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Market Maker is defined as an ATP Holder or ATP Firm registered with NYSE American for the purpose of submitting quotes electronically and making transactions as a dealer-specialist through the new trading platform from on or off the trading floor. A Market Maker on NYSE American is either a Market Maker or a Specialist.
Market Makers are required to apply for an appointment in one or more options classes. NYSE American will appoint one Specialist per option class and an unlimited number of Market Makers in each class.
The number of issues per ATP that a Market Maker may select for its appointment is as follows:
|Number of ATPs
|Option Issues in Appointment
|60 + bottom 45% of issues traded on the Exchange by volume
|150 + bottom 45% of issues traded on the Exchange by volume
|500 + bottom 45% of issues traded on the Exchange by volume
|1,100 + bottom 45% of issues traded on the Exchange by volume
|All issues traded on the Exchange
The bottom 45% of issues traded on the Exchange means the least actively traded issues on the Exchange, ranked by industry volume, as reported by the OCC for each issue during the calendar quarter. Each calendar quarter, with a one-month lag, the Exchange will publish on its website a list of the bottom 45% of issues traded. Any newly listed issues will automatically become part of the bottom 45% until the next evaluation period, at which time they may or may not remain part of the bottom 45% list depending upon their trading volumes and resultant rank among all issues traded on the Exchange.
Market Makers may select from among any option issues traded on NYSE American for inclusion in their appointment. Market Makers are permitted to change the option issues that are included in their appointment.
Market Makers are required to trade at least 75% of their contract volume per quarter in classes within their appointment. Trades done on the Trading Floor to accommodate cross trades, regardless of whether the trades are in issues within or without a Market Maker’s appointment, are excluded from this calculation.
Market Makers will only be permitted to enter quotations in the issues included in their appointment. If Market Makers wish to trade issues outside their primary, they must do so by entering orders.
A Specialist must provide continuous two-sided quotations throughout the trading day in its appointed issues for 90% of the time the Exchange is open for trading in each issue. These obligations will apply to all of the Specialist's appointed issues collectively, rather than on an issue-by-issue basis. Compliance with this obligation will be determined on a monthly basis.
A Market Maker must provide continuous two-sided quotations throughout the trading day in its appointed issues for 60% of the time the Exchange is open for trading in each issue. These obligations will apply to all of the Market Maker’s appointed issues collectively, rather than on an issue-by-issue basis. Compliance with this obligation will be determined on a monthly basis.
An applicant for Market Maker registration shall file an application, in writing, with the Exchange on such forms as the Exchange may prescribe. NYSE Arca currently designates the Series 57 Exam as the qualifying exam for Market Makers. The SIE Exam is a coresquisite to the Series 57 and applicants must also pass this exam. Registered Market Makers who have previously passed a qualifying exam will not be required to take the current pre-requisite exams as a condition to their continued registration, or to renew registration within 2 years.
Exam sessions are provided at authorized Prometric Testing Centers throughout the United States and can be scheduled once Form U4 has been updated to request the “OM” registration.