The Security Traders Association (“STA”) appreciates this opportunity to submit comments in regards to the above-referenced New York Stock Exchange (“NYSE”) proposal to establish a Retail Liquidity Program (“RLP” or “Program”) filed with the Securities and Exchange Commission (original Oct. 19, 2011), the concurrently filed request for exemptive relief to Rule 612 (c) of Regulation NMS (“Exemptive Request”), the responsive comment letter submitted by the NYSE on January 3, 2012 (“NYSE Letter”) and the SEC Order Instituting Proceedings to Determine Whether to Disapprove Proposed Rule Changes. In addition, the STA will offer its comments on the rulemaking process in the equities and listed options markets, as well as views on the overall experience retail investors have in today’s markets.

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