[ by Howard Haykin ] The NYSE adopted an amendment to Rule 107B that would change the existing Supplemental Liquidity Provider ("SLP") monthly volume requirement in all assigned SLP Securities and amend the Exchanges Price List to specify the applicable percentage of NYSE CADV for the monthly volume requirement

• The volume requirement no longer will be based on an average daily volume ("ADV") of >10 million shares, but will be based on an ADV that is a specified percentage of consolidated ADV ("CADV") in all NYSE-listed securities ("NYSE CADV").
• The Exchange’s Price List will specify the applicable percentage of NYSE CADV for the monthly volume requirement.
• The changes become operative on 9/1/12.

An SLP is a member organization that ... electronically enters orders or quotes from off the Floor of the Exchange into the systems and facilities of the Exchange and is obligated to maintain a bid or an offer at the NBBO in each assigned security in round lots averaging at least 10% of the trading day (the “percentage quoting requirement”). In addition, for all assigned SLP securities, an SLP is required to satisfy a monthly volume requirement by adding liquidity of an ADV of more than 10 million shares on a monthly basis.  An SLP can either be a proprietary trading unit of a member organization ("SLP-Prop") or a registered market maker at the Exchange ("SLMM"). An SLP that fails to satisfy ... the applicable percentage quoting requirement provided in Rule 107B(a) would be subject to certain non-regulatory penalties imposed by the Exchange, including, for example, having its SLP status revoked.  However, an SLP that fails to satisfy the monthly volume requirement would not be subject to a non-regulatory penalty, but instead could fail to qualify for the credits available to SLPs.  Because, unlike the applicable percentage quoting requirement, the monthly volume requirement only has an impact with respect to the credits available to SLPs, the Exchange believes that it is more appropriate to include the applicable monthly volume requirement in the Price List, rather than in Rule 107B. For further details, go to: [NYSE Rule Filing 12-38, 8/22/12].