Regulatory Notice 10-36

Amendments to Standardized Options Exercise Procedures and Extension of Contrary Exercise Advice Cut-Off Time
Effective Date: September 7, 2010

Executive Summary

Effective September 7, 2010, amendments to FINRA Rule 2360 (Options) extend the cut-off time for the submission of certain contrary exercise advices (CEAs) by one hour to 7:30 p.m. Eastern Time (ET). Additionally, in the event of a modified close of trading, the amendments extend the deadline for option holders to make a final exercise decision for an expiring standardized option by two minutes to one hour and 30 minutes following the modified closing time.

 

The amended rule text is set forth in Attachment A.


Questions concerning this Notice should be directed to:

 

  • Gary Goldsholle, Vice President and Associate General Counsel, Office of General Counsel (OGC), at (202) 728-8104; or
  • Kathryn Moore, Assistant General Counsel, OGC, at (202) 974-2974.