Effective March 18, 2019, the below market maker quote width requirements for options overlying MKL, NDX and BKNG on Nasdaq PHLX (PHLX), The Nasdaq Options Market (NOM), Nasdaq BX (BX Options), Nasdaq ISE (ISE), Nasdaq GEMX (GEMX) and Nasdaq MRX (MRX) will be effective through June 21, 2019. The exchanges may, in its discretion, amend these requirements by providing notice to members.

Please note there are no changes from the previous month Valid Width Quotes and bid/ask differentials.

Opening: The PHLX, ISE, and GEMX Valid width Quotes for NDX and BKNG option classes,* PHLX Valid Width Quotes for MKL option class and MRX Valid Width Quotes for BKNG option class for electronic opening Valid Width Quotes and PHLX open outcry quotes are as follows:

• 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.

Intra-day: The PHLX, ISE and GEMX bid/ask differentials for NDX and BKNG option classes,* PHLX bid/ask differentials for MKL option class and NOM, BX and MRX bid/ask differentials for BKNG option class electronic intra-day quotes shall be as follows:

• 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.