BATS Exchange, Inc. ("BATS") received approval on August 18, 2008, from the U.S. Securities and Exchange Commission ("SEC") to operate as a registered national securities exchange. BATS 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.

The SEC regulates BATS as a national securities exchange, and BATS also has status as a self-regulatory organization ("SRO"). Accordingly, BATS oversees and regulates trading conducted on BATS Exchange. BATS takes its responsibilities in this - and every other regard - very seriously and will continue to work to maintain the integrity of the BATS marketplace.

BATS Rules applicable to membership and trading on the BATS equities platform are contained in Chapters I – XV of the BATS Rulebook. The specific BATS Rules applicable to membership and trading on BATS Options are contained in Chapters XVI – XXIX of the BATS 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.