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Product LoginTuesday, February 19, 2019
Options Regulatory Alert #2019 - 2
Nasdaq PHLX Adopts Rules Pertaining to Authorization to Give Up
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Effective immediately, PHLX has received SEC approval to adopt PHLX Rule 1037 “Authorization to Give Up”. PHLX Rule 1037 allows Clearing Members to request the Exchange restrict one or more of their OCC clearing numbers. To request a restriction on their OCC clearing number, a Clearing Member must submit a completed “Clearing Member Restriction Form” to the Exchange’s Membership Department. Once a completed “Clearing Member Restriction Form” is received by the Exchange’s Membership Department, the Exchange requires ninety days before a Restricted OCC Number is effective within the PHLX System. A PHLX member organization desiring to Give Up a Restricted OCC Number must become an Authorized Member Organization. To become an Authorized Member Organization, the Exchange will require written authorization from the Clearing Member permitting a PHLX member organization to Give Up a Clearing Member’s Restricted OCC Number. A Clearing Member may authorize a member organization by submitting a completed “Clearing Member Restriction Form” to the Exchange’s Member Department. A list of PHLX Restricted OCC numbers can be found here. As a reminder, a clearing arrangement subject to a Letter of Guarantee automatically permits the Give-Up of a Restricted OCC Number by the member organization that is party to the arrangement. Please contact Dana Rutherford at +1 215 496 1564 or PHLX Membership Department with any questions. |
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