Recommendations for Quality of Execution Reports

The Equity Options Trading Committee of SIFMA provides comments to the American Stock Exchange, the Boston Options Exchange, the Chicago Board Options Exchange, the International Stock Exchange, NYSE Arca, the Philadelphia Stock Exchange, and the Nasdaq Options Market on the quality of execution reports for options exchanges.  SIFMA believes that these recommendations will help to further the goal of devising a consistent methodology, terminology, and data foundation for the monthly quality of execution statistical reports. The Committee is recommending that the Exchanges implement these recommendations by September 30, 2008.  Prior to finalizing the recommendations, SIFMA sent preliminary recommendations to the U.S. options exchanges for improving best execution reports on April 29, 2008.