<table><tr><th>From:</th><th>Institutional Investor Daily</th></tr><tr><td>Sent:</td><td>Thursday, July 19, 2012 4:0 PM</td></tr><tr><td>To:</td><td>jeeproject@yahoo.com</td></tr><tr><td>Subject:</td><td>SEC Punts on Payments to ETF Market Makers</td></tr></table>

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<http://ems.euromoney.com/ems/r.asp?cIndex=687987&=Index=1274556084&hurl=http%3A//www.institutionalinvestor.com> =!-- Newsletter Title -->Institutional Investor Daily Thursday= July 19, 2012 =/TBODY> <http://=projectsline.com/iimag/images/x.gif> </=R> On InstitutionalInvestor.com today: <http://projectsline.com/iimag/images/x.gif>

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=A style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIG=T: 0px; FONT-FAMILY: Georgia, 'Times New Roman', Arial; COLOR: #030303; FON=-SIZE: 18px; TEXT-DECORATION: none; PADDING-TOP: 0px"
href="http://ems.=uromoney.com/ems/r.asp?cIndex=687987&mIndex=1274556084&hurl=htt=%3A//www.institutionali nvestor.com/Article/3062796/SEC-Punts-on-Payment=-to-ETF-Market-Makers.html">SEC Punts on Payments to ETF Market Makers<=A>

Regulator still scratc=ing its head over proposals to exempt market makers for thinly traded ETFs =rom a ban against payments to them.

Rea= the full story at institutionalinvestor.com.
<http://ems.euromoney.com/ems/r.asp?cInde==687987&mIndex=1274556084&hurl=http%3A//www.institutionalinves
tor.=om/Article/3062796/SEC-Punts-on-Payments-to-ETF-Market-Makers.html>
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href="http://ems.=uromoney.com/ems/r.asp?cIndex=687987&mIndex=1274556084&hurl=htt=%3A//www.institutionali
nvestor.com/Article/3062360/Are-Hedge-Funds-and-=inance-Bad-for-Growth.html">Are Hedge Funds and Finance Bad
for Growth?=/A>

The financial sector c=n hurt economies by fueling excessive credit and draining talent, a study s=ys.

Read the full story at institution=linvestor.com. <http://projectsline.com/iimag/images=x.gif>
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