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Friday, September 15, 2017

Options Regulatory Alert #2017 - 48
Nasdaq: PHLX, ISE, GEMX and MRX Bid/Ask Differentials for "NDX" and "PCLN" Option Classes through October 21, 2017

Category:

  • Regulatory

Markets Impacted:

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The below market maker quote width requirements for options overlying NDX and PCLN on NASDAQ PHLX LLC (PHLX), Nasdaq ISE, LLC (ISE), Nasdaq GEMX, LLC (GEMX) and Nasdaq MRX, LLC (MRX) will be effective through October 21, 2017. The exchanges may, in their discretion, amend the bid/ask differentials by providing notice to members.

The PHLX, ISE and GEMX bid/ask differentials for “NDX" and PCLN" option classes and MRX bid/ask differentials for PCLN” electronic opening quotes and open outcry quotes are as follows:

  • If the bid is under $2, the bid/ask spread may be up to $1.50 wide.
  • If the bid is from $2 to $4.90, the bid/ask spread may be up to $2 wide.
  • If the bid is from $5 to $9.90, the bid/ask spread may be up to $3 wide.
  • If the bid is from $10 to $19.90, the bid/ask spread may be up to $6 wide.
  • If the bid is from $20 to $39.90, the bid/ask spread may be up to $12 wide.
  • If the bid is from $40 to $79.90, the bid/ask spread may be up to $24 wide.
  • If the bid is from $80 to $199.90, the bid/ask spread may be up to $36 wide.
  • If the bid is from $200 or greater, the bid/ask spread may be up to $44 wide.

The PHLX, ISE and GEMX bid/ask differentials for NDX" and PCLN" option classes and MRX bid/ask differentials for "PCLN” electronic intra-day quotes are as follows:

  • If the bid is under $20, the bid/ask spread may be up to $5 wide.
  • If the bid is from $20 to $39.90, the bid/ask spread may be up to $6 wide.
  • If the bid is from $40 to $79.90, the bid/ask spread may be up to $12 wide.
  • If the bid is from $80 to $199.90, the bid/ask spread may be up to $18 wide.
  • If the bid is from $200 or greater, the bid/ask spread may be up to $22 wide.

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