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Friday, December 21, 2018

Options Regulatory Alert #2018 - 38
PHLX, NOM, BX, ISE, GEMX and MRX - Bid/Ask Differentials for "MKL", "NDX" and "BKNG" Option Classes through March 15, 2019

Category:

  • Regulatory

Markets Impacted:

Contact Information:

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The below market maker quote width requirements for options overlying MKL, NDX and BKNG options classes will be effective through March 15, 2019 on Nasdaq PHLX (PHLX), The Nasdaq Options Market (NOM), Nasdaq BX (BX Options), Nasdaq ISE (ISE), Nasdaq GEMX (GEMX) and Nasdaq MRX (MRX). The exchanges may, in its discretion, amend the bid/ask differentials by providing notice to members. Please note these requirements are the same requirements that have been in effect since September 24, 2018.

Please note there are no changes from the previous month bid/ask differentials.

Below are electronic opening Valid Width Quotes and PHLX open outcry quotes for: (1) the PHLX, ISE, and GEMX bid/ask differentials for NDX and BKNG option classes;* (2) the PHLX bid/ask differentials for the MKL options class; and (3) the MRX bid/ask differentials for the BKNG options class:

  • If the bid is under $2, the bid/ask spread may be up to $1.50 wide.
  • If the bid is from $2 to $4.90, the bid/ask spread may be up to $2.00 wide.
  • If the bid is from $5 to $9.90, the bid/ask spread may be up to $3 wide.
  • If the bid is from $10 to $19.90, the bid/ask spread may be up to $6 wide.
  • If the bid is from $20 to $39.90, the bid/ask spread may be up to $12 wide.
  • If the bid is from $40 to $79.90, the bid/ask spread may be up to $24 wide.
  • If the bid is from $80 to $199.90, the bid/ask spread may be up to $36 wide.
  • If the bid is from $200 or greater, the bid/ask spread may be up to $44 wide.

Below are the electronic intra-day quotes for: (1) the PHLX, ISE and GEMX bid/ask differentials for NDX and BKNG options classes;* (2) the PHLX bid/ask differentials for the MKL options class; and (3) the NOM, BX and MRX bid/ask differentials for the BKNG options class:

  • If the bid is under $200, the bid/ask spread may be up to $20 wide.
  • If the bid is from $200 or greater, the bid/ask spread may be up to $22 wide.

Please note that an option series with an expiration of 9 months or greater is not subject to bid/ask differentials requirements.

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