Exchanges divvy up options spying duties. Snore.
Published Date: 8/13/2026
Notice
Summary
No summary available.
Analyzed Economic Effects
5 provisions identified: 1 benefits, 1 costs, 3 mixed.
Relieves Duplicate Options Examinations
Under the Plan, when a Participating Organization is named the Designated Options Surveillance Regulator (DOSR) for a common member, all other SROs to which that common member belongs are relieved of the regulatory responsibility allocated to the DOSR. The Plan is described as designed to reduce regulatory duplication and the unnecessary expenses that multiple examinations could impose on common members.
Plan Adds MX2 and IEX
The amendment filed July 23, 2026 adds MX2 LLC and Investors Exchange LLC (IEX) as Participants to the Rule 17d-2 Options Surveillance Plan and records the name change of Nasdaq BX, Inc. to Nasdaq Texas, LLC. This formally makes MX2 and IEX parties to the Plan and part of the Options Surveillance Group that allocates surveillance responsibilities.
FINRA Conducts Delta Hedging Exams
The Plan specifies that FINRA will conduct examinations for the delta hedging exemption under options position limits for all Common Members that are FINRA members. For Common Members that are non-FINRA members, the same Participant conducting position limit surveillance will conduct delta hedging examinations.
DOSR Allocation Rules and Rotation
The Options Surveillance Group (OSG) will allocate Common Members that conduct an options business among Participants no less frequently than every two years. Allocations are to be made to equalize assignments as nearly as possible, will rotate so a member is not allocated to the same Participant within the previous two years, and the Plan states that no Common Members shall be allocated to FINRA.
Possible Fee If DOSR Can’t Complete Work
If a DOSR advises the Group it cannot complete its Regulatory Responsibility, the Group may reallocate those Common Members among remaining Participants and may determine to impose a regulatory fee for services provided to the DOSR that was unable to fulfill its Regulatory Responsibility.
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