Regulation

Bats Exchange, Inc. ("BZX Exchange") and EDGX Exchange, Inc. ("EDGX Exchange") operate as registered national securities exchanges. BZX Exchange received approval to operate an options market ("BZX Options"), on January 26, 2010, and commenced operations of BZX Options on February 26, 2010. EDGX Exchange received approval to operate an options market ("EDGX Options"), on August 7, 2015, and intends to commence operations of EDGX Options on November 2, 2015. BZX Options and EDGX Options are the two options exchanges operated by Bats Global Markets, Inc. and are collectively referred to as "Bats Options."

The BZX Exchange Rules applicable to membership and trading on the BZX Exchange equities platform and the EDGX Exchange equities platform are contained in Chapters I – XV of each Exchange’s rulebook. The specific BZX Exchange Rules and EDGX Exchange Rules applicable to membership and trading on BZX Options and EDGX Options are contained in Chapters XVI – XXIX of each Exchange’s Rulebook, provided, however, that Chapters I – XV are applicable to Options Members unless specific rules relating to options trading govern or the context otherwise requires.

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