NASDAQ PHLX Market Conditions Exemptions
Online Submission Form
*Indicates Required Field
Guidelines and Definitions for Market Exemption Relief
Market participants must file requests electronically. If there are problems with the electronic submission, please call + 1 215 496 5295 or +1 800 THE PHLX, dial 9 and extension 5295.
A filing needs to include all the supportive information or it will be considered deficient and a new filing may be required.
Market Exemption Relief – Exemptive Reliefs and Defintions
NBBO (National Best Bid and Offer) Relief – Relief from honoring the NBBO of away options markets due to communication and/or system problems, unusual markets and delays in quote disseminations.
Parameter Relief - Relief to quote wider than applicable bid/ask quoted spread parameters.
Trading Halt – Options Exchange Official (OEO) must deem such action appropriate in the interests of a fair and orderly market and to protect investors. Among the factors that might be considered are that (i) trading in the underlying security or Exchange-Traded Fund Shares has been halted or suspended in the primary market; (ii) the opening of such underlying security or Exchange-Traded Fund Share in the primary market has been delayed because of unusual circumstances; (iii) the Nasdaq PHLX Exchange (the Exchange) has been advised that the issuer of the underlying security or Exchange-Traded Fund Share is about to make an important announcement affecting such issuer. Respecting index options, the trade occurred during a trading halt on the primary market in underlying securities representing more than 10% of the current index value.
Quoting Obligations Relief – Options Exchange Officials will only grant relief from Quoting Obligations if there is a technical failure or limitation of a system of the Exchange that prevents a participant from maintaining, or prevents a participant from communicating timely and accurate quotes to the Exchange. The duration of such failure or limitation shall not be included in any of the quoting compliance calculations with respect to the affected quotes.
If you have any questions regarding the PHLX Market Exemption policy, please contact:
- Nasdaq PHLX On-Floor Surveillance at +1 215 496 5295 or +1800 THE PHLX, dial 9 and extension 5295.