The International Securities Exchange (ISE) is seeking approval from the Securities and Exchange Commission (SEC) to reorganize the Competitive Market Maker (CMM) trading rights on its options exchange. The new structure will offer greater flexibility to existing CMMs to select the options classes they will like to quote and also allow new liquidity providers to join ISE as CMM members.
As per the proposed structure, CMM rights will allow a market maker to enter quotes in options symbols comprising a certain percentage of volume on the exchange. A total of nine CMM rights will be required to act as a market maker in all classes listed on the exchange. The new proposal will not affect the rights and obligations of ISE’s Primary Market Makers.
Click here for the release from International Securities Exchange.