Effective Monday, September 22, 2014, NOM will alter Market Maker quoting obligations. As of September 22, 2014, a Market Maker must quote options 60% of the trading day (as a percentage of the total number of minutes in such trading day) or such higher percentage as NOM may announce in advance. This obligation will apply to all of a Market Maker's registered options collectively, rather than on an option-by-option basis.

While this rule provides flexibility it does not, however, diminish the Market Maker's obligation to continuously quote a significant part of the trading day in a significant percentage of series. NASDAQ Regulation may consider exceptions to the requirement to quote 60% (or higher) of the trading day based on demonstrated legal or regulatory requirements or other mitigating circumstances. The Exchange will review Market Makers’ daily compliance in the aggregate of their registered options and determine the appropriate disciplinary action for single or multiple failures to comply with the continuous quoting requirement. The Exchange’s ability to evaluate quoting compliance on a monthly basis does not relieve a Market Maker of the obligation to provide continuous two-sided quotes on a daily basis, nor will it prohibit the Exchange from taking disciplinary action against a Market Maker for failing to meet the continuous quoting obligation for a single trading day.

As a reminder, the BX Options Market Maker quoting obligations were similarly amended on August 20, 2014.