The Security Traders Association, “STA” welcomes the opportunity to comment on Regulatory notices; SR-NYSEArca-2012-26 & SR-ISE-2012-26 Mini-Option Proposals, “Proposals”. The STA is an organization comprised of individuals who are involved in the trading of financial securities. Our members represent many of the business models in the financial services sector, including full and discount service broker dealers, agency only broker dealers, asset managers, exchanges and ATS’s. Because of the diversity within our membership we are uniquely qualified to provide insight and comments on the, Proposals. The STA uses a Committee structure to vet issues amongst its various constituencies to create bottom-up consensus. With regard to the Proposals, the STA relied mostly on input we received from our Trading Issues: Derivative Committee – which is comprised of representatives of equity option traders from proprietary, discount and full service retail firms.