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Tuesday, February 2, 2010

Options Regulatory Alert #2010 - 5
NASDAQ OMX PHLX Reminds Members about the Use of Identification Letters and Numbers

Markets Impacted:

  • NASDAQ OMX PHLX

Contact Information:

What you need to know:

  • PHLX would like to remind members of the requirements under Options Floor Procedure Advice F-1 regarding the use of identification letters and numbers.
  • All Specialists, ROTs and Floor Brokers must use the complete alpha/numeric identification assigned by PHLX.
  • All Floor Brokers and their employees must indicate their complete alpha/numeric identifiers on the Options Floor Broker Management System for each order they receive and represent in the trading crowd.

What are the identification requirements under Options Floor Procedure Advice F-1?

Under Options Floor Procedure Advice (OFPA) F-1 “Use of Identification Letters and Numbers,” all Specialists, Registered Options Traders (ROTs) and Floor Brokers must use the complete alpha/numeric identification assigned by NASDAQ OMX PHLXSM (PHLX®), which includes any prefixes or suffixes to the member badge number.

All Floor Brokers or their employees must indicate their complete alpha/numeric identifiers in the Options Floor Broker Management System for each order they receive and represent in the trading crowd.

Where must I use my identification letter and number?

Identification letters and numbers must be used on paper ticket transactions, electronic market maker orders and in the Options Floor Broker Management System.

Is there a fine for non-compliance with these requirements?

Yes, the PHLX Options Reviews Department will review all transactions for compliance and implement fines on a two-year running calendar basis. Please note that each individual transaction not in compliance will be considered a violation.

The fine schedule is as follows:

Fine Schedule
First Occurrence $250
Second Occurrence $500
Third Occurrence $1,000
Fourth Occurrence and Thereafter Sanction determined at the Business Conduct Committee discretion

Where can I find more information?

  • Refer to OFPA F-1 and the PHLX page on the NASDAQ OMX Trader® website.
  • Contact Michael Blackson, PHLX On-Floor Surveillance, at +1 215 496 5295.
  • Contact Dawn Reim, Director, Options Reviews Department, at +1 215 496 5161.
  • Contact Amy Neiley, PHLX Market Operations, at +1 215 496 1571.
  • Contact Mary Griffenberg, PHLX Membership Services, at +1 215 496 5159.

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