SR-NASDAQ-2007-004, Amendment 1 Page 48 of 188 EXHIBIT 5 NASDAQ Options Market LLC Chapter I. General Provisions.................................................................. Sec. 1 Definitions......................................................................................................... Sec. 2 Applicability ....................................................................................................... Sec. 3 Regulation Of Nasdaq And Its Members Chapter II. Participation ........................................................................... Sec. 1 Options Participation .......................................................................................... Sec. 2 Requirements For Options Participation ......................................... Sec. 3 Persons Associated With Options Participants...................................................... Sec. 4 Good Standing For Options Participants .............................................................. Chapter III. Business Conduct.................................................................. Sec. 1 Adherence To Law ............................................................................................... Sec. 2 Conduct And Compliance With The Rules .............................................................. Sec. 3 Rumors................................................................................................................ Sec. 4 Prevention Of The Misuse Of Material Nonpublic Information .............................. Sec. 5 Disciplinary Action By Other Organizations........................................................ Sec. 6 Other Restrictions On Participants...................................................................... Sec. 7 Position Limits ..................................................................................................... Sec. 8 Exemptions From Position Limits........................................................................... Sec. 9 Exercise Limits .................................................................................................... Sec. 10 Reports Related To Position Limits ..................................................................... Sec. 11 Liquidation Positions ......................................................................................... Sec. 12 Other Restrictions On Options Transactions And Exercises ................................ Sec. 13 Mandatory Systems Testing............................................................................... Sec. 14 Limit On Outstanding Uncovered Short Positions ............................................... Sec. 15 Significant Business Transactions........................................................ Chapter IV. Securities Traded On Nom............................................... Sec. 1 Designation Of Securities..................................................................................... Sec. 2 Rights And Obligations Of Holders And Writers................................................... Sec. 3 Criteria For Underlying Securities ..................................................................... Sec. 4 Withdrawal Of Approval Of Underlying Securities ............................................. Sec. 5 Minimum Participation Requirement For Opening Trading Of Option Classes......... Sec. 6 Series Of Options Contracts Open For Trading..................................................... Sec. 7 Adjustments ....................................................................................................... Sec. 8 Long-Term Options Contracts ............................................................................ Chapter V. Regulation Of Trading On Nom......................................................... Sec. 1 Access To And Conduct On The Nom Market................................................... Sec. 2 Marketwatch............................................................................................ Sec. 3 Trading Halts ................................................................................. Sec. 4 Resumption Of Trading After A Halt................................................................................. Sec. 5 Trading Halts Due To Extraordinary Market Volatility........................................................ Sec. 6 Unusual Market Conditions .............................................................................. Sec. 7 Obvious Errors........................................................................ Sec. 8 Audit Trail .................................................................................. SR-NASDAQ-2007-004, Amendment 1 Page 49 of 188 Sec. 9 Failure To Pay Premium............................................................................................. Sec. 10 Limitation Of Liability................................................................................................ Chapter VI. Trading System...................................................................... Sec. 1 Definitions ................................................................................ Sec. 2 Days And Hours Of Business............................... Sec. 3 Units Of Trading...................................................................... Sec. 4 Meaning Of Premium Quotes And Orders .............................................................. Sec. 5 Minimum Increments ............................................................................ Sec. 6 Acceptance Of Quotes And Orders .................................................................................. Sec. 7 Entry And Display Orders ............................................. Sec. 8 Nasdaq Opening/Halt Cross .......................................................................................... Sec. 9 Nasdaq Closing Cross ........................................................ Sec. 10 Book Processing ..................................................................................... Sec. 11 Order Routing ............................................ Sec. 12 Anonymity ................................................ Sec. 13 Transaction Price Binding............................................... Sec. 14 Clearing Participant Give Up Sec. 15 Submission For Clearance……………………………….. Sec. 16 Fees And Charges Chapter VII. Market Participants............................................... Sec. 1 Customer Orders And Order Entry Firms .......................................................... Sec. 2 Market Maker Registration ....................................................................... Sec. 3 Qualification Requirements For Market Maker Registration Sec.4 Good Standing For Market Makers Sec.5 Obligations Of Market Makers Sec.6 Market Maker Quotations Sec.7 Securities Accounts And Orders Of Market Makers Sec.8 Letters Of Guarantee Sec.9 Financial Requirements For Market Makers Sec. 10 Limitations On Dealings Sec. 11 Short Sales In Nasdaq Global & Global Select Market Securities Sec. 12 Standard Market Maker Protection Mechanism Sec. 13 Panic Quote Sec. 14 Exposure Requirement Chapter VIII. Exercises And Deliveries................................. Sec. 1 Exercise Of Options Contracts......................................................... Sec. 2 Allocation Of Exercise Notices ............................................................... Sec. 3 Delivery And Payment ............................................................................ Chapter IX. Records, Reports And Audits....................................................... Sec. 1maintenance, Retention And Furnishing Of Books, Records And Other Information................... Sec. 2 Reports Of Uncovered Short Positions................................................................... Sec. 3 Financial Reports And Audits.................................................................... Sec. 4 Automated Submission Of Trade Data……………………. Sec.5 Regulatory Cooperation Sec.6 Risk Analysis Of Market Maker Accounts Sec.7 Anti-Money Laundering Compliance Program Chapter X. Discipline And Summary Suspensions ......................................... Sec. 1 Imposition Of Suspension .......................................................................................... Sec. 2 Investigation Following Suspension Violations............................................................ Sec. 3 Reinstatement Following Suspension Sec. 4 Failure To Obtain Reinstatement SR-NASDAQ-2007-004, Amendment 1 Page 50 of 188 Sec. 5 Termination Of Rights By Suspension Sec. 6 Contracts Of Suspended Participants Sec. 7 Penalty For Minor Rule Violations Chapter XI. Doing Business With The Public................................. Sec. 1 Eligibility ......................................................................................................... Sec. 2 Registration Of Options Principals..................................................................... Sec. 3 Registration Of Representatives ........................................................................ Sec. 4 Other Affiliations Of Registered Persons........................................................... Sec. 5 Discipline, Suspension, Expulsion Of Registered Persons ..................................... Sec. 6 Branch Offices .................................................................................................. Sec. 7 Opening Of Accounts.......................................................................................... Sec. 8 Supervision Of Accounts