The Securities and Exchange Commission has issued an order denying a plan by NASDAQ OMX Group Inc. to offer rebates to some of the biggest customers of one of its options exchanges based on the amount of trading they do across all three of NASDAQ’s options markets, Reuters reports.
According to the SEC order, NASDAQ’s proposal would have allowed member organizations of its Phlx exchange to aggregate its customer volume in multiply-listed options electronically delivered and executed across Phlx and two other affiliated NASDAQ OMX exchanges, the NASDAQ Options Market and NASDAQ OMX BX. The purpose would have been to determine which rebate tier the member organization fits into.
