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NASDAQ OMX BX Options Overview

NASDAQ OMX BX OptionsSM (BX Options) market brings innovation to the industry by providing a destination geared towards retail order flow. As with The NASDAQ Options MarketSM (NOM) and NASDAQ OMX PHLXSM (PHLX®) market makers are the principal liquidity providers supporting this new market.

Features and Functionality

The BX Options trading platform offers low latency with state-of-the-art technology. BX Options is structured to reward Customers seeking immediate execution and liquidity. In addition, BX Options utilizes many of the same protocols offered on NOM and PHLX making the trading venue readily accessible to participants.

Functionality Highlights:

  • Hybrid Allocation Model: Products on BX Options are traded with Customer priority utilizing either a price/time priority or pro-data allocation algorithm.
  • Bulk Quoting: Market makers may provide liquidity using SQF, which allows market makers to supply up to 200 quotes in one message and is the same bulk quoting API provided on PHLX and NOM.
  • Rapid Fire Risk Protection: The BX Options system monitors executions for each market maker and removes a given market maker's quotes/orders if firm-set thresholds are met.
  • Varied Routing Strategies: All market participants may take advantage of NOM's routing capabilities to meet customer demand, including the ability to check the BX Options book for price improving orders before routing to another exchange.
  • Clearing Trade Interface: BX Options provides the same risk management feed (CTI) that is available on NOM and PHLX.
  • Price Improvement: BX Options accepts orders in penny increments in all series, which are displayed at the allowable quoting increment. BX Options provides automatic and instantaneous price improvement to incoming orders.
  • High-Speed Opening Auction collects all pre-market orders and matches all eligible interest at the price at which any imbalance is minimized and matched contracts are maximized.

Connectivity

BX Options offers the same SQF, FIX, and CTI interfaces currently offered on NOM. Firms need to order separate BX Options ports.

  • Specialized Quote Interface (SQF) - Market makers provide liquidity using SQF, which allows market makers to supply up to 200 quotes in one message.
  • FIX interface - Financial Information eXchange (FIX) is a vendor-neutral standard message protocol used for submitting orders to the BX Options market.
  • CTI - The Options Clearing Trade Interface is a risk management product that disseminates clearing trades, trade corrections, trade cancels and optional administrative messages.

Click here to request a BX Options SQF, FIX, or CTI Port.


Market Data

BX Options market data is identical to NOM market data feeds. Direct data feeds include:

  • BX Options Top of Market (BX Top) – Features data elements including, best bid and offer quotations, last sale data, administrative and market event messages. BX Top is the same as NOM BONO.
  • BX Options Depth of Market (BX Depth) – Offers order and quote level data, trade messages, net order imbalance data and administrative messages. BX Depth is the same as NOM ITTO.
    • BX Options Glimpse – A complement to BX Depth, this is a point to point data feed connection that provides direct data feed customers with the current state of the BX Options book.

To subscribe to any of our market data products, please contact your NASDAQ OMX Global Data Products Account Manager at +1 301 978 5307 or visit the Global Data Products Administration page to complete the appropriate agreements and forms.

Pricing

Fees and rebates commenced July 2, 2012. For more information refer to the BX Options Price List.

Membership on BX Options

The BX Options membership process mirrors current practices on The NASDAQ Stock Market and NOM. Firms wishing to participate on BX Options need to follow the membership application guidelines below. All applications should be accompanied by a clearing Letter of Guarantee. Firms that are not self clearing need to complete this Letter of Guarantee. Self clearing firms need to complete this Letter of Guarantee.

NASDAQ OMX BX equities exchange members

NASDAQ OMX BX members wishing to participate in the new BX Options market are required to submit a BX Options Participant Application and Agreement.

Broker-dealers who are members of FINRA or NASDAQ

Broker-dealers who are already members of FINRA and/or NASDAQ, but not NASDAQ OMX BX members, will qualify for the short form NASDAQ OMX BX membership application.

Broker-dealers who are not members of NASDAQ OMX BX, FINRA, or NASDAQ

Applicants who are not already approved for membership with FINRA and/or NASDAQ will be required to submit a full membership application. This is the same as the processes in place today for membership on NASDAQ and NOM.

Please submit applications to the NASDAQ OMX Membership Department:

Deborah Siluk
NASDAQ OMX BX
Membership Department
1735 K Street, NW
Washington, DC 20006-1506
ATTN: BX Options Membership Application Processing
Fax: +1 202 728 8341

Documents may also be submitted in PDF format via email to:
Membership@nasdaqomx.com

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