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Product LoginThursday, August 14, 2014
Options Trader Alert #2014 - 24
BX Options Introduces Customer Priority and a Lead Market Maker Priority Overlay
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Pending SEC approval, BX Options will introduce Public Customer Priority in all underlying symbols on the Exchange. Once in effect, the Public Customer Priority Overlay will afford Public Customer orders priority over non-Public Customer orders at the same price. If there are two or more Public Customer orders for the same options series at the same price, priority shall be afforded to such Public Customer orders in the sequence in which they are received by the System. In addition, pending SEC approval, BX Options will introduce a Lead Market Maker (“LMM”) Priority Overlay. Once in effect, a LMM may be assigned by the Exchange in each option class. Upon receipt of an order, after all Public Customer orders have been fully executed at a given price, the LMM Priority Overlay will afford a participation entitlement to the LMM provided the LMM’s bid/offer is at the Exchange’s disseminated price. In addition, provided the LMM’s bid/offer is at the Exchange’s disseminated price and Public Customers have been satisfied, the LMM will be allocated orders for 5 contracts or fewer. If there are contracts remaining after the LMM entitlement has been applied, such contracts will be executed based on the execution algorithm assigned to the particular underlying options. The LMM entitlement shall be the greater of:
The Exchange anticipates introducing the Public Customer Priority overlay beginning Monday, August 25, 2014 in the following underlying symbols: JPM, QCOM, VALE, and VZ. The Public Customer Priority will be introduced in all other underlying symbols on Tuesday, August 26, 2014. The Exchange anticipates introducing the LMM Priority Overlay in certain select symbols beginning Tuesday, September 2, 2014. A roll-out schedule will be made available shortly.
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