Effective Monday August 5th, 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 through September 20, 2024. The exchanges may, in their discretion, amend these requirements by providing notice to members.

Please note the addition of UVXY to the Quarterly Quote Spread Opening and Intraday relief list.

Option classes included in the file Quote-Spread-Parameter-Relief.xlsx will have double (2x) bid/ask differential opening Valid Width Quote parameter relief on Phlx, ISE, GEMX and MRX. Option classes included in the file will have $20.00 (4X) bid/ask differential intra-day quote width parameter relief on Phlx, NOM, BX, ISE, GEMX and MRX.

Option classes for AZO, BKNG, and MSTR will have quadruple (4x) bid/ask differential opening Valid Width Quote parameter relief on Phlx, ISE, GEMX and MRX and are included in the file Quote-Spread-Parameter-Relief-4x.xlsx. Option classes for AZO, BKNG, and MSTR will have $40.00 (8X) bid/ask differential intra-day quote width parameter relief on Phlx, NOM, BX, ISE, GEMX and MRX.

*The Machine-readable format of the same file can be found in the Resources section. Please note that the hyperlink in resources section may not be functional on all internet browsers.

Opening

*With respect to the Opening Process, pursuant to Options 3, Section 8, the Valid Width Quote requirement shall not apply to options series until the time to expiration is less than nine (9) months for equity options, exchange-traded products, and foreign currencies and less than twelve (12) months for index options for Phlx, BX, ISE, GEMX and MRX. Please refer to Phlx, BX, ISE, GEMX and MRX Options 3, Section 8 for definitions of Valid Width Quote.

Intra-Day

*Please note that all other option classes for Phlx, ISE, GEMX and MRX, which are not listed in this ORA, are subject to 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. Intra-day bid/ask differentials shall not apply to such options series until the time to expiration is less than nine (9) months for equity options, and exchange-traded products, as well as Phlx foreign currencies. Bid/ask differentials shall not apply to such options series until the time to expiration is less than twelve (12) months for index options for Phlx, ISE, GEMX and MRX.

*Please note that all other option classes for NOM and BX, 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. 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. Intra-day bid/ask differentials shall not apply to any options series until the time to expiration is less than nine (9) months for equity options and exchange-traded products. Bid/ask differentials shall not apply to any options series until the time to expiration is less than twelve (12) months for index options.

Please use the this link for the Phlx, NOM, GEMX and MRX minimum quote size requirements.