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Libraries:
FAQs - Market Regulation
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Filters:
All Years; Options Regulation;
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Identification Number
1893
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Continuous quoting obligations are calculated in the aggregate across all 90% continuous quoting obligation categories on each exchange, (e.g., Lead Market Maker (LMM), Directed SQT/RSQT, and Directed LMM roles on PHLX. Primary Market Maker (PMM), Preferred Competitive Market Maker (CMM), and Preferred PMM roles on ISE, GEMX, and MRX. Lead Market Maker role on NTX Options. Lead Market Maker role on NOM).
For non-directed/non-preferred Market Maker symbols, continuous quoting obligations are calculated at the firm level for assigned options series within the 60% continuous quoting obligation category on each exchange (e.g., on ISE/GEMX/MRX: Competitive Market Maker (CMM). On PHLX: SQT/RSQT. For NTX Options: Market Maker. On NOM: Market Maker) when badges and options series are assigned within the same member organization or Member.
When the firm is assigned an options series as a Market Maker and receives and executes a preferred order, the firm is preferred in that options series. In this case, the 60% quoting obligation no longer applies. Instead, all options series in which the firm is preferred will be subject to a heightened 90% quoting obligation and aggregated in the 90% quoting obligation bucket until the firm notifies the exchange that they are no longer preferred. For options series where the firm has not received or executed a preferred order and therefore is not preferred, the firm remains subject to the 60% quoting obligation, and these options series are aggregated in the Market Maker bucket.
For example, assume Firm ABC has only two CMM badges (i.e., Badges 1 and 2), each badge is only assigned to the same single options series; the Eligible Quoting Time in the assigned series is 100 seconds; and during this Eligible Quoting Time, Badge 1 submitted legal quotes for 40 seconds; and Badge 2 submitted legal quotes for 20 seconds that never overlapped in time with the Badge 1 quote.
In this example, Firm ABC’s CMM quoting percentage would be 60% (60/100). Since Badge 1 submitted legal quotes for 40 seconds, and Badge 2 submitted legal quotes for 20 non-overlapping seconds, Firm ABC’s CMM quoting time would be 60 seconds. As stated above, the Eligible Quoting Time is 100 seconds.
Please note that Market Maker, SQT/RSQT, and CMM quoting obligations are calculated separately from Lead Market Maker and Primary Market Maker quoting obligations.
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:
1893
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