The Securities and Exchange Commission is amending Rule 12f-2 under the Securities Exchange Act of 1934 ("Exchange Act"), which governs unlisted trading privileges ("UTP") in listed initial public offerings ("IPOs"). Under the amendment, a national securities exchange extending UTP to an IPO security listed on another exchange will no longer be required to wait until the day after trading has commenced on the listing exchange to allow trading in that security. Instead, a national securities exchange will be permitted to begin trading an IPO issue immediately after the first trade in the security is reported by the listing exchange to the Consolidated Tape.