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Product LoginFriday, January 22, 2016
Options Regulatory Alert #2016 - 4
PHLX – Unbundling of Orders
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Members and member organizations are reminded that the unbundling of orders for the purpose of achieving the specialist allocation preference under PHLX Rule 1014(g)(vii)(B)(1) (“5 contracts or fewer guarantee” ) may be considered conduct inconsistent with PHLX Rule 707 – Conduct Inconsistent with Just and Equitable Principles of Trade. The 5 contracts or fewer guarantee is in place to incentivize member organizations to register as specialists, not to provide a means for a member organization to unbundle a larger order into smaller components and send the components to one or more market centers where the member organization, or others, receive preferences on additional contracts from the same initial order. Please contact Joseph Cusick at +1 215 496 1576 with any questions. |
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