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Monday, July 11, 2011

Options Trader Alert #2011 - 33
NASDAQ Rescinds Request for Routing Addendum Related to Market Access Rule

Markets Impacted:

What you need to know:

  • NASDAQ has determined that firms will not be required to execute addendums to their services agreement and will not be required to provide written supervisory procedures to NASDAQ in order to access certain routing strategies with respect to both agency and proprietary orders.

What is changing?

NASDAQ wishes to advise that it is rescinding its previous request for documentation from member firms announced in Equity Trader Alert #2011-35 and Options Trader Alert #2011-32, which related to portions of Rule 15c3-5 that take effect on July 14, 2011.

Based on further discussions among the national securities exchanges with routing broker affiliates and the staff of the Securities and Exchange Commission, NASDAQ has determined that firms will not be required to execute addendums to their services agreement and will not be required to provide written supervisory procedures to NASDAQ in order to access certain routing strategies with respect to both agency and proprietary orders. The determination not to require the Addendums and the submission of WSPs does not affect any regulatory obligations currently applicable to member firms.

Any Addendums received to date will not become effective and any written supervisory policies previously submitted will be destroyed, consistent with applicable record retention requirements.

Where can I find additional information?

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Nasdaq (Nasdaq: NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to approximately 3,900 total listings with a market value of approximately $13 trillion. To learn more, visit: business.nasdaq.com.

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