The various options exchanges submitted a proposal to amend their respective rules in connection with recent amendments to the Plan for the Purpose of Creating and Operating an Intermarket Option Linkage (Linkage Plan). The Linkage Plan amendments involved changes to reduce the required “turn-around” time requirement from five to three seconds.

The proposed changes mean that options exchange members would be required to wait for only three seconds after submitting a “Linkage Order” for a response before trading through the non-responsive exchange and would also be entitled to reject any response purporting to be an execution received after the three-second threshold. The options exchanges believed that the reduction in “turn around” time would facilitate “speedy executions of orders while not adversely affecting the ability of members to make markets on their exchanges.”