Regulation

BATS Exchange, Inc. (“BZX Exchange”) received approval on August 18, 2008, from the U.S. Securities and Exchange Commission (“SEC”) to operate as a registered national securities exchange. BZX Exchange commenced operations as a national securities exchange on October 24, 2008, and completed its transition from the operation of an ECN on November 6, 2008.

BZX Exchange received approval to operate an options market (“BATS Options”), on January 26, 2010, and commenced operations of BATS Options on February 26, 2010.

The SEC regulates BZX Exchange (including BATS Options) as a national securities exchange, and, thus, BZX Exchange has status as a self-regulatory organization (“SRO”). BZX Exchange takes its responsibilities as an SRO very seriously and will continue to work to maintain the integrity of BATS Options.

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

BZX Exchange Rules

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