17 NBBO Alone Presence • NBBO Alone Presence = % Time Alone on buy side + % Time Alone on sell side / 2 Where: • % Time Alone = % of time that the MM maintains an order that is the only order that keeps the TBBO equal to the NBBO • E.g. a MM’s buy side time % Time Alone is 10% and their sell side % Time Alone is 5%. Their NBBO Alone Presence is 7.5%, the average of the two % Time Alone values. • Relative NBBO Alone Presence % = NBBO Alone Presence for that MM / (MM1 NBBO Alone Presence + MM2 NBBO Alone Presence) • Where the combined MM NBBO Alone Presence is less than 5%, both MMs are assessed at an equal 50% contribution 16.67% (50% of NBBO weighting)
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