16 SG Alone Presence • SG Alone Presence = The higher of: a) % of time that an MM maintains an order on the buy side which alone maintains the target spread goal; or b) % of time that an MM maintains on order on the sell side which alone maintains the target Spread Goal • E.g. an MM maintains an order on the buy side which alone maintains the target Spread Goal 5% of the time and maintains an order on the sell side which alone maintains the target Spread Goal 8% of the time. The SG Alone Presence for that MM is 8%, which is the higher of the two sides • Relative SG Alone Presence % = SG Alone Presence for that MM / (MM1 SG Alone Presence + MM2 SG Alone Presence) • Where the combined MM SG Alone Presence is less than 2%, both MMs are assessed at an equal 50% contribution 16.67% (50% of SG weighting) %Time at NBBO – 33.33% of total Net NBBO Corrections • Net NBBO Corrections =MAX ( 0 , Number of MM NBBO Corrections - Number of MM NBBO Violations ) Where: • MM NBBO Correction = a single event where the TBBO is worse than the NBBO, and the MM enters in an order that results in the TBBO being equal to or better than the NBBO • MM NBBO Violation = a single event where the TBBO is at or better than the NBBO, but the cancellation of an order by the MM results in the TBBO being worse than the NBBO • Resulting Net NBBO Corrections cannot be less than zero • Relative Net NBBO Correction % = MM Net NBBO Corrections / (MM1 Net NBBO Corrections + MM2 Net NBBO Corrections) • Where the combined Net MM NBBO Corrections is below 10 Net NBBO Corrections per day average for that month, both MMs are assessed as equal at a 50% contribution in that category 16.67% (50% of NBBO weighting)
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