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Friday, August 31, 2012

Options Trader Alert #2012 - 54
NOM and PHLX Update Pricing, Effective September 4, 2012

Markets:

Contact Information:

What you need to know:

  • Effective Tuesday, September 4, 2012, PHLX will increase the Fee for Removing Liquidity in Select Symbols.
  • Effective Tuesday, September 4, 2012, NOM will increase the Fee for Removing Liquidity and amend the Customer Rebates for Adding Liquidity in Penny Pilot Options.
  • Effective Tuesday, September 4, 2012, NOM will modify the rebates and fees for FB, GOOG and GRPN.
  • Effective Tuesday, September 4, 2012, PHLX will modify routing fees to NOM in FB, GOOG and GRPN.

What is changing on PHLX in regard to the Fees for Removing Liquidity in Select Symbols?

Effective Tuesday, September 4, 2012, NASDAQ OMX PHLXSM (PHLX®) will increase the Customer Fee for Removing Liquidity to $0.43 and the Market Maker Fee for Removing Liquidity to $0.45 in Select Symbols. This does not apply to complex orders.

What is changing on NOM in regard to the Fee to Remove Liquidity in Penny Options?

Effective Tuesday, September 4, 2012, The NASDAQ Options MarketSM (NOM) will increase the Fee for Removing Liquidity for Professionals, Firms, Non-NOM Market Makers and NOM Market Makers to $0.47 in Penny Pilot Options. The Fee for Removing Liquidity in Penny Pilot Options will be reduced by $0.01 for transactions in which the same participant is the buyer and the seller for Professionals, Firms, Non-NOM Market Makers and NOM Market Makers.

What is changing on NOM in regard to the Rebate to Add Liquidity in Penny Pilot Options?

Effective Tuesday, September 4, 2012, the NOM Customer Rebate to Add Liquidity in Penny Pilot Options will be as follows:

Monthly Volume Rebate to Add Liquidity
Tier 1 Participant adds Customer liquidity of up to 14,999 contracts per day in a month $0.26
Tier 2 Participant adds Customer liquidity of 15,000 to 49,999 contracts per day in a month $0.38
Tier 3 Participant adds Customer liquidity of 50,000 to 74,999 contracts per day in a month $0.43
Tier 4 Participant adds Customer liquidity of 75,000 or more contracts per day in a month $0.44
Tier 5a Participant adds (1) Customer liquidity of 25,000 or more contracts per day in a month, (2) the Participant has certified for the Investor Support Program set forth in Rule 7014; and (3) the Participant executed at least one order on NASDAQ's equity market $0.42
Tier 6b,c Participant has Total Volume of 130,000 or more contracts per day in a month $0.45

a For purposes of Tier 5, the Exchange will allow a NOM Participant to qualify for the rebate if a NASDAQ member under common ownership with the NOM Participant has certified for the Investor Support Program and executed at least one order on NASDAQ's equity market. Common ownership is defined as 75 percent common ownership or control.

b For purposes of Tier 6, "Total Volume" shall be defined as Customer, Professional, Firm, NOM Market Maker and Non-NOM Market Maker volume in Penny Pilot Options and Non-Penny Pilot Options which either adds or removes liquidity.

c For purposes of Tier 6, the Exchange will allow NOM Participants under common ownership to aggregate their volume to qualify for the rebate. Common ownership is defined as 75 percent common ownership or control.

What is changing on NOM in regard to FB, GOOG and GRPN?

Effective Tuesday, September 4, 2012, NOM will introduce the following fees and rebates:

Customer Professional Firm Non-NOM Market Maker NOM Market Maker
Rebate to Add Liquidity $0.77 N/A N/A N/A N/A
Fee for Adding Liquidity N/A $0.45 $0.45 $0.45 $0.25
Fee for Removing Liquidity $0.79 $0.85 $0.85 $0.85 $0.79

What is changing on PHLX in regard to Routing Fees to NOM in FB, GOOG, GRPN?

Effective Tuesday, September 4, 2012, the PHLX Routing Fees to NOM will be as follows:

Exchange Customer Professional Firm/Broker- Dealer/Specialist/Market Maker
NOM - FB, GOOG and GRPN $0.86 $0.91 $0.91

Where can I find more information?


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