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Thursday, September 05, 2019

Options Regulatory Alert #2019 - 20
NOM and BX Options Adopt Rules Pertaining to Authorization to Give Up


  • Regulatory

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Effective September 9, 2019, Nasdaq Options Market (NOM) and Nasdaq BX Options (BX Options) will implement the Authorized Give Up process.

NOM Rule Chapter VI Section 14 and BX Options Rule Chapter VI Section 14 will allow Clearing Members to request the Exchange restrict allowable usage of 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. “Clearing Member Restriction Form” requests will be effective and systematically enforced ninety days after being received by the Exchange on or after the implementation date of September 9, 2019.

A NOM or BX Options Member desiring to Give Up a Restricted OCC Number must become an Authorized Member. To become an Authorized Member, the Exchange requires written authorization, in the form of a completed “Clearing Member Restriction Form”, from the Clearing Member permitting the Member to Give Up a Clearing Member’s Restricted OCC Number. Note, a clearing arrangement subject to a Letter of Guarantee automatically permits the Give-Up of a Restricted OCC Number by the Member that is party to the arrangement, and no further written authorization is required.

Once implemented, a list of Restricted OCC numbers can be found on our website.

Please contact Nasdaq's Membership Department with any questions.

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