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LEAD℠ / LMM: Key Dates and Times1

While CHX continues to prepare for LEAD implementation during the Commission's review of the approval order including assignment of LMM applicants to issues, CHX notes that the LEAD rules are not in effect and no part of the implementation of LEAD will be effective until such time the Commission completes its review and lifts the stay of the approval order.

The LEAD rules will require CHX to consider various factors when allocating securities to LEAD MMs, which include, but are not limited to, the applicant’s experience with making markets in securities, adequacy of capital, willingness to promote the Exchange as a marketplace, issuer preference, operational capacity, support personnel and history of adherence to Exchange rules and securities laws. As some of these factors are retrospective, the Exchange is obligated to consider an applicant’s history as a CHX Participant or Market Maker in making LEAD MM Security allocation decisions.

To this end, in the event the stay of the approval order is lifted, the Exchange will give LEAD MM Security assignment preference to those CHX Participants that are approved by CHX as registered Market Makers pursuant to existing CHX Rules (Article 16) and have demonstrated connectivity to CHX) by December 8, 2017. In the event the stay order is lifted, the First Initial Assignment Request Window shall occur on the third business day after the day on which the stay order is lifted.

Given CHX’s plan for phased implementation of activation of LMM assignment, CHX will allow each LMM to select an activation date no sooner than the date that CHX permits initial LMM activation for a given security and no later than twenty (20) business thereafter.  If an LMM is unable to activate an LMM assignment to a given security within that twenty day period, the assignment of that LMM to that security will be considered to be voluntarily terminated at that time, and the LMM would need to reapply for assignment to that security.




LEAD / LMM Approved by SEC


Cut-off date for CHX Participant to qualify to participate in First Initial Assignment Request Window

Third business day after the stay is lifted   8:00:00 AM CT

Start of First Initial Assignment Request Window

Third business day after the stay is lifted   10:00:00 AM CT

End of First Initial Assignment Request Window

Third business day after the stay is lifted   10:00:01 AM CT

Start of Ongoing Assignment Request Window

To be determined

LEAD and phased activation of LMM assignments begins

For more information, contact:

Mark O'Connor
Director of Sales


Steven I. Givot
Senior Vice President — Strategy and Product Management

1. The information presented on this website is for promotional purposes only.  Please read all applicable CHX Rules and official information prior to using this product.