Weekly Roundup of Exchange Rule Changes by Category (with Fitzgerald Comment)

New SRO rules and rule proposals were announced by the SEC. Click on the links to view the SEC's notices of exchange rule changes and proposals for the week of January 20 - January 23.

Clearance Settlement:

• ICC: Proposed Rule Change to Revise the ICC Treasury Operations Policies and Procedures
• ICC: Longer Period for Commission Action on Proposed Rule Change to Formalize the ICC Operational Risk Management Framework
• ICE EU: Rule Change Relating to CDS Pricing Policy
• NSCC: Rule Change to Amend NSCC's Rules and Procedures in Connection with the Discontinuance of the Analytic Reporting Service

Fees Rebates:

• ISE: Effective Immediately - Rule Change to Amend the Schedule of Fees (see also Exhibit 5)
• ISE Gemini: Effective Immediately - Rule Change to Amend the Schedule of Fees (see also Exhibit 5)
• NASDAQ OMX BX: Effective Immediately - Rule Changes to Amend Rule 7018 to Amend Fees and Rebates in Connection with BX's Retail Price Improvement Program (see also Exhibit 5)
• NYSE MKT: Effective Immediately - Rule Change Amending the NYSE Amex Options Fee Schedule (see also Exhibit 5A, Exhibit 5B)
• NYSE MKT: Effective Immediately - Rule Change Amending Sections 140 and 141 of The NYSE MKT Company Guide to Adopt A New Flat Annual Fee of $5,000 for Listed Warrants

Market Data:

• BYX: Effective Immediately - Rule Change to Clarify the Use of Certain Data Feeds (see also Exhibit 5)

NMS Plans:

• NMS: Notice of Filing of the Eighth Amendment to the National Market System Plan to Address Extraordinary Market Volatility by BATS Exchange, Inc., BATS Y-Exchange, Inc., Chicago Board Options Exchange, Inc., Chicago Stock Exchange, Inc., EDGA Exchange, Inc., EDGX Exchange, Inc., Financial Industry Regulatory Authority, Inc., NASDAQ OMX BX, Inc., NASDAQ OMX PHLX LLC, The Nasdaq Stock Market LLC, National Stock Exchange, Inc., New York Stock Exchange LLC, NYSE MKT LLC, and NYSE Arca, Inc. (Release No. 34-74110; File No. 4-631; January 21, 2015); see also Exhibit A and Fitzgerald Comment below.

Products:

• NYSE Arca: Rule Change, as Modified by Amendment No. 1, Relating to the Listing and Trading of Shares of the AdvisorShares Pacific Asset Enhanced Floating Rate ETF under NYSE Arca Equities Rule 8.600
• NYSE Arca: Rule Change to List and Trade Shares of the IQ Wilshire Alternative Strategies ETF Under NYSE Arca Equities Rule 8.600

Trading Quotation:

• BOX: Effective Immediately - Rule Change to Implement an Equity Rights Program
• BYX: Effective Immediately - Rule Change to Extend the Pilot Period for BATS Y-Exchange, Inc.'s Retail Price Improvement ("RPI") Program for 12 months, to expire on January 31, 2016
• MIAX: Effective Immediately - Rule Change to Implement an Equity Rights Program
• MIAX: Proposed Rule Change, as Modified by Amendment No. 1 Thereto, to Adopt Rule 519A Risk Protection Monitor (see also Exhibit 5)
• NASDAQ OMX BX: Effective Immediately - Rule Change Regarding BX LMM and Penny Pilot Options (see also Exhibit 5)
• NYSE Arca: Proceedings to Approve or Disapprove a Proposed Rule Change to Remove the Exchange's Quote Mitigation Plan as Provided by Commentary .03 to Exchange Rule 6.86
• NYSE MKT: Proceedings to Approve or Disapprove a Proposed Rule Change to Remove the Exchange's Quote Mitigation Plan as Provided by Exchange Rule 970.1NY
• NYSE MKT: Effective Immediately - Rule Change Amending Rule 123C - Equities to Specify that Exchange Systems May Close One or More Securities Electronically if a Designated Market Maker Registered in a Security or Securities Cannot Facilitate the Close of Trading as Required by Exchange Rules (see also Exhibit 5)
• Phlx: Effective Immediately - Rule Change Relating to SPY Pilot Program (see also Exhibit 3, Exhibit 5)

Independent Consultant Shannon Fitzgerald Comment: On December 24, 2014, on behalf of the participants to the National Market System Plan, FINRA filed the eighth proposal to amend the plan to Address Extraordinary Market Volatility (the "Plan"). This eighth amendment to the Plan proposes to: (i) establish a requirement for the participants to submit a supplemental joint assessment to the Commission by May 29, 2015; and (ii) extend the date of the pilot period of the plan from February 20, 2015 to October 23, 2015. On January 21, 2015, the Commission published a notice to solicit comments from interested persons. A link to the notice appears above under "NMS Plans."

See:Weekly Roundup of Exchange Rule Changes (by Category) (January 16, 2015);Weekly Roundup of Exchange Rule Changes (by Category) (January 12, 2015).