Firm Quote and Trade-Through Disclosure Rules for Options

The Securities and Exchange Commission ("SEC" or "Commission") is adopting an amendment to 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 adopting new Rule 11Ac1-7 under the Exchange Act to require a broker-dealer to disclose to its customer when its customer's order for listed options is 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. These rules will facilitate the ability of market participants to obtain the best price for customer orders.