CMMs are market makers who quote independently and add depth and liquidity to the market. Each is required to provide continuous quotations in no less than 60% of the stock options in their assigned group.

     There are up to ten CMMs appointed to each of the ten groups of options traded on the Exchange. In addition to providing quotations in their assigned stock options, CMMs may also conduct a limited amount of trading (up to 25% of their quarterly contract volume) in other options traded on the Exchange.

     A CMM must purchase or lease a CMM membership, and each membership entitles the member to enter quotations in one group of options. CMMs are not permitted to represent agency orders.