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Product LoginFriday, June 14, 2013
Options Regulatory Alert #2013 - 8
FINRA Designates NASDAQ Global Large Mid Cap Index to serve as Additional Index for Calculating Position Limits on Conventional Equity Options
Markets Impacted:Contact Information:
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What you need to know:
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What has been announced?
Effective June 27, 2013, the Financial Industry Regulation Authority (FINRA) designates the NASDAQ Global Large Mid Cap Index to serve as an additional index for purposes of calculating position limits on conventional equity options overlying foreign securities, subject to the volume and float criteria outlined by FINRA in Rule 2360. Important additional information is contained in FINRA Regulatory Notice 13-20.
FINRA determined that the designation of this additional index is consistent with the designation of the currently utilized FTSE All-World Index in that the indexes are of similar geographic dispersion and composition including market capitalization sectors of large and mid-cap companies.
What is the NASDAQ Global Large Mid Cap Index?
The NASDAQ Global Large Mid Cap Index is a free-float adjusted market capitalization weighted index designed to include 90 percent of the investable public equity in certain developed and emerging countries, subject to a semi-annual rebalancing schedule.
What notice must firms provide upon using the NASDAQ Global Large Mid Cap Index for calculations?
If claiming a higher position limit, a firm must submit a post-trade notice filing within one business day to FINRA. The firm must submit the filing by email to the Market Regulation Department, and must provide the necessary trade data or current float data to support the firm's position limit calculation as provided on the Increase Option Position Limit Notification Form. Please contact FINRA with questions regarding the interpretation of FINRA Rule 2360.
Where can I find more information?
- Refer to the FINRA Regulatory Notice.
- Contact NASDAQ OMX Global Indexes at +1 301 978 8284.
- Contact NASDAQ OMX Transaction Services U.S. - Derivatives at +1 800 846 0477 (Option #2).
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