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Product LoginTuesday, December 21, 2010
Options Trader Alert #2010 - 79
The NASDAQ Options Market to Implement Direct Debit
What you need to know:
- Beginning Wednesday, March 23, 2011, for February 2011 billing, The NASDAQ Options MarketSM (NOM) will collect receivables via direct debit of members’ National Securities Clearing Corporation (NSCC) accounts.
- Members must provide a clearing account number at the NSCC to NASDAQ OMX Membership via email—with the member’s clearing firm contact carbon copied—at membership@nasdaqomx.com before February 23rd.
- This upgrade supports the transition to NOM 2.0, announced in Options Trader Alert #2010-78, and aligns NOM’s billing systems and processes with those currently used by NASDAQ OMX PHLXSM (PHLX®).
What has been announced?
Beginning Wednesday, March 23, 2011, for February 2011 billing, NOM will collect receivables via direct debit of members’ NSCC accounts, pending filing with the SEC. This upgrade supports the transition to NOM 2.0, announced in Options Trader Alert #2010-78, and aligns NOM’s billing systems and processes with those currently used by PHLX.
What do I need to do?
Members must provide a clearing account number at the NSCC to NASDAQ OMX Membership via email at membership@nasdaqomx.com before February 23rd. Members must carbon copy their clearing firm contact within the same email message.
If I dispute an invoice, will NOM include the disputed amount when debiting my account?
If a NOM member disagrees with the invoice, NOM will not commence the debit until the dispute is resolved. Specifically, if a member disputes an invoice, NOM will not include the disputed amount in the debit if the member has disputed the amount in writing to NOM's designated staff by the 15th of the month (or the following business day if the 15th is not a business day) and the amount in dispute is at least $10,000 or greater.
Members will receive an invoice well before debits are made (invoices are usually sent by the 5th of the month and debits are made on the 23rd of the month), leaving adequate time to contact NOM staff with any questions concerning their invoice.
Where can I find more information?
- Contact NASDAQ OMX Membership at +1 215 496 5322.
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