
[Federal Register Volume 77, Number 51 (Thursday, March 15, 2012)]
[Notices]
[Pages 15432-15436]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-6236]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-66558; File No. SR-EDGX-2012-06]


Self-Regulatory Organizations; EDGX Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change Relating to 
Amendments to the EDGX Exchange, Inc. Fee Schedule

March 9, 2012.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that on February 29, 2012 the EDGX Exchange, Inc. (the ``Exchange'' or 
the ``EDGX'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as described in Items I, II, 
and III below, which items have been prepared by the self-regulatory 
organization. The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend its fees and rebates applicable to 
Members \3\ of the Exchange pursuant to EDGX Rule 15.1(a) and (c). All 
of the changes described herein are applicable to EDGX Members. The 
text of the proposed rule change is available on the Exchange's 
Internet Web site at http://www.directedge.com, at the Exchange's 
principal office, and at the Public Reference Room of the Commission.
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    \3\ A Member is any registered broker or dealer, or any person 
associated with a registered broker or dealer, that has been 
admitted to membership in the Exchange.
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II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the self-regulatory organization 
included statements concerning the purpose of, and basis for, the 
proposed rule change and discussed any comments it received on the 
proposed rule change. The text of these statements may be examined at 
the places specified in Item IV below. The self-regulatory organization 
has prepared summaries, set forth in sections A, B and C below, of the 
most significant aspects of such statements.

[[Page 15433]]

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

1. Purpose
    The Exchange proposes to make a technical amendment to the 
description of Footnote 9 and Flag CL to reflect the Commission's 
approval of the BATS BZX Exchange (``BATS BZX'') as a primary listing 
exchange.\4\ Therefore, Footnote 9 will state that Flag O will be 
yielded and a fee of $0.0005 per share will be assessed if an order is 
routed to NYSE Arca & BATS BZX's closing process. This fee in footnote 
9 ($0.0005 per share) gives a flat rate for the NYSE Arca & BATS BZX's 
closing processes, which is lower than other primary listing markets. 
Flag CL will apply to orders routed to a primary listing market's 
closing process except NYSE Arca and BATS BZX. In addition, the 
Exchange proposes to revise the descriptions on Flags CL, 8, and 9 to 
broaden their applicability to several routing strategies rather than 
just ROOC.\5\ Therefore, the Exchange proposes that Flag CL state 
``Routed to listing market closing process except NYSE Arca & BATS 
BZX.'' The Exchange proposes conforming amendments to Flags 8 and 9 to 
delete the ROOC routing strategy from the descriptions of these flags.
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    \4\ See Securities and Exchange Act Release No. 65225 (August 
30, 2011), 76 FR 55148 (September 6, 2011) (SR-BATS-2011-018).
    \5\ See EDGX Exchange Rule 11.9(b)(3)(n).
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    The Exchange proposes to amend Flag 9 and Flag 10 of its fee 
schedule. At this time, NYSE Arca offers its Members a rebate of 
$0.0021 for orders that add liquidity on Tapes A or C and a rebate of 
$0.0022 for orders that add liquidity on Tape B. The Exchange proposes 
to amend Flag 9 to account for the pass-through of the NYSE Arca rebate 
for adding liquidity through Tapes A or C and to create Flag 10 to 
account for the pass-through of the NYSE Arca rebate for adding 
liquidity on Tape B.
    The Exchange proposes to make a technical amendment by re-naming 
Flag H as Flag HA, which represents all non-displayed orders that add 
liquidity (not including Midpoint Match orders). Flag HA will identify 
all non-displayed orders that add liquidity to EDGX, not including 
Midpoint Match orders, and the Exchange will continue to provide a 
rebate of $0.0015 per share. Finally, the Exchange proposes to make 
technical amendments to Flags G, L, N, and 3 to replace the ``and'' 
connector with ``or'' (i.e., ``Tapes A or C'' instead of ``Tapes A and 
C'') to make these references accurate.
    In SR-EDGX-2011-37,\6\ the Exchange amended several routing options 
contained in Rule 11.9(b)(3) to allow Users \7\ more discretion if 
shares remain unexecuted after routing. In particular, Rule 
11.9(b)(3)(c)(i)-(iii) was amended to provide that Users may elect that 
any remainder of an order be posted to another destination on the 
System routing table. In conjunction with this amendment, the Exchange 
proposes to create the following new flags: \8\
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    \6\ See Securities Exchange Act Release No. 65903 (December 6, 
2011), 76 FR 77284 (December 12, 2011) (SR-EDGX-2011-37).
    \7\ As defined in Rule 1.5(ee).
    \8\ These flags account for all postable destinations that are 
not already accounted for by other flags on the fee schedule.
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    The Exchange proposes to add Flag RB for orders that are routed 
from EDGX to Nasdaq OMX BX and add liquidity. The Exchange proposes to 
assess a charge of $0.0018 per share to account for the pass-through of 
the Nasdaq OMX BX fee for adding liquidity.
    The Exchange proposes to add Flag RC for orders that are routed 
from EDGX to the National Stock Exchange, Inc. (``NSX'') and add 
liquidity. The Exchange proposes to offer Members a rebate of $0.0026 
per share to account for the pass-through of the NSX rebate for adding 
liquidity.
    The Exchange proposes to add Flag RM for orders that are routed 
from EDGX to the Chicago Stock Exchange, LLC (``CHX'') and add 
liquidity. The Exchange proposes to assess no charge to account for the 
pass-through of no CHX fee for adding liquidity.
    The Exchange proposes to add Flag RS for orders that are routed 
from EDGX to the Nasdaq OMX PSX (``PSX'') and add liquidity. The 
Exchange proposes to offer Members a rebate of $0.0024 per share to 
account for the pass-through of the PSX rebate for adding liquidity.
    The Exchange proposes to add Flag RW for orders that are routed 
from EDGX to the CBOE Stock Exchange, LLC (``CBSX) and add liquidity. 
The Exchange proposes to assess a charge of $0.0017 per share to 
account for the pass-through of the CBSX fee for adding liquidity.
    The Exchange proposes to add Flag RY for orders that are routed 
from EDGX to the BATS BYX and add liquidity. The Exchange proposes to 
assess a charge of $0.0003 per share to account for the pass-through of 
the BATS BYX fee for adding liquidity.
    The Exchange proposes to add Flag RA for orders that are routed 
from EDGX to EDGA Exchange, Inc. (``EDGA'') and add liquidity. The 
Exchange proposes to offer Members a rebate of $0.0004 per share to 
account for the pass-through of the EDGA fee for adding liquidity.
    The Exchange proposes to add Flag RZ for orders that are routed 
from EDGX to the BATS BZX and add liquidity. The Exchange proposes to 
offer Members a rebate of $0.0025 per share to account for the pass-
through of the BATS BZX rebate for adding liquidity to BATS BZX.
Additional Changes to the EDGX Fee Schedule
    The Exchange proposes to add three additional rebates to the fee 
schedule:
    First, Members can qualify for the Mega Tape B Tier and be provided 
a $0.0034 rebate per share for liquidity added on EDGX if the Member on 
a daily basis, measured monthly: (i) Posts greater than or equal to 
.10% of the TCV in ADV more than their January 2012 ADV added to EDGX; 
and (ii) posts greater than or equal to .10% of the TCV in ADV in Tape 
B securities more than their January 2012 ADV added to EDGX.
    Secondly, Members can qualify for the Mini Tape B Tier and be 
provided a $0.0030 rebate per share for liquidity added on EDGX if the 
Member on a daily basis, measured monthly: (i) Posts greater than or 
equal to .05% of the TCV in ADV more than their January 2012 ADV to 
EDGX; and (ii) posts greater than or equal to .05% of the TCV in ADV in 
Tape B securities more than their January 2012 ADV added to EDGX.
    Finally, the Exchange proposes to amend footnote 11 on its fee 
schedule to provide that if a Member internalizes more than 4% of their 
ADV on EDGX (added, removed, and routed liquidity) and the Member, at a 
minimum, meets the criteria for the Mega Tier rebate of $0.0032 per 
share in footnote 1, then the Member's internalization \9\ rate would 
be a rebate of $0.00015 per share, instead of a fee of $0.0001 per 
share if they met the tier provided in footnote 11 (posting 10,000,000 
shares of more of ADV to EDGX) or a fee of $0.00035 per share if a 
Member did not meet the tier.
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    \9\ This occurs when two orders presented to the Exchange from 
the same Member (i.e., MPID) are presented separately and not in a 
paired manner, but nonetheless inadvertently match with one another. 
Members are advised to consult Rule 12.2 respecting fictitious 
trading.
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    The Exchange proposes to implement these amendments to its fee 
schedule on March 1, 2012.
2. Statutory Basis
    The Exchange believes that the proposed rule changes are consistent 
with the objectives of Section 6 of the Act,\10\ in general, and 
furthers the

[[Page 15434]]

objectives of Section 6(b)(4),\11\ in particular, as it is designed to 
provide for the equitable allocation of reasonable dues, fees and other 
charges among its members and other persons using its facilities.
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    \10\ 15 U.S.C. 78f.
    \11\ 15 U.S.C. 78f(b)(4).
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    The Exchange believes that the proposed technical amendment to 
Footnote 9 and Flag CL to include BATS BZX as one of the primary 
listing exchanges adds additional transparency to its fee schedule for 
investors as it brings the schedule up-to-date to account for a new 
listing exchange. The Exchange also believes that the amendments to 
Flags 8,9, and CL to remove the specific ``ROOC routing strategy'' from 
those flags descriptions provides additional transparency to the fee 
schedule by broadening those flags applicability to several routing 
strategies. This encourages Members to utilize the Exchange to route to 
various destinations. The Exchange believes that the proposed technical 
amendment to delete Flag H and replace it with Flag HA promotes market 
transparency and improves investor protection by adding additional 
transparency to its fee schedule by alerting Members of the name change 
for the flag.
    In addition, the Exchange believes that the proposed pass-through 
of rates for Flags 9, 10, RA, RB, RC, RM, RS, RW, RY, and RZ represent 
an equitable allocation of reasonable dues, fees and other charges 
since it reflects the pass-through of the rates associated with 
transactions done on other exchanges, as described above. In addition, 
EDGX believes that it is reasonable and equitable to pass-through 
certain rates to its Members. The Exchange also believes that the 
proposed pass-through of rates is non-discriminatory because it applies 
to all Members.
    In addition, the Exchange believes that adding an additional method 
to achieve rebates of $0.0034 per share and $0.0030 per share, 
respectively, that are tied to January 2012 baselines and Tape B volume 
also represents an equitable allocation of reasonable dues, fees, and 
other charges since it encourages Members, based on growth over new 
baselines and in a new subset of securities (Tape B), to add increasing 
amounts of liquidity to EDGX each month. Such increased volume 
increases potential revenue to the Exchange, and would allow the 
Exchange to spread its administrative and infrastructure costs over a 
greater number of shares, leading to lower per share costs. These lower 
per share costs would allow the Exchange to pass on the savings to 
Members in the form of higher rebates. The increased liquidity also 
benefits all investors by deepening EDGX's liquidity pool, offering 
additional flexibility for all investors to enjoy cost savings, 
supporting the quality of price discovery, promoting market 
transparency and improving investor protection. Volume-based rebates 
such as the ones proposed herein have been widely adopted in the cash 
equities markets, and are equitable because they are open to all 
Members on an equal basis and provide discounts that are reasonably 
related to the value to an exchange's market quality associated with 
higher levels of market activity, such as higher levels of liquidity 
provision and introduction of higher volumes of orders into the price 
and volume discovery processes. In addition, the rebates specific for 
Tape B securities are also reasonable in that other exchanges also 
employ similar pricing mechanisms. For example, Nasdaq OMX charges 
$0.0027 per share for market participant identifiers (``MPIDs'') 
removing 1.50% and adding 0.50% of Tape B consolidated volume, and 
MPIDs that remove 0.50% and add 0.25% of Tape B consolidated volume are 
charged $0.0028 per share. All other MPIDs are charged $0.0030 per 
share.\12\ Similarly, NYSE Arca has rebates and fees that are specific 
to adding/removing in Tape B securities throughout their fee 
schedule.\13\
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    \12\ See Nasdaq OMX Rule 7018 [sic].
    \13\ See NYSE Arca Equities, Inc. Schedule of Fees and Charges 
for ExchangeServices.
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    Finally, the Exchange believes that the rebates of $ 0.0034 per 
share and $0.0032 [sic] per share for the new Tape B tiers also 
represent an equitable allocation of reasonable dues, fees, and other 
charges since higher rebates are directly correlated with more 
stringent criteria.
    Currently, the Mega Tier rebates of $0.0034/$0.0032 per share have 
the most stringent criteria associated with them, and are $0.0003/
$0.0001 greater than the Ultra Tier rebate ($0.0031 per share) and 
$0.0006/$0.0004 greater than the Super Tier rebate ($0.0028 per share).
    For example, in order for a Member to qualify for the Mega Tier 
rebate of $0.0034, the Member would have to add or route at least 
4,000,000 shares of average daily volume during pre and post-trading 
hours and add a minimum of 20,000,000 shares of ADV on EDGX in total, 
including during both market hours and pre and post-trading hours. The 
criteria for this tier is the most stringent as fewer Members generally 
trade during pre and post-trading hours because of the limited time 
parameters associated with these trading sessions. The Exchange 
believes that this higher rebate awarded to Members would incent 
liquidity during these trading sessions.
    In order to qualify for an equivalent rebate of $0.0034 per share 
(Mega Tape B tier), a Member would have to (i) post greater than or 
equal to .10% of the TCV in ADV more than their January 2012 ADV added 
to EDGX; and (ii) post greater than or equal to .10% of the TCV in ADV 
in Tape B securities more than their January 2012 ADV (baseline) added 
to EDGX. Assuming a TCV for January 2012 of 8.0 billion and a January 
2012 ADV of 1 million shares, the Member would have to post greater 
than or equal to 9 million shares (8 million shares more than their 
January 2012 baseline of 1 million shares in ADV added to EDGX), and 
post greater than or equal to 9 million shares in Tape B securities to 
EDGX).
    Another way a Member can qualify for the Mega Tier (with a rebate 
of $0.0032 per share) would be to post 0.75% of TCV. Assuming an 
average TCV for January 2012 (8.0 billion), this would be 60 million 
shares on EDGX. A second method to qualify for the rebate of $0.0032 
per share would be to post 0.12% of the TCV (9.6 million shares) more 
than the Member's February 2011 or (as proposed, December 2011) ADV 
added to EDGX. Assuming the Member's February 2011/December 2011 ADVs 
are 1 million shares, the Exchange believes that requiring Members to 
post 10.6 million more shares than a February or December 2011 baseline 
ADV encourages Members to add increasing amounts of liquidity to EDGX 
each month. Such increased volume increases potential revenue to the 
Exchange, and would allow the Exchange to spread its administrative and 
infrastructure costs over a greater number of shares, leading to lower 
per share costs. These lower per share costs would allow the Exchange 
to pass on the savings to Members in the form of higher rebates. The 
increased liquidity also benefits all investors by deepening EDGX's 
liquidity pool, offering additional flexibility for all investors to 
enjoy cost savings, supporting the quality of price discovery, 
promoting market transparency and improving investor protection. 
Volume-based rebates such as the ones proposed herein have been widely 
adopted in the cash equities markets, and are equitable because they 
are open to all Members on an equal basis and provide discounts that 
are reasonably related to the value to an exchange's market quality 
associated with higher levels of market activity, such as higher levels 
of

[[Page 15435]]

liquidity provision and introduction of higher volumes of orders into 
the price and volume discovery processes.
    A Member can also qualify for the Mega Tier rebate of $0.0032 per 
share by adding or routing at least 4,000,000 shares of ADV prior to 
9:30 a.m. or after 4 p.m. (includes all flags except 6) and adding a 
minimum of .20% of the TCV on a daily basis measured monthly, including 
during both market hours and/or pre and post-trading hours. Based on an 
average TCV for January 2012 (8.0 billion shares), a Member would 
qualify by adding 16 million shares during both market hours and/or pre 
and post-trading hours and adding or routing at least 4,000,000 shares 
of ADV during pre and post trading hours. The Exchange notes that fewer 
Members generally trade during pre and post-trading hours because of 
the limited time parameters associated with these trading sessions. 
Therefore, the amount of shares that the Exchange requires to be added 
or routed to satisfy this tier is less than for the Ultra Tier, for 
example, which is based on posting liquidity to EDGX during regular 
trading hours. The Exchange believes that this higher rebate awarded to 
Members would incent liquidity during these trading sessions. Such 
increased volume increases potential revenue to the Exchange, and would 
allow the Exchange to spread its administrative and infrastructure 
costs over a greater number of shares, leading to lower per share 
costs. These lower per share costs would allow the Exchange to pass on 
the savings to Members in the form of a higher rebate.
    In order to qualify for the Ultra Tier, which has less stringent 
criteria than the Mega Tier and Mega Tape B Tier, and be provided a 
rebate of $0.0031 per share, the Member would have to post 0.50% of 
TCV. Based on average TCV for January 2012 (8.0 billion shares), this 
would be 40 million shares on EDGX.
    Members can qualify for the Mini Tape B Tier and be provided a 
$0.0030 rebate per share for liquidity added on EDGX if the Member on a 
daily basis, measured monthly: (i) posts greater than or equal to .05% 
of the TCV in ADV more than their January 2012 ADV added to EDGX; and 
(ii) posts greater than or equal to .05% of the TCV in ADV in Tape B 
securities more than their January 2012 ADV added to EDGX. Based on a 
TCV of 8.0 billion shares for January 2012 and a Member's ADV for 
January 2012 of 1 million shares (baseline), this would amount to (i) 
posting greater than or equal to 5 million shares to EDGX; and (ii) 
posting greater than or equal to 5 million shares in Tape B securities 
to EDGX.
    The Super Tier has the least stringent criteria of the tiers 
mentioned above. In order for a Member to qualify for this rebate, the 
Member would have to post at least 10 million shares on EDGX and would 
qualify for a rebate of $0.0028 per share. As stated above, these 
rebates also result, in part, from lower administrative and other costs 
associated with higher volume. The reduction in rebate would allow the 
Exchange to recoup additional revenue to recover increased 
infrastructure and administrative expenses. This rebate also results, 
in part, from lower administrative and ther costs associated with 
higher volume.
    Another way a Member can qualify for a rebate of $0.0028 per share 
is to post 0.065% of the TCV in ADV more than their February 2011 ADV 
added to EDGX. This tier allows Members even greater flexibility with 
respect to achieving an additional rebate and rewards growth patterns 
in volume by Members as this rebate's conditions encourage Members to 
add increasing amounts of liquidity to EDGX each month. Based on an ADV 
in February 2011 (baseline) of 1,000,000 shares, the Member would have 
to add 6.2 million shares total to qualify for such rebate. This rebate 
also results, in part, from lower administrative and other costs 
associated with higher volume.
    The Exchange believes that the rebate for the internalization tier 
of $0.00015 per share represents an equitable allocation of reasonable 
dues, fees and other charges among its members and other persons using 
its facilities since it allows Members of the Exchange who 
inadvertently match against each other on both sides of a trade to 
avoid having to be penalized by paying an internalization fee of 
$0.00035 per share per side during regular or pre and post trading 
sessions (Flags E/5) or a fee of $0.0001 per share per side if they met 
the tier provided in footnote 11 of the fee schedule.
    Finally, the internalization rebate is equitable in that it is in 
line with the EDGX fee structure \14\ which currently has a maker/taker 
spread of $0.0006 per share (the standard rebate to add liquidity on 
EDGX is $0.0023 per share, while the standard fee to remove liquidity 
is $0.0029 per share). EDGX also has a variety of tiered rebates 
ranging from $0.0023-$0.0034 per share, which makes its maker/taker 
spreads range from $.0006 (standard add-standard removal rate), -$.0001 
(standard removal rate-Super Tier rebate), -$0.0002, (standard removal 
rate-Ultra Tier rebate), -$0.0003 (standard removal rate-Mega Tier 
rebate of $0.0032), and -$.0005 (standard removal rate-Mega Tier rebate 
of $0.0034 per share). As a result of the customer internalization 
rebate, Members who internalized and met the criteria to satisfy the 
Mega Tier and the volume threshold of 4% of their ADV on EDGX would be 
rebated $0.00015 per share per side of an execution (total rebate of 
$0.0003 per share), which would be an internalization rate that is no 
more favorable the prevailing maker/taker spread by satisfying the Mega 
Tier rebate of $0.0032 ($-0.0003).
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    \14\ In SR-EDGX-2011-13 (April 29, 2011), the Exchange 
represented that ``it will work promptly to ensure that the 
internalization fee is no more favorable than each prevailing maker/
taker spread.''
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    The Exchange also notes that it operates in a highly competitive 
market in which market participants can readily direct order flow to 
competing venues if they deem fee levels at a particular venue to be 
excessive. The proposed rule change reflects a competitive pricing 
structure designed to incent market participants to direct their order 
flow to the Exchange. The Exchange believes that the proposed rates are 
equitable and non-discriminatory in that they apply uniformly to all 
Members. The Exchange believes the fees and credits remain competitive 
with those charged by other venues and therefore continue to be 
reasonable and equitably allocated to Members.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The proposed rule change does not impose any burden on competition 
that is not necessary or appropriate in furtherance of the purposes of 
the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    The Exchange has not solicited, and does not intend to solicit, 
comments on this proposed rule change. The Exchange has not received 
any unsolicited written comments from members or other interested 
parties.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing rule change has become effective pursuant to Section 
19(b)(3) of the Act \15\ and Rule 19b-4(f)(2) \16\ thereunder. At any 
time within 60 days of the filing of such proposed rule change, the 
Commission summarily may temporarily suspend such rule change if

[[Page 15436]]

it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act.
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    \15\ 15 U.S.C. 78s(b)(3)(A).
    \16\ 17 CFR 19b-4(f)(2).
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IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to rule-comments@sec.gov. Please include 
File Number SR-EDGX-2012-06 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-EDGX-2012-06. This file 
number should be included on the subject line if email is used. To help 
the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for Web site viewing and 
printing in the Commission's Public Reference Room, 100 F Street NE., 
Washington, DC 20549, on official business days between the hours of 10 
a.m. and 3 p.m. Copies of the filing also will be available for 
inspection and copying at the principal office of the Exchange. All 
comments received will be posted without change; the Commission does 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly. All 
submissions should refer to File Number SR-EDGX-2012-06 and should be 
submitted on or before April 5, 2012.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\17\
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    \17\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-6236 Filed 3-14-12; 8:45 am]
BILLING CODE 8011-01-P


