The Exchange is issuing this as a reminder to all market participants of their obligations pursuant to PHLX Rule 1094, Nasdaq Rule 4615, and BX Rule 4615 to inform the respective exchange of any sponsored relationships.

Sponsoring Members are required to enter into a Sponsored Participant Access Agreement, with the respective exchange, wherein it is authorizing access to the exchange to a Sponsored Participant for the entry and execution of orders. Such access must be authorized in advance by the Sponsoring Member.

Sponsoring Members are required to enter into and maintain participant agreements with its Sponsored Participants and to establish a proper relationship and account through which the Sponsored Participant may trade on the Exchange.

Sponsoring Members shall agree to various obligations with respect to the Sponsored Participant, included but not limited to:

• All orders entered by the Sponsored Participant and any person acting on behalf of or in the name of such Sponsored Participant and any executions occurring as a result of such orders are binding in all respects on the Sponsoring Member Organization.
  
  
• Sponsoring Member Organization is responsible for any and all actions taken by such Sponsored Participant and any person acting on behalf of or in the name of such Sponsored Participant.
  
  
• Sponsoring Member Organization shall comply with the Exchange's Certificate of Incorporation, Limited Liability Company Agreement, By-Laws, Rules and procedures with regard to the Exchange (collectively “Rules”) and Sponsored Participant shall comply with the Rules as if Sponsored Participant were an Exchange member organization.
  
  
• Sponsored Participant shall maintain, keep current and provide to the Sponsoring Member Organization, upon request, a list of individuals authorized to obtain access to the Exchange on behalf of the Sponsored Participant.
  
  
• Sponsored Participant shall familiarize its authorized individuals with all of the Sponsored Participant's obligations under this Rule and will assure that they receive appropriate training prior to any use or access to the Exchange.
  
  
• Sponsored Participant may not permit anyone other than authorized individuals to use or obtain access to the Exchange.
  
  
• Sponsored Participant shall take reasonable security precautions to prevent unauthorized use or access to the Exchange, including unauthorized entry of information into the Exchange, or the information and data made available therein. Sponsored Participant understands and agrees that Sponsored Participant is responsible for any and all orders, trades and other messages and instructions entered, transmitted or received under identifiers, passwords and security codes of authorized individuals, and for the trading and other consequences thereof.
  
  
• Sponsored Participant acknowledges its responsibility to establish adequate procedures and controls that permit it to effectively monitor its employees', agents' and Participants' use and access to the Exchange for compliance with the terms of this agreement.
  
  
• Sponsored Participant shall pay, when due, all amounts, if any, payable to Sponsoring Member Organization, Exchange, or any other third parties that arise from the Sponsored Participant's access to and use of the Exchange. Such amounts include, but are not limited to applicable exchange and regulatory fees.
  

The Exchange’s Sponsored Access forms for each respective exchange may be found on the memberships page of each market.

                 Pursuant to §240.15c3-5, concerning risk management controls for brokers or dealers with market access.

“A broker or dealer with market access, or that provides a customer or any other person with access to an exchange or alternative trading system through use of its market participant identifier or otherwise, shall establish, document, and maintain a system of risk management controls and supervisory procedures reasonably designed to manage the financial, regulatory, and other risks of this business activity. Such broker or dealer shall preserve a copy of its supervisory procedures and a written description of its risk management controls as part of its books and records in a manner consistent with §240.17a-4(e)(7). A broker-dealer that routes orders on behalf of an exchange or alternative trading system for the purpose of accessing other trading centers with protected quotations in compliance with Rule 611 of Regulation NMS (§242.611) for NMS stocks, or in compliance with a national market system plan for listed options, shall not be required to comply with this rule with regard to such routing services, except with regard to paragraph (c)(1)(ii) of this section.”

Please see the Responses to Frequently Asked Questions Concerning Risk Management Controls for Brokers or Dealers with Market Access for additional information.