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Friday, October 06, 2017

Options Regulatory Alert #2017 - 52
Nasdaq Introduces New Compliance Report

Category:

  • Regulatory

Markets Impacted:

Contact Information:

Resources:

The following INET Compliance Report will be available for Market Maker firms on Nasdaq PHLX (Phlx), Nasdaq GEMX, Nasdaq ISE and Nasdaq MRX beginning Monday October 9, 2017.

Specialist Opening Quote - PMM

The Specialist Opening Quote - PMM Report identifies when an assigned Specialist fails to submit valid opening quotes within the maximum allowed time after the primary market underlying has opened.

Naming Convention
YYYYMMDD_Exchange_FirmName_PMM_Opening_Quotes.csv
Example: 20171009_MER_Abc_Securities_ Inc_PMM_Opening_Quotes.csv

The new report will replace the current Phlx Specialist Opening Quote Report to reflect the below rule change to Phlx Rule 1017.

(iii) The Specialist assigned in a particular equity or index option must enter a Valid Width Quote, in 90% of their assigned series, not later than one minute following the dissemination of a quote or trade by the market for the underlying security or, in the case of index options, following the receipt of the opening price in the underlying index. The Specialist assigned in a particular U.S. dollar-settled FCO must enter a Valid Width Quote, in 90% of their assigned series, not later than 30 seconds after the announced market opening. The Specialist must promptly enter a Valid Width Quote in the remainder of their assigned series, which did not open within one minute following the dissemination of a quote or trade by the market for the underlying security or, in the case of index options, following the receipt of the opening price in the underlying index or, with respect to a U.S. dollar-settled FCO, following the announced market opening.

The reports will be available via the Market Maker’s existing Nasdaq SFTP Secure Server output directory.

If you need any additional information regarding your Secure Server account please reach out to Nasdaq Subscriber Services. If you have any questions regarding the reports or the content of the report please reach out to Nasdaq Market Regulation at (215) 496 5545.


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