Friday, November 16, 2018
Options Regulatory Alert #2018 - 35
Nasdaq ISE, Nasdaq GEMX, and Nasdaq MRX Intra-day Electronic Quoting
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Below is a reminder of the intra-day quoting obligations for Nasdaq ISE (“ISE”), Nasdaq GEMX (“GEMX”), and Nasdaq MRX (“MRX”) Primary Market Makers (“PMMs”), Competitive Market Makers (“CMMs”), and Preferred CMMs (together, “Market Makers”), respectively. A Member is required to meet each market making obligation separately. A CMM who is also the PMM will be held to the PMM obligations in options series in which the PMM is assigned and will be held to CMM obligations in all other options series where assigned. A CMM who receives a Preferenced Order shall be held to the standard of a Preferred CMM in all options series of the options class in which it receives the Preferenced Order. ISE / GEMX / MRX CMMs:
ISE / GEMX / MRX PMMs:
*PMMs will be required to quote Quarterly Options Series, any Adjusted Options Series, and any options series with an expiration of nine months or greater for options on equites and ETFs or with an expiration of twelve months or greater for index options ISE / GEMX / MRX Preferred CMMs:
* Pursuant to Supplementary Material .03 to Rule 713, in order to be considered preferenced, the Member must also be quoting at the NBBO at the time the Preferenced Order is received and execute the order. The Exchange will calculate the percentage of the series to be quoted by (i) taking the total number of seconds the Member disseminates quotes in each assigned options series, excluding, for CMMs and Preferred CMMs, Quarterly Options Series, any Adjusted Options Series, and any options series with an expiration of nine months or greater for options on equites and ETFs or with an expiration of twelve months or greater for index options; and (ii) dividing that time by the eligible total number of seconds each assigned options series in the options class is open for trading that day. Quoting is not required in every assigned options series. Compliance with this requirement is determined by reviewing the aggregate of quoting in assigned options series for the Member. Please follow Nasdaq on Facebook RSS and Twitter. Nasdaq (Nasdaq: NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to approximately 3,900 total listings with a market value of approximately $13 trillion. To learn more, visit: business.nasdaq.com. |
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