Specialists will continue to bring liquidity and stabilization maintaining competitive quotes, offering price improvement, managing auctions and adding resident liquidity in the book at multiple price levels.

Market makers in Exchange Traded Funds will add liquidity to both the electronic environment through competitive quotes and to the auction process through their presence in the crowd.

Floor Brokers will participate both verbally and electronically as crowd members and they will layer liquidity in the book through "reserve orders".

• Automated quotations will be published for all stocks that fall under RegNMS
• Incoming orders will trade immediately when auto-ex is enabled
• Routing to better-priced automated quotes will be automatic
• Liquidity may be supplemented up to five levels through the additional quotes of Specialists and Market Makers (ETFs)
• An individual incoming order may "walk the book" at each price point, within published price spread tolerances
• Orders that cannot be executed automatically will be handled on the floor in the auction marketplace
• Specialists will maintain their quoting obligations in the hybrid environment

• Auto-ex will only be disabled in limited circumstances in order to protect customers from volatility in the market place
• Orders may enter the book or be cancelled while auto-ex is disabled
• Orders resident in the electronic environment are automatically included in an auction trade and take priority at the price over verbal bids and offers
• When auto-ex is disabled, there are defined parameters relating to the duration of disablement and the Specialist's obligations
• Negotiated trades may take place while auto-ex is enabled, and automatically comply with the Order Protection Rule