from Joan C. Conley, Senior Vice
President & Corporate Secretary, NASDAQ OMX LLC, dated August 30,
2012 and Jurij Trypupenko, Esq., NASDAQ, dated September 7, 2012,
and email from Ed Knight, NASDAQ, dated September 19, 2012.
\9\ See Securities Exchange Act Release No. 67961, 77 FR 61452
(October 9, 2012).
\10\ In Amendment No. 2, the Exchange proposed to amend its
proposed rule text to: (i) Add provisions requiring it to disclose
on its Web site: (a) The dates that MQP Securities commence
participation in and withdraw or are terminated from the MQP, (b) a
statement about the MQP that sets forth a general description of the
MQP as implemented on a pilot basis and a fair and balanced
summation of the potentially positive aspects of the MQP (e.g.,
enhancement of liquidity and market quality in MQP Securities) as
well as the potentially negative aspects and risks of the MQP (e.g.,
possible lack of liquidity and negative price impact on MQP
Securities that withdraw or are terminated from the MQP), and
indicates how interested parties can get additional information
about products in the MQP, and (c) when it receives notification
that an MQP Company or MQP Market Maker intends to withdraw from the
MQP, and the date of actual withdrawal or termination from the MQP;
(ii) add a requirement that during such time that an MQP Company
lists an MQP Security, the MQP Company must, on a product-specific
Web site for each product, indicate that the product is in the MQP
and provide the link to the Exchange's MQP Web page; (iii) add a
provision clarifying that the MQP Fee in respect of an ETF shall be
paid by the sponsor(s) of such ETF, and the MQP Fee in respect of a
TIR shall be paid by the sponsor(s) of such TIR, as applicable; (iv)
amend the termination provision to provide that the MQP will
terminate in respect of an MQP Security if such MQP Security
sustains an average daily trading volume (consolidated trades in all
U.S. markets) (``ATV'') of 1.0 million shares or more for three
consecutive months (the previously proposed termination threshold
was average daily trading volume of 2.0 million shares or more
traded on NASDAQ for three consecutive months); and (v) amend the
definition of ``MQP Company'' to clarify that such term means a fund
sponsor or issuer, as applicable, that lists an MQP Security on the
Exchange pursuant to the MQP (the previously proposed definition
defined an ``MQP Company'' as a fund sponsor or ``other entity''
that lists an MQP Security on the Exchange pursuant to the MQP).
In Amendment No. 2, the Exchange further proposed to amend the
filing to state that while the Exchange originally proposed a
termination threshold of 2.0 million shares or more ATV for three
consecutive months, it is scaling back the threshold to better
provide an opportunity to observe the impact, if any, on MQP
Securities that exceed the threshold and ``graduate'' from the MQP.
The Exchange notes that it has compiled statistics indicating that
``graduation'' from the MQP may occur more frequently at a 1.0
million ATV threshold than at a 2.0 million ATV threshold, and
includes a chart showing from years 2001 to 2012 the number of ETFs
that would have graduated from the MQP under the 2.0 million and 1.0
million ATV thresholds. Finally, in Amendment No. 2, the Exchange
proposed to amend the filing to make the following additional
representations: (i) the Exchange represents that it will post on
its Web site the monthly reports that it provides to the Commission
relating to the MQP during the pilot period; (ii) the Exchange
represents that it will endeavor to provide similar data to the
Commission about comparable products that are listed on the Exchange
that are not in the MQP and any other MQP-related data and analysis
requested by Commission staff for the purpose of evaluating the
efficacy of the MQP; and (iii) the Exchange represents that it will
issue to its members an information bulletin about the MQP prior to
operation of the MQP.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-29960 Filed 12-11-12; 8:45 am]
BILLING CODE 8011-01-P