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Monday, September 17, 2018

Options Regulatory Alert #2018 - 26
Nasdaq Market Regulation announces changes to Post-Trade Reporting Specialist/PMM Opening Quote Performance

Category:

  • Regulatory

Markets Impacted:

Contact Information:

  • Nasdaq Market Regulation at +1 215 496 5545

    • Resources:

    Effective September 17, 2018, Nasdaq Market Regulation staff will only contact PMMs/ Specialists if there is an apparent violation of PHLX Rule 1017(d) and ISE, GEMX, MRX Rules 701(c)(iii). The routine communication of daily opening quotes summary reports will cease. Daily opening quote summary reports will still be available through the PMM/Specialist opening quote SFTP surveillance report located in Report HQ and the Nasdaq SFTP Secure Server output directory.

    Opening Process:

    RuleParticipantObligation
    PHLX Rule 1017Specialist

    Specialist assigned in a particular equity or index option must enter a Valid Width Quote, in 90% of their assigned series, not later than one minute following the dissemination of a quote or trade by the market for the underlying security or, in the case of index options, following the receipt of the opening price in the underlying index.

    Specialist assigned in a particular U.S. dollar-settled FCO must enter a Valid Width Quote, in 90% of their assigned series, not later than 30 seconds after the announced market opening.

    Provided an options series has not opened pursuant to Rule 1017(d)(i)(B) or (C), the Specialist must promptly enter a Valid Width Quote in the remainder of their assigned series, which did not open within one minute following the dissemination of a quote or trade by the market for the underlying security or, in the case of index options, following the receipt of the opening price in the underlying index or, with respect to a U.S. dollar-settled FCO, following the announced market opening.

    ISE, GEMX and MRX Rule 701PMM

    PMM assigned in a particular equity or index option must enter a Valid Width Quote, in 90% of their assigned series, not later than one minute following the dissemination of a quote or trade by the market for the underlying security or, in the case of index options, following the receipt of the opening price in the underlying index.

    PMM assigned in a particular U.S. dollar-settled foreign currency option must enter a Valid Width Quote, in 90% of their assigned series, not later than one minute after the announced market opening.

    Provided an options series has not opened pursuant to Rule 701(c)(1)(ii) or (iii), PMMs must promptly enter a Valid Width Quote in the remainder of their assigned series, which did not open within one minute following the dissemination of a quote or trade by the market for the underlying security or, in the case of index options, following the receipt of the opening price in the underlying index or, with respect to U.S. dollar-settled foreign currency options, following the announced market opening.

    If you need any additional information regarding your Report HQ account please contact Nasdaq Subscriber Services at (212) 231-5180, Option 3. If you have any questions regarding the reports or the content of the report please reach out to Nasdaq Market Regulation at (215) 496 5545.

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