NYSE Arca received approval for its proposal to amend Rule 6.37B to reduce the continuous quoting obligations of Lead Market Makers (LMMs). The rule change will reduce the LMM continuous two-sided quotation requirement from 99% of the time the exchange is open for trading in each issue to 90% of the time the exchange is open in each appointed issue but excluding the time when due to exchange technical failure or limitation of an exchange system prevents the LMM from communicating to the exchange in a timely manner. In addition, the rule change will amend the review period for the continuous quoting obligation from a quarterly basis to a monthly basis.
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NYSE Arca amends LMM continuous quoting obligations
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