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Product LoginWednesday, December 30, 2020
Options Regulatory Alert #2020 - 48
UPDATED, PHLX, NOM, BX, ISE, GEMX and MRX - Weekly Quote Spread Parameter Relief January 4, 2021 through January 8, 2021
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Effective January 4, 2021, the market maker quarterly quote width requirements on Nasdaq PHLX (PHLX), The Nasdaq Options Market (NOM), Nasdaq BX (BX Options), Nasdaq ISE (ISE), Nasdaq GEMX (GEMX) and Nasdaq MRX (MRX) will be effective January 4, 2021 through January 8, 2021. The exchanges may, in their discretion, amend these requirements by providing notice to members. Opening: The following option classes* will have triple (3x) bid/ask differential / opening Valid Width Quote parameter relief on the following Nasdaq options exchanges: PHLX - All Option Classes ISE - All Option Classes GEMX - All Option Classes MRX - All Option Classes Re-Opening: The following option classes* will have twenty (20x) bid/ask differential / re-opening Valid Width Quote parameter relief on the following Nasdaq options exchanges: PHLX - All Option Classes ISE - All Option Classes GEMX - All Option Classes MRX - All Option Classes Intra-Day: The following option classes* will have double (2x) bid/ask differential intra-day quote width parameter relief on Nasdaq options’ exchanges: PHLX - All Option Classes ISE - All Option Classes GEMX - All Option Classes MRX - All Option Classes NOM - All Option Classes BX - All Option Classes *Please note that an option series with an expiration 9 months or greater does not have intra-day bid/ask differential requirements. *Please note that all other option classes for Phlx, ISE, GEMX and MRX, which are not listed in this ORA, will have an intra-day bid/ask differential that will not exceed $5.00 between the bid and offer, regardless of the price of the bid, provided that the foregoing bid/ask differentials shall not apply to in-the-money series where the market for the underlying security is wider than the differentials. For such series, the bid/ask differentials may be as wide as the spread between the NBBO in the underlying security. The aforementioned excludes option series with an expiration 9 months or greater. *Please note that all other option classes for NOM and BX, which are not listed in this ORA, will have a bid/ask differential that will not exceed $5.00 between the bid and offer regardless of the price of the bid, including before and during the opening. However, respecting in-the-money series where the market for the underlying security is wider than $5.00, the bid/ask differential may be as wide as the spread between the NBBO in the underlying security. The aforementioned excludes option series with an expiration 9 months or greater. *Please use the following link for the Phlx, NOM, GEMX and MRX minimum quote size requirements.
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