The LMM provides defined market quotes for listed Exchange Traded Products on the NYSE Arca exchange. LMMs must maintain continuous, two-sided quotes for each security in which the firm is registered as set forth by the parameters in NYSE Arca Rule 7.23. LMM must meet minimum performance requirements which include a BBO (Best Bid Offer) requirement, minimum displayed size, minimum quoted spread and participation requirements for opening and closing auctions. Performance requirements will be determined by NYSE Arca and detailed in the LMM Requirements document. See https://www.nyse.com/publicdocs/nyse/markets/liquidity-programs/arca_lmm_fact_sheet.pdf