NASDAQ OMX PHLX (PHLX) trades more than 3,000 equity options, index options and U.S. dollar-settled currency options on NASDAQ OMX's high-speed INET technology. PHLX offers a combination of cutting-edge electronic and floor-based trading, utilizing a Customer-priority, pro rata allocation to ensure fast and efficient executions.

Features and Functionality

The PHLX 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, PHLX offers sophisticated and innovative functionality to market participants.

Functionality Highlights

• High-speed automated opening provides access to additional liquidity and superior execution quality by limiting the range of allowable opening prices and allowing layered Opening Sweeps.
• Complex Order System automates the process for handling and executing option orders of up to six legs, or five-legged options and one stock component. Click here for more details.
• Flexible Routing Strategies: By utilizing FIND, SRCH (Search) and DNR (Do Not Route), participants can control how their orders are routed.
• PIXL (Price Improvement on XL) is the electronic price improvement mechanism which allows an initiating member to submit a two-sided order into an auction process soliciting price improvement. PHLX uniquely allows all participants to respond to the auction and offers a "No-Worse-Than" price designation.

Products

• Equity Options (including ETFs and HOLDRS)
• NASDAQ OMX Alpha Index Options
• Foreign Currency Options New!
• MSCI Index Options New!
• Options on U.S. Treasuries New!
• Index Options - Sector Based
• Index Options - Broad Based

Education

The Market Street Educational Series

Looking for more information on our products and services? Participate in our web seminar series to learn more about NASDAQ OMX Options & Futures offerings and initiatives. Click here to get the details on our next web seminar or to access past events.

Connectivity

The following protocols are available for accessing PHLX:

• Specialized Quote Interface (SQF)
• FIX
• Clearing Trade Interface (CTI)

Market Data

NASDAQ OMX offers the following proprietary data products to support PHLX:

• Top of PHLX Options (TOPO)
• PHLX Orders
• PHLX Options Trade Outline (PHOTO)
• Historical PHLX Orders

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.

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