REGULATORY INFORMATION BULLETIN All OTP Holders and OTP Firms by jwk48861

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									                                                                              REGULATORY
                                                                              INFORMATION
                                                                              BULLETIN
                                                                              RBO-10-06
                                                                              February 5, 2010

TO:            All OTP Holders and OTP Firms

FROM:          Options Regulation

SUBJECT:       Bid/Ask Differentials in Certain High Priced Stocks
               (Additions to RBO-09-17, Issued December 8, 2009)

NYSE ARCA Rule 6.37A(b)(4) obligates Market Makers to adhere to certain maximum bid/ask
differentials for quotes that are included in the Opening Auction. Due to the high price and/or high
volatility of certain underlying stocks, NYSE ARCA has granted limited quote relief for certain issues,
during the Opening Auction only.

Market Makers are able to submit quotes, with up to (2x) ‘Double’ the standard maximum bid/ask
differential outlined in Rule 6.37A(b)(4), during the Opening Auction in the following option issue:

CBOE Mini Nasdaq 100 Index               (MNX)

OTP Holders may submit quotes with the following modified bid/ask differentials in the NASDAQ 100
Index (NDX):

NDX – Exemption Granted for the opening and open outcry:
If the bid is less than $2.00                    $0.75 wide
If the bid is from $2.00 - $4.99                 $1.00 wide
If the bid is from $5.00 - $9.99                 $1.50 wide
If the bid is from $10.00 - $19.99               $3.00 wide
If the bid is from $20.00 - $39.99               $6.00 wide
If the bid is from $40.00 - $79.99               $12.00 wide
If the bid is from $80.00 - $199.99              $18.00 wide
If the bid is $200.00 or greater                 $22.00 wide

NDX – Exemption Granted after the opening for electronic quotes:
If the bid is less than $20.00                     $5.00 wide
If the bid is from $20.00 - $39.99                 $6.00 wide
If the bid is from $40.00 - $79.99                 $12.00 wide
If the bid is from $80.00 - $199.99                $18.00 wide
If the bid is $200.00 or greater                   $22.00 wide

This relief is granted beginning on February 5, 2010 through the March 2010 Expiration Cycle.

For questions regarding this bulletin, OTP Holders may contact Peter Bijesse, VP Options Floor
Regulation @ 415-835-5200.

								
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