Similar to specialists (DPMs or LMMs), PMMs are market makers with significant responsibilities, including overseeing the opening, providing continuous quotations in all of their assigned stock options, and ensuring that customer orders are not automatically executed at prices inferior to those available at other options exchanges.

     One PMM is assigned to each of the ten groups of options traded on the Exchange. In addition to maintaining quotations in their assigned stock options, PMMs may conduct a limited amount of trading (up to 10% of their quarterly contract volume) in other options traded on the Exchange.

     A PMM must purchase or lease a PMM membership, entitling the member to act as a PMM in one group of stock options. PMMs are not permitted to represent agency orders.