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Wednesday, December 31, 2008

Equity Regulatory Alert #2008 - 44
BX Preparing a Proposed Rule Change to Adopt a New Sponsored Access Rule

Please Route To:

Head Traders; Technical Contacts; Compliance Officers

What you need to know:

  • NASDAQ OMX BX is preparing a proposed rule change to adopt a new sponsored access rule that will apply to BX.
  • Members may still enter into sponsored access arrangements by submitting a Supplemental MPID Request Form.

Who you should contact:

Important Note about NASDAQ OMX alerts:

  • Customers will begin receiving alerts via the NASDAQ OMX Trader website using the new self enrollment system effective January 1, 2009. If you wish to continue to receive NASDAQ OMX news alerts such as this one, you must complete the enrollment form and create a personal profile on the NASDAQ OMX Trader website.

What has been updated?

NASDAQ OMX BXSM (BXSM) and the Securities and Exchange Commission (SEC) are discussing the development of a new sponsored access rule that could be consistently applied across all markets. BX intends to file a proposed rule change in this regard, which will be published for notice and comment.

What sponsored access agreements are required by BX?

NASDAQ OMX BX Rule 4611(d) (Rule) governs sponsored access for BX. The rule requires both a User Agreement for Sponsored Access and a Notice of Consent. However, Members are not required to execute the User Agreement or Notice at this time since a new rule is being developed.

What is the timing for the requirements?

Effective immediately, Members are not required to sign any sponsored access agreements for BX, though a Supplemental Request Form is still required.

What if I already submitted the agreements?

No action is required, though we will return them to you upon request.

Can I continue to enter into sponsored access arrangements? If so, what documents must I submit?

Yes, you may enter into sponsored access arrangements by submitting a Supplemental MPID Request Form and indicating that you wish to use the additional MPID for sponsored access.

Where can I get additional information?


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