Market Makers Get New Quoting Rules on GEMX—Zzz
Published Date: 8/13/2026
Notice
Summary
No summary available.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
PMM and Preferred MM Quoting Aggregation
If your firm is both a Primary Market Maker (PMM) and a Preferred Market Maker, the Exchange will count your quoting activity for those roles together when measuring the existing 90% continuous two‑sided quoting requirement. The rule keeps the 90% threshold and examples reference the trading day length used for calculations (23,400 seconds per series); the Exchange will implement this change on September 1, 2026.
Competitive Market Maker Obligations Unchanged
Competitive Market Makers (CMMs) remain subject to their separate quoting obligation of providing two‑sided quotations in 60% of cumulative seconds (or a higher percentage the Exchange may announce). The proposal does not change that 60% requirement and continues to treat CMM obligations separately from PMM/Preferred Market Maker aggregation.
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Key Dates
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