No later than September 2, 2003, the Amex is requiring each specialist unit to create and maintain a written record of the identity of the individual specialist or specialists involved in the trading of each particular option class during the period the class is traded each day. Where more than one specialist is involved in the trading for a particular class during any particular period, the written record should identify all such specialists and shall denote the specialist who is responsible for ensuring compliance with applicable regulatory requirements. Notwithstanding the foregoing, no such record need be created where such information is captured and maintained electronically on a trade-by-trade basis.
This information is required for regulatory purposes and falls under the Audit Trail requirements of Rule 719. In order to facilitate the capturing of this information, the attached Form has been developed for your use. Units may use their own form, provided such form captures the information required hereby.
The written record required hereby must be completed on a daily basis and must be maintained with each specialist unit's records. (Units may wish to preprint their own Forms with symbols already entered. This is acceptable as long as specialist identities and times of market maintenance are not preprinted.)
If you have any questions on this requirement, please contact Arne Michelson at 212-306-1860, Victor Attanasio at 212-306-1548 or Dave Fisch at 212-306-1450.