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Libraries:
FAQs - Market Regulation
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All Years; Options Regulation;
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Identification Number
1890
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This answer applies to Primary Market Makers on ISE, GEMX, and MRX and Lead Market Makers on PHLX, NTX Options, and NOM.
Lead/Primary Market Makers, associated with the same member, are collectively required to provide two-sided quotations in 90% of the cumulative number of seconds, or such higher percentage as the exchange may announce in advance, for which that member's assigned options class is open for trading. Lead/Primary Market Makers on PHLX, ISE, GEMX, and MRX shall be required to make two-sided markets in any Quarterly Options Series, any Adjusted Options Series, and any option series with an expiration of nine months or greater for options on equities and ETFs or with an expiration of twelve months or greater for index options. Lead/Primary Market Makers on NTX Options and NOM shall not be required to make two-sided markets in any Quarterly Option Series, any Adjusted Option Series, and any option series with an expiration of nine months or greater for options on equities and exchange-traded funds or with an expiration of twelve months or greater for index options. However, a Lead/Primary Market Maker may still receive a participation entitlement in such series if it elects to quote in such series and otherwise satisfies the requirements of Options 3, Section 10.
On the exchanges where market makers could have multiple 90% continuous, two-sided quoting obligations—ISE, GEMX, MRX, and PHLX—each exchange will aggregate quoting activity across all market maker roles that have a 90% continuous, two-sided quoting obligation (or such higher percentage as the applicable exchange may announce), when badges and options series are assigned within the same member organization or Member. For example, on ISE, compliance with the continuous, two-sided quoting obligations of PMMs, Preferred PMMs, and Preferred CMMs will be calculated together. Please review Options Regulatory Alert #2026-48 for more details.
For example: Assume a member has 150 assigned symbols on ISE, with 100 symbols in the Primary Market Maker role (of which 25 executed Directed or Preferenced Orders) and 50 symbols in the Competitive Market Maker role (of which 25 executed Directed or Preferenced Orders):
125 symbols count toward a single aggregated 90%
bucket (combining Primary Market Maker and Directed/Preferenced Order
activity), and 25 symbols count toward the 60% bucket — two obligations,
calculated on a combined basis for the overlapping roles. Please see NOM/NTX/ISE/MRX/GEMX/PHLX
Options 2 Sections 4 and 5 for more details.
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Publication Date*:
6/30/2026
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Identification Number:
1890
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