Proposed Rule Change to Amend FINRA Rule 2360 (Options) Position Limits

Financial Industry Regulatory Authority, Inc. ("FINRA") is filing with the Securities and Exchange Commission ("SEC" or "Commission") a proposed rule change to amend FINRA Rule 2360 (Options) to: (1) specify that position limits for standardized equity options shall be the highest position limit established by an options exchange on which the option trades, which has the effect of eliminating position limits on standardized options on Standard and Poor's Depositary Receipts Trust ("SPY") and increasing the position limit for standardized options on iShares MSCI Emerging Markets Index Fund ("EEM") to 500,000 contracts; and (2) increase the position limit for conventional options on EEM to 500,000 contracts.