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Frequently Asked Questions
 Does the Valid Width Quote requirement apply to long-dated option (>9 Months until Expiration) series ("LEAPs")?
Identification Number 1915

Yes, it applies to index options with an expiration of more than 12 months away have a bid/ask spread of $5.00. This applies for NDX LEAPs as well.

Please see PHLX/ISE/GEMX/MRX Options 3, Section 8, the PHLX/ISE/GEMX/MRX Valid Opening Quote Differentials Tables, and Options Regulatory Alert #2026-18 for more details.

Publication Date*: 6/30/2026 Mailto Link Identification Number: 1915
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