The NASDAQ Options Market (NOM) is an all-electronic, price/time priority trading system running on NASDAQ OMX's high-speed INET technology. Liquidity on NOM is provided by market makers as well as other participants and is both order and quote based. With the September 2011 migration to the NOM 2.0 trading platform, the number of market makers has doubled and the depth of liquidity has increased significantly.
Features and Functionality
The NOM trading system maximizes liquidity, encourages price competition and rapidly executes orders of all sizes. Operating on a state-of-the-art, high-performance and low-latency INET trading platform, NOM offers sophisticated and innovative functionality to market participants.
- 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.
- Rapid Fire Risk Protection: NOM monitors executions for each market maker and removes a given market maker's quotes/orders if firm-set thresholds are met.
- Price Improvement: NOM accepts orders in penny increments in all series, which are displayed at the allowable quoting increment. NOM 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.
- Varied Routing Strategies: All market participants may take advantage of NOM's routing capabilities to meet customer demand, including the ability to check the NOM book for price improving orders before routing to another exchange.
The following protocols are available for accessing NOM:
- Specialized Quote Interface (SQF)
NASDAQ OMX offers the following proprietary data products to support NOM participants:
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.