On May 3rd, the SEC designated June 17, 2013 as the date by which it will approve, disapprove, or institute disapproval proceedings regarding NYSE Arca's proposed creation of a one-year pilot program for issuers of certain exchange-traded products ("ETPs") listed on the Exchange. The pilot program is designed to enhance the market quality for ETPs by incentivizing Market Makers to take Lead Market Maker ("LMM") assignments in certain lower volume ETPs by offering an alternative fee structure for such LMMs that would be funded from the Exchange's general revenues. SEC Release No. 34-69508.