A Trading Permit Holder or TPH organization representing an order respecting an option traded on the Exchange an "original order" , including a spread, combination, or straddle order as defined in Rule 6.

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In addition, whenever a floor broker who is aware of, but does not represent, an original order solicits one or more persons or orders in response to an original order, the persons solicited and any resulting orders are solicited persons or solicited orders subject to this Rule.

Original orders and solicited orders are subject to the following conditions. If the terms and conditions of the original order are disclosed to the trading crowd prior to the solicitation and the original order is continuously represented in the crowd throughout the solicitation process without any change in the terms and conditions of the order, and if the solicited person or the solicited order matches the original order's limit and improves the best bid or offer in the trading crowd, then the solicited person or the solicited order will have priority over non-solicited market makers and floor brokers representing non-solicited discretionary orders in the trading crowd and may trade with the original order at the improved bid or offered price subject to customer limit order book priorities set forth in Rule 6.

If the terms and conditions of the original order are disclosed to the trading crowd prior to the solicitation and the original order is continuously represented in the crowd throughout the solicitation process, and if the solicited person or the solicited order improves the best bid or offer in the crowd but does not match the original order's limit, and if thereafter the original order is modified to match the solicited order's bid or offer, then the following principles apply:.

If all the terms and conditions of the original order are disclosed to the trading crowd prior to the solicitation and the original order is continuously represented in the crowd throughout the solicitation process, and if the solicited person or the solicited order's bid or offer matches but does not improve the best bid or offer in the trading crowd and does not meet the original order's limit, and if thereafter the original order is modified to match the best bid or offer, then non-solicited market-makers and floor brokers with non-solicited discretionary orders in the trading crowd will have priority over the solicited person or the solicited order and may trade with the modified original order at the best bid or offered price subject to customer limit order book priorities set forth in Rule 6.

If the terms and conditions of the original order are not disclosed to the trading crowd prior to the solicitation, then, prior to crossing the original order with the solicited order or executing the original order with the solicited person or his agent, the Trading Permit Holder initiating the original order or his agent must disclose all the terms and conditions of the original order to the trading crowd.

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Non-solicited market-makers and floor brokers holding non-solicited discretionary orders in the trading crowd will have priority over the solicited person or the solicited order to trade with the original order at the best bid or offered price subject to customer limit order book priorities set forth in Rule 6.

It will be considered conduct inconsistent with just and equitable principles of trade and a violation of Rule 4.

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For purposes of this paragraph e , an order to buy or sell a "related instrument," means, in reference to an index option, an order to buy or sell securities comprising ten percent or more of the component securities in the index or an order to buy or sell a futures contract on any economically equivalent index. With respect to an SPX option, an OEX option is a related instrument, and vice versa.

Approved November 9, ; amended August 25, ; April 21, ; March 5, ; July 12, ; June 18, ; June 16, ; January 24, The initiating Trading Permit Holder, however, must disclose to the trading crowd all the terms and conditions of the original order, and any modifications, as prescribed in this Rule.

For example, an original order to buy an option contract will take priority over other bids at the same price only as provided in Rule 6. Front-running is considered to be a violation of Exchange Rule 4.

However, the class will be deemed to be disclosed to the trading crowd if it is apparent that the crowd is aware of which class is being traded, e. Solicited Transactions A Trading Permit Holder or TPH organization representing an order respecting an option traded on the Exchange an "original order" , including a spread, combination, or straddle order as defined in Rule 6.

If the terms and conditions of the original order are disclosed to the trading crowd prior to the solicitation and the original order is continuously represented in the crowd throughout the solicitation process, and if the solicited person or the solicited order improves the best bid or offer in the crowd but does not match the original order's limit, and if thereafter the original order is modified to match the solicited order's bid or offer, then the following principles apply: Approved November 9, ; amended June 18, ; January 24, Approved November 9, ; amended June 18, Approved November 9, ; amended July 12, Approved November 9, ; amended March 23, ; May 23, Approved November 9, ; amended January 24, Approved August 25, Approved April 21,