|
Market Makers
A Market Maker is an OTP Holder or OTP Firm registered with the Exchange for the purpose of submitting quotes electronically and making transactions as a dealer-specialist. Market Makers can operate from on or off the exchange trading floor.
Lead Market Makers
Lead Market Makers (“LMMs”) are approved Market Makers deemed qualified by the Exchange for acting in such capacity. LMMs quoting obligations are more stringent than Market Makers and they receive participation guarantees in some cases. Lead Market Makers can operate on or off the exchange trading floor and perform Floor Broker functions if specific requirements are met. Any OTP Holder/Firm registered as a Market Maker may apply to become a LMM. LMMs must maintain specified cash or liquid assets based upon the number of issues traded.
Market Maker Authorized Traders
Market Maker Authorized Traders (MMATs) shall be an individual OTP Holder or officer, partner, employee or associated person of the OTP firm authorized to enter quotes and orders on the Exchange for the account of a registered Market Maker firm. MMATs must register with the Exchange and pass the appropriate Market Maker exam.
Order Flow Providers
If your firm currently enters option orders on the exchange, no additional OTPs or changes are required. Current ETP Holders on the NYSE Arca equity platform that want to start entering option orders, must either acquire an OTP or become a “Sponsored Participant” by entering into a agreement with an approved OTP Holder (“Sponsoring OTP”). Sponsoring OTP Holders are broker-dealers that have been designated by a Sponsored Participant to execute, clear and settle transactions on NYSE Arca on their behalf.
|
