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Firm Quote and Trade-Through Disclosure Rules for Options
AGENCY: Securities and Exchange Commission
ACTION: Proposed rule
SUMMARY: The Securities and Exchange Commission ("SEC"
or "Commission") is proposing to amend Rule 11Ac1-1 under the
Securities Exchange Act of 1934 ("Exchange Act"), to require options
exchanges and options market makers to publish firm quotes. The
Commission also is proposing new Rule 11Ac1-7 under the Exchange Act
to require a broker-dealer to disclose on its customer's confirmation
statement when the customer's order for listed options was executed
at a price inferior to a better published quote and what that better
quote was, unless the transaction was effected on a market that is a
participant in an intermarket options linkage plan approved by the
Commission.
DATES: Comments should be submitted on or before [insert date 45 days
after publication in the Federal Register].
ADDRESSES: All comments should be submitted in triplicate and
addressed to Jonathan G. Katz, Secretary, U.S. Securities and Exhange
Commission, 450 Fifth Street, N.W., Washington, D.C. 20549-0609.
Comments also may be submitted electronically at the following E-mail
address: rule-comments@xxxxxxxx All comment letters should refer to
File No. S7-17-00; this file number should be included on the subject
line if E-mail is used. Comment letters will be available for
inspection and copying in the Commission's Public Reference Room at
the same address. Electronically submitted comment letters will be
posted on the Commission's Internet web site (http://www.sec.gov).
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