LMM ETP IPO Price Bands Tool (Effective 09/21/26)

The Lead Market Maker (LMM) Exchange Traded Product (ETP) Initial Public Offering (IPO) Price Bands Tool allows LMMs to specify and approve the price bands of any ETP security where they are designated as the LMM on IPO day. Access to the tool is granted to LMMs by the Account Administrator.

The tool displays only those ETP securities scheduled to IPO on the current trading day for which the user is designated as the LMM. For each security, the tools provides the following information:

• Current Indicative Price
• Open Price and Matched Volume (upon successful completion of the auction)
• Imbalance and Imbalance Side
• Upper and Lower Price Bands (default: +/– $0.10)
• Last Approved Indicative Price
• Last Approved Upper and Lower Price
• Status

Approval is available between 8:00 a.m. ET and 9:45 a.m. ET.

For the first approval, the LMM must approve the current Indicative Price (since no last approved Indicative Price exists).

For subsequent approvals, the LMM may approve based on either the last Indicative Price or the current Indicative Price.

There is no limit on the number of price band adjustments an LMM may make between auction execution attempts.

The tool displays messaging confirming whether the security has successfully opened (including the opening price) or has failed a specific validation check.

The tool displays No ETP IPOs Today if there are no ETP securities scheduled to IP on the current trading day for which the user is designated as the LMM.