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Meet CHX's Innovative Liquidity Enhancing Access Delay℠ (LEAD)

SEC Approves LEAD and LEAD Market Makers

CHX's innovative Liquidity Enhancing Access Delay℠ (LEAD) was approved by the Securities and Exchange Commission (SEC) on Thursday, October 19, 2017. On October 24, 2017, the Commission stayed the approval of LEAD, pursuant to Rule 431 of SEC Rules of Practice, which is now subject to Commission review.  The approved rules provide for the creation of a new category of Market Maker – LEAD Market Makers (LMMs).

In the event the stay is lifted, CHX plans to implement the 350 microsecond LEAD intentional delay on Thursday, February 1, 2018.

CHX is currently accepting applications to become registered Market Makers at the exchange.  CHX Participants interested in being assigned as an LMM must first be approved as registered Market Makers.  Initially, a limited number of LMMs will be assigned to each securities traded at the Exchange to assure that there is sufficient capacity for the anticipated increase in activity.  LMM assignments will be phased in on a security-by-security basis beginning Thursday, February 1, 2018.

Links to the details of LEAD, LMMs, and CHX's implementation plan are provided below.

How LEAD℠ Works

Learn more about the LEAD Advantage here.

Learn more about how LEAD works here.

CHX's LEAD / LMM Implementation Plan

Learn more about CHX's LEAD / LMM  implementation plan for in all securities traded at CHX here.

Now Accepting Applications to Register as a CHX Market Maker

Find more information on registering as a CHX Market Maker here.

Find more information on applying for an LMM issue assignment here.

Find more information on LMM performance standards here.

 

For more information on CHX LEAD, contact:

Michael Cardin
Director — Member Regulation
312.663.2204
or
Kevin Curtin
Manager — Member Regulation
312.663.2252