NASDAQ Membership

Participation on the NASDAQ Options Market

• Firms must be NASDAQ members and need to complete the Options Participant Application.
• Firms that are not self clearing should review the NASDAQ specs to understand how OCC Optional data is handled and discuss this with their clearing firm. These firms also need to complete a Letter of Guarantee (PDF). Self clearing firms need to complete this Letter of Guarantee.
• Complete a Options Port Request Form (PDF) to NASDAQ Subscriber Services via fax to 212.231.5426.
• Also, firms can sign-up for specific email updates on trading Options on NASDAQ.

Unless otherwise noted, all forms must be submitted to the NASDAQ Membership Department.

How to Become a NASDAQ Member

FINRA Members

Firms that are FINRA members may submit an abbreviated application form.

1. Complete the NASDAQ Waive-In Membership Application and Agreement.
2. Complete the NASDAQ Services Agreement: Please sign both copies. Retain one signed copy for your records.
3. Each application must be accompanied by a check for the full amount of the application fee made payable to The NASDAQ Stock Market. Please note that this fee is non-refundable.
4. Return the Application and Agreement, the check and one copy of the NASDAQ Services Agreement to:

    

   The NASDAQ Stock Market
   Membership Department
   1735 K Street, NW
   Washington, DC 20006-1506
   ATTN: Deborah Siluk
   NQX Membership Application Processing

Proprietary Trading Firms that are not FINRA Members and are Members of Another SRO

A “proprietary trading firm” is defined as an applicant:

• That is not required to become a member of FINRA but is a member of another exchange;
• Whose source of funds used for trading is the applicant's own capital, traded through the applicant's own accounts; and,
• That does not and will not have “customers” and whose principals and representatives who are acting as traders are owners of, employees of or contractors to the applicant.

A proprietary trading firm that is a member of another registered national securities exchange must submit a Full NASDAQ Membership Application and Agreement containing all of the Supplemental Information required under NASDAQ rules. The firm must also submit a signed Services Agreement and a Written Supervisory Procedures checklist.

1. Complete the NASDAQ Full Membership Application and Agreement. Consult Guidance for Submitting Supplemental Information (PDF) for assistance in completing the application.
2. Complete the NASDAQ Services Agreement: Please sign both copies. Retain one signed copy of the NASDAQ Services Agreement for your records.
3. Complete the Written Supervisory Checklist..
4. Each application must be accompanied by a check for the full amount of the application fee made payable to The NASDAQ Stock Market. Please note that this fee is non-refundable.
5. Return the Application and Agreement, the Checklist, the check and one copy of the NASDAQ Services Agreement to:

    

   The NASDAQ Stock Market
   Membership Department
   1735 K Street, NW
   Washington, DC 20006-1506
   ATTN: Deborah Siluk
   NQX Membership Application Processing

Frequently Asked Questions

• Membership FAQs (updated 12/31/2007)
• Exchange Operation FINRA/NASDAQ Trade Reporting Facility FAQs
• Operational Issues FAQs (updated 01/22/2008)

FINRA^TM, Trade Reporting Facility^TM and TRF^TM are trademarks of Financial Industry Regulatory Authority

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