Assigned Series #
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Not less than 50 option series in an option class
(For Weekly Stock Options) Not less than 30 series in total for spot week and next week contracts (or not less than 15 series if only one contract is available^ )
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QR issued in options series in an option class
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Trading Requirement
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Provision of CQ for the assigned option series in an option class for 50% or more of the trading hours in a month
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Response to 50% or more QR in an option class in a month
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Maximum Time Limit for Responding to QR
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N/A
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Response within 20 seconds on receipt of QR
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Minimum Display Time (QR)
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N/A
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At least 20 seconds, unless a change in the underlying stock price occurs during the 20 seconds display period
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Maximum Bid/Offer Spread
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Option Series
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Liquidity Level 1*
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Liquidity Level 2*
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Liquidity Level 3*
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Spot month with 3 days or less to expiry
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20% of the bid price of the quote or 3 times the best bid/offer spread of the underlying securities, whichever is the lower.
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20% of the bid price of the quote or 4 times the best bid/offer spread of the underlying securities, whichever is the lower.
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30% of the bid price of the quote or 7 times the best bid/offer spread of the underlying securities, whichever is the lower.
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Spot month with 4 days or more to expiry and the next 3calendar expiry months
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10% of the bid price of the quote or 3 times the best bid/offer spread of the underlying securities, whichever is the lower.
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10% of the bid price of the quote or 4 times the best bid/offer spread of the underlying securities, whichever is the lower.
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20% of the bid price of the quote or 7 times the best bid/offer spread of the underlying securities, whichever is the lower.
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The next 2 calendar quarter expiry months
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20% of the bid price of the quote or 4 times the best bid/offer spread of the underlying securities, whichever is the lower.
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20% of the bid price of the quote or 6 times the best bid/offer spread of the underlying securities, whichever is the lower.
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30% of the bid price of the quote or 10 times the best bid/offer spread of the underlying securities, whichever is the lower.
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The 3rd calendar quarter expiry month and any other longer-dated expiry month as the Exchange deems necessary
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20% of the bid price of the quote or 8 times the best bid/offer spread of the underlying securities, whichever is the lower.
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20% of the bid price of the quote or 12 times the best bid/offer spread of the underlying securities, whichever is the lower.
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30% of the bid price of the quote or 20 times the best bid/offer spread of the underlying securities, whichever is the lower.
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Maximum Bid/Offer Spread
(For ETF Options) |
Spot month with 3 days or less to expiry |
20% of the bid price of the quote or 7.5 times the best bid/offer spread of the underlying securities, whichever is the lower. |
20% of the bid price of the quote or 10 times the best bid/offer spread of the underlying securities, whichever is the lower. |
30% of the bid price of the quote or 17.5 times the best bid/offer spread of the underlying securities, whichever is the lower. |
Spot month with 4 days or more to expiry and the next 3calendar expiry months |
10% of the bid price of the quote or 7.5 times the best bid/offer spread of the underlying securities, whichever is the lower. |
10% of the bid price of the quote or 10 times the best bid/offer spread of the underlying securities, whichever is the lower. |
20% of the bid price of the quote or 17.5 times the best bid/offer spread of the underlying securities, whichever is the lower. |
The next 2 calendar quarter expiry months |
20% of the bid price of the quote or 10 times the best bid/offer spread of the underlying securities, whichever is the lower. |
20% of the bid price of the quote or 15 times the best bid/offer spread of the underlying securities, whichever is the lower. |
30% of the bid price of the quote or 25 times the best bid/offer spread of the underlying securities, whichever is the lower. |
The 3rd calendar quarter expiry month and any other longer-dated expiry month as the Exchange deems necessary |
20% of the bid price of the quote or 20 times the best bid/offer spread of the underlying securities, whichever is the lower. |
20% of the bid price of the quote or 30 times the best bid/offer spread of the underlying securities, whichever is the lower. |
30% of the bid price of the quote or 50 times the best bid/offer spread of the underlying securities, whichever is the lower. |
Maximum Bid/Offer Spread
(For Weekly Stock Options) |
Spot week with 3 Business Days or less to expiry |
20% of the bid price of the quote or 3 times the best bid/offer spread of the underlying securities, whichever is the lower. |
20% of the bid price of the quote or 4 times the best bid/offer spread of the underlying securities, whichever is the lower. |
30% of the bid price of the quote or 7 times the best bid/offer spread of the underlying securities, whichever is the lower. |
Spot week with 4 Business Days or more to expiry and the next week |
10% of the bid price of the quote or 3 times the best bid/offer spread of the underlying securities, whichever is the lower. |
10% of the bid price of the quote or 4 times the best bid/offer spread of the underlying securities, whichever is the lower. |
20% of the bid price of the quote or 7 times the best bid/offer spread of the underlying securities, whichever is the lower. |
Minimum Quote Size
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Liquidity Level 1 - 30 contracts
Liquidity Level 2 and 3 - 15 contracts
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