PHLX Tells Market Makers: Quote Like This Now
Published Date: 8/13/2026
Notice
Summary
No summary available.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Aggregate LMM/DMM Quoting Counts
If your firm houses both Lead Market Makers (LMMs) and Directed Market Makers (DMMs) under the same member organization, the Exchange will count their quoting activity together when measuring compliance. The 90% continuous two-sided quoting threshold remains in place, and this aggregated counting will take effect on September 1, 2026.
Market Makers' 60% Obligation Unchanged
Market Makers (SQTs and RSQTs) will continue to be measured against a 60% continuous two-sided quoting requirement and will not be moved to the 90% LMM/DMM standard. A Market Maker that is also assigned as an LMM in a given series will still be held separately to both the LMM and Market Maker obligations in that series.
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