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Tuesday, January 12, 2021

Options Regulatory Alert #2021 - 3
UPDATED - PHLX, NOM, BX, ISE, GEMX and MRX - Quarterly Quote Spread Parameter Relief through March 19, 2021

Category:

  • Regulatory

Markets Impacted:

Contact Information:

Resources:

Effective January 13, 2021, the updated market maker quarterly quote width requirements 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 March 19, 2021. The exchanges may, in their discretion, amend these requirements by providing notice to members.

Please note the additions MSTR and ARKW from the previous month bid/ask differentials in addition to QS on GEMX and MRX.


Opening: The following option classes* will have double (2x) bid/ask differential / opening Valid Width Quote parameter relief on the following Nasdaq options exchanges:

PHLX ABMD, ABNB, ADBE, ADSK, AI, ALGN, ALLK, AMED, AMZN, ANET, APD, ARKW, ASML, ASND, AVGO, AZO, BA, BABA, BIIB, BGNE, BIO, BKNG, BLK, BNTX, BYND, CACI, CHE, CHTR, CMG, COUP, CRL, CRSP, CSGP, CTAS, CVAC, CVNA, DASH, DECK, DPZ, DXCM, EL, ENPH, EPAM, FATE, FDS, FLT, GOOG, GOOGL, GWW, HUBB, HUBS, HUM, ICPT, ICUI, IDA, ILMN, INTU, ISRG, KOD, LII, LIN, LMT, LRCX, LULU, MCO, MDB, MDGL, MED, MELI, MKL, MRTX, MSCI, MSTR, MTCH, MTD, MTN, NFLX, NKLA, NOC, NOW, NTES, NVDA, NVRO, OKTA, ORLY, PANW, PAYC, PH, PODD, QDEL, QS, REGN, RH, RNG, ROKU, ROP, SBAC, SEDG, SHOP, SHW, SIVB, SNOW, SPGI, SPOT, SRPT, TDG, TECL, TFX, TMO, TSLA, TTD, TWLO, TXG, UI, ULTA, VEEV, VRTX, W, WDFC, WIX, Y and ZM
ISE ABMD, ABNB, ADBE, ADSK, AI, ALGN, AMED, AMZN, ANET, APD, ARKW, ASML, AVGO, AZO, BA, BABA, BIIB, BKNG, BLK, BYND, CACI, CHE, CHTR, CMG, COUP, CRL, CRSP, CSGP, CTAS, CVAC, CVNA, DASH, DECK, DPZ, DXCM, EL, ENPH, EPAM, EQIX, FDS, FLT, GOOG, GOOGL, GWW, HUBS, HUM, ICPT, ICUI, ILMN, INTU, ISRG, KOD, LII, LIN, LMT, LRCX, LULU, MCO, MDB, MED, MELI, MRTX, MSCI, MSTR, MTCH, MTN, NFLX, NKLA, NOC, NOW, NTES, NVDA, NVRO, OKTA, ORLY, PANW, PAYC, PH, PODD, QDEL, QS, REGN, RH, RNG, ROKU, ROP, SBAC, SEDG, SHOP, SHW, SIVB, SNOW, SPGI, SPOT, SRPT, TDG, TECL, TMO, TSLA, TTD, TWLO, UI, ULTA, VEEV, VRTX, W, WIX and ZM
GEMX ABMD, ABNB, ADBE, ADSK, AI, ALGN, AMED, AMZN, ANET, APD, ARKW, ASML, ASND, AVGO, AZO, BA, BABA, BIIB, BKNG, BLK, BYND, CACI, CHE, CHTR, CMG, COUP, CRL, CRSP, CTAS, CVAC, CVNA, DASH, DECK, DPZ, DXCM, EL, ENPH, EPAM, EQIX, FATE, FDS, FLT, GOOG, GOOGL, GWW, HUBS, HUM, ICPT, ILMN, INTU, ISRG, LII, LIN, LMT, LRCX, LULU, MCO, MDB, MED, MELI, MRTX, MSCI, MSTR, MTCH, MTN, NFLX, NKLA, NOC, NOW, NTES, NVDA, NVRO, OKTA, ORLY, PANW, PAYC, PH, PODD, QDEL, QS, REGN, RH, RNG, ROKU, ROP, SBAC, SEDG, SHOP, SHW, SIVB, SNOW, SPGI, SPOT, SRPT, TDG, TECL, TMO, TSLA, TTD, TWLO, TXG, UI, ULTA, VEEV, VRTX, W, WIX and ZM
MRX ABMD, ABNB, ADBE, ADSK, AI, ALGN, AMED, AMZN, ANET, APD, ARKW, ASML, AVGO, AZO, BA, BABA, BIIB, BKNG, BLK, BYND, CACI, CHE, CHTR, CMG, COUP, CRL, CSGP, CTAS, CVNA, DASH, DECK, DPZ, DXCM, EL, ENPH, EPAM, EQIX, FDS, FLT, GOOG, GOOGL, GWW, HUBS, HUM, ICPT, ICUI, ILMN, ISRG, LII, LIN, LMT, LRCX, LULU, MCO, MED, MELI, MRTX, MSCI, MSTR, MTCH, MTN, NFLX, NKLA, NOC, NOW, NTES, NVDA, NVRO, ORLY, PANW, PAYC, PH, PODD, QDEL, QS, REGN, RH, RNG, SPOT, ROP, SHOP, SHW, SIVB, SNOW, SRPT, TDG, TECL, TMO, TTD, TSLA, TWLO, UI, ULTA, VEEV, VRTX, W, WIX, and ZM

Intra-day: The following option classes* will have $20.00 (4X) bid/ask differential intra-day quote width parameter relief on Nasdaq options’ exchanges:


PHLX ABMD, ABNB, ADBE, ADSK, AI, ALGN, ALLK, AMED, AMZN, ANET, APD, ARKW, ASML, ASND, AVGO, AZO, BA, BABA, BIIB, BGNE, BIO, BKNG, BLK, BNTX, BYND, CACI, CHE, CHTR, CMG, COUP, CRL, CRSP, CSGP, CTAS, CVAC, CVNA, DASH, DECK, DPZ, DXCM, EL, ENPH, EPAM, FATE, FDS, FLT, GOOG, GOOGL, GWW, HUBB, HUBS, HUM, ICPT, ICUI, IDA, ILMN, INTU, ISRG, KOD, LII, LIN, LMT, LRCX, LULU, MCO, MDB, MDGL, MED, MELI, MKL, MRTX, MSCI, MSTR, MTCH, MTD, MTN, NFLX, NKLA, NOC, NOW, NTES, NVDA, NVRO, OKTA, ORLY, PANW, PAYC, PH, PODD, QDEL, QS, REGN, RH, RNG, ROKU, ROP, SBAC, SEDG, SHOP, SHW, SIVB, SNOW, SPGI, SPOT, SRPT, TDG, TECL, TFX, TMO, TSLA, TTD, TWLO, TXG, UI, ULTA, VEEV, VRTX, W, WDFC, WIX, Y and ZM
ISE ABMD, ABNB, ADBE, ADSK, AI, ALGN, AMED, AMZN, ANET, APD, ARKW, ASML, AVGO, AZO, BA, BABA, BIIB, BKNG, BLK, BYND, CACI, CHE, CHTR, CMG, COUP, CRL, CRSP, CSGP, CTAS, CVAC, CVNA, DASH, DECK, DPZ, DXCM, EL, ENPH, EPAM, EQIX, FDS, FLT, GOOG, GOOGL, GWW, HUBS, HUM, ICPT, ICUI, ILMN, INTU, ISRG, KOD, LII, LIN, LMT, LRCX, LULU, MCO, MDB, MED, MELI, MRTX, MSCI, MSTR, MTCH, MTN, NFLX, NKLA, NOC, NOW, NTES, NVDA, NVRO, OKTA, ORLY, PANW, PAYC, PH, PODD, QDEL, QS, REGN, RH, RNG, ROKU, ROP, SBAC, SEDG, SHOP, SHW, SIVB, SNOW, SPGI, SPOT, SRPT, TDG, TECL, TMO, TSLA, TTD, TWLO, UI, ULTA, VEEV, VRTX, W, WIX and ZM
GEMX ABMD, ABNB, ADBE, ADSK, AI, ALGN, AMED, AMZN, ANET, APD, ARKW, ASML, ASND, AVGO, AZO, BA, BABA, BIIB, BKNG, BLK, BYND, CACI, CHE, CHTR, CMG, COUP, CRL, CRSP, CTAS, CVAC, CVNA, DASH, DECK, DPZ, DXCM, EL, ENPH, EPAM, EQIX, FATE, FDS, FLT, GOOG, GOOGL, GWW, HUBS, HUM, ICPT, ILMN, INTU, ISRG, LII, LIN, LMT, LRCX, LULU, MCO, MDB, MED, MELI, MRTX, MSCI, MSTR, MTCH, MTN, NFLX, NKLA, NOC, NOW, NTES, NVDA, NVRO, OKTA, ORLY, PANW, PAYC, PH, PODD, QDEL, QS, REGN, RH, RNG, ROKU, ROP, SBAC, SEDG, SHOP, SHW, SIVB, SNOW, SPGI, SPOT, SRPT, TDG, TECL, TMO, TSLA, TTD, TWLO, TXG, UI, ULTA, VEEV, VRTX, W, WIX and ZM
MRX ABMD, ABNB, ADBE, ADSK, AI, ALGN, AMED, AMZN, ANET, APD, ARKW, ASML, AVGO, AZO, BA, BABA, BIIB, BKNG, BLK, BYND, CACI, CHE, CHTR, CMG, COUP, CRL, CSGP, CTAS, CVNA, DASH, DECK, DPZ, DXCM, EL, ENPH, EPAM, EQIX, FDS, FLT, GOOG, GOOGL, GWW, HUBS, HUM, ICPT, ICUI, ILMN, ISRG, LII, LIN, LMT, LRCX, LULU, MCO, MED, MELI, MRTX, MSCI, MSTR, MTCH, MTN, NFLX, NKLA, NOC, NOW, NTES, NVDA, NVRO, ORLY, PANW, PAYC, PH, PODD, QDEL, QS, REGN, RH, RNG, SPOT, ROP, SHOP, SHW, SIVB, SNOW, SRPT, TDG, TECL, TMO, TTD, TSLA, TWLO, UI, ULTA, VEEV, VRTX, W, WIX, and ZM
NOM ABMD, ABNB, ADBE, ADSK, AI, ALGN, AMED, AMZN, ANET, APD, ARKW, ASML, AVGO, AZO, BA, BABA, BIIB, BGNE, BIO, BKNG, BLK, BNTX, BYND, CACI, CACC, CHE, CHTR, CMG, COUP, CRL, CRSP, CSGP, CTAS, CVAC, CVNA, DASH, DECK, DPZ, DXCM, EL, ENPH, EPAM, EQIX, FDS, FLT, GOOG, GOOGL, GWW, HUBS, HUM, ICPT, ICUI, IDA, ILMN, INTU, ISRG, LII, LIN, LMT, LRCX, LULU, MCO, MDB, MDGL, MED, MELI, MKL, MRTX, MSCI, MSTR, MTCH, MTD, MTN, NFLX, NKLA, NOC, NOW, NTES, NVDA, NVRO, OKTA, ORLY, PANW, PAYC, PH, PODD, QDEL, QS, REGN, RH, RNG, ROKU, ROP, SBAC, SEDG, SHOP, SHW, SIVB, SNOW, SPGI, SPOT, SRPT, TDG, TECL, TFX, TMO, TTD, TSLA, TWLO, TXG, UI, ULTA, VEEV, VRTX, W, WDFC, WIX, Y and ZM
BX ABMD, ABNB, ADBE, ADSK, AI, ALGN, AMED, AMZN, ANET, APD, ARKW, ASML, AVGO, AZO, BA, BABA, BIIB, BGNE, BKNG, BLK, BYND, CHTR, CMG, CTAS, CVAC, CVNA, DASH, DECK, DPZ, DXCM, EL, ENPH, EQIX, FDS, FLT, GOOG, GOOGL, GWW, HUM, ICPT, ILMN, INTU, ISRG, LIN, LMT, LRCX, LULU, MCO, MED, MELI, MSTR, MTCH, MTN, NFLX, NKLA, NOC, NOW, NTES, NVDA, ORLY, PANW, PH, PODD, QS, REGN, RH, RNG, ROKU, ROP, SBAC, SEDG, SHOP, SHW, SNOW, SPGI, SPOT, SRPT, TDG, TMO, TTD, TSLA, TWLO, UI, ULTA, VEEV, VRTX, W, WIX and ZM

*Please note that an option series with an expiration 9 months or greater does not have intra-day bid/ask differential requirements.

*Please note that all other option classes for Phlx, ISE, GEMX and MRX, which are not listed in this ORA, will have an intra-day bid/ask differential that will not exceed $5.00 between the bid and offer, regardless of the price of the bid, provided that the foregoing bid/ask differentials shall not apply to in-the-money series where the market for the underlying security is wider than the differentials. For such series, the bid/ask differentials may be as wide as the spread between the NBBO in the underlying security. The aforementioned excludes option series with an expiration 9 months or greater.

*Please note that all other option classes for NOM and BX, which are not listed in this ORA, will have a bid/ask differential that will not exceed $5.00 between the bid and offer regardless of the price of the bid, including before and during the opening. However, respecting in-the-money series where the market for the underlying security is wider than $5.00, the bid/ask differential may be as wide as the spread between the NBBO in the underlying security. The aforementioned excludes option series with an expiration 9 months or greater.

Please use the this link for the Phlx, NOM, GEMX and MRX minimum quote size requirements.

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