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Product LoginThursday, January 7, 2010
Options Regulatory Alert #2010 - 1
New Large Option Positions Report Procedures Effective January 19, 2010
Markets Impacted:
- NASDAQ OMX PHLX
- The NASDAQ Options Market
Contact Information:
- Chris Swisher at +1 215 496 5680
- Cindy Retterer at +1 301 978 4961
What you need to know:
- As announced in Options Regulatory Alert #2009-8, all PHLX and NOM Large Option Position Report (LOPR) firms should have begun transmitting production LOPR data to the OCC on a daily basis and maintain their LOPRs at the OCC effective November 23, 2009.
- Effective Tuesday, January 19, 2010, the OCC will take over the collection and dissemination of all LOPR data exclusively and SIAC LOPR reporting will no longer be required or accepted.
- Members must confirm they are properly reporting all LOPR data to the OCC prior to January 19, 2010.
- Any member that determines its OCC LOPR transmission is not accurate can request a complete purge of all OCC LOPR positions; no regulatory action will be taken against members for submitting a request if received before January 8, 2010.
What is changing?
As announced in Options Regulatory Alert #2009-8, all members of NASDAQ OMX PHLXSM (PHLX®) and The NASDAQ Options MarketSM (NOM) holding any positions reportable under NOM Rule Chapter III, Section 10 or PHLX Rule 1003 should have been reporting Large Option Position Report (LOPR) information to both the Security Industry Automation Corp (SIAC) and The Options Clearing Corporation (OCC) since November 23, 2009.
On Tuesday, January 19, 2010, the OCC will take over the collection and dissemination of all LOPR data exclusively and SIAC LOPR reporting will no longer be required or accepted.
Can my firm purge its LOPR positions?
Members should confirm that they are properly reporting all LOPR data to the OCC prior to the January 19, 2010 transition date. Any member that determines its OCC LOPR transmission is not accurate can request a complete purge of all OCC LOPR positions. This purge will remove all current listed and OTC LOPR position data other than “in concert” records.
No regulatory action will be taken against members that submit a request to purge their LOPR data as long as the request is received on or before January 8, 2010. Requests for LOPR purges can be made after January 8, 2010 but a requesting member may be subject to regulatory action for failure to accurately report positions as required by NOM Rule Chapter III, Sec. 10 or NASDAQ OMX PHLX Rule 1003.
Where can I find additional information?
- Refer to the OCC website.
- For questions regarding PHLX, contact Chris Swisher at +1 215 496 5680.
- For questions regarding NOM, contact Cindy Retterer at +1 301 978 4961.
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