Market Maker Obligations & Benefits
ETFs & CEFs
| Obligations (per book & per security) | Tier 1 | Tier 2 | Tier 3 |
|---|---|---|---|
|
Quoting Two-sided quote, X% of time between 9:30am-4:00pm |
95% | 95% | 95% |
|
Size & Spread Number of board lots (BL) within X% of last sale price, minimum 5 BL on each side |
50 BL 3% |
30 BL 4% |
15 BL 5% |
Securities (other than ETFs & CEFs) trading >= $1
| Obligations (per book & per security) | Tier 1 | Tier 2 | Tier 3 |
|---|---|---|---|
|
Quoting Two-sided quote, X% of time between 9:30am-4:00pm |
95% | 95% | 95% |
|
Size & Spread Number of board lots (BL) within a maximum spread of X%, minimum 2 BL on each side |
10 BL 1.5% |
6 BL 3% |
4 BL 5% |
Securities (other than ETFs & CEFs) trading < $1
| Obligations (per book & per security) | $0.01-$0.09 | $0.1-$0.49 | $0.50-$0.99 |
|---|---|---|---|
|
Quoting Two-sided quote, X% of time between 9:30am-4:00pm |
95% | 95% | 95% |
|
Size & Spread Number of Board lots (BL) within $X spread, minimum 1 BL on each side |
4 BL $0.03 |
4 BL $0.05 |
4 BL $0.07 |