The NYSE Arca Crowd Participant Program (CPP) commenced on a 1 year pilot with a start date of June 23, 2014.

The CP Program offers ETP issuers an alternative to the existing Lead Market Maker (LMM) Program on NYSE Arca. Under the program, multiple Crowd Participants (CPs) compete with each other to show the most size at the National Best Bid and Offer (NBBO) in return for a daily rebate.

All ETFs and ETVs that trade under 1 million shares on a consolidated average daily volume basis are eligible to participate in the pilot including new launches.

For more details on the program, please contact us.

The impact of participation in or exit from the Crowd Participant Program, which is optional, cannot be fully understood until objective observations can be made in the context of the Program. Potential impacts on the market quality of the issuer’s ETP may result, including with respect to the average spread and average quoted size for the ETP.