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PHLX Options Market – Data Products

Overview

NASDAQ OMX PHLX (PHLX) operates an electronic and hybrid floor-based trading system to trade options. The PHLX Options Market offers a traditional allocation model for orders. The tradition of innovation that has characterized the PHLX since it’s inception in 1790 continues to carry on as the Exchange serves as a leader in technology and responds to the ever-changing needs of the investment community as a part of NASDAQ OMX.

To facilitate trading on its options market, NASDAQ OMX PHLX has developed proprietary data feed products that are designed to promote full market transparency with minimal latencies.

Benefits & Features

PHLX has developed the following proprietary options data products which are now available:

  • Top of PHLX Options (TOPO) is designed to provide Best Bid and Offer (BBO) and last sale information directly to PHLX Options Market participant firms that subscribe to the data feed.
  • TOPO Plus Orders is designed to provide Best Bid and Offer (BBO) and last sale information Plus the state of single and complex orders on the PHLX order book to firms on a real-time basis. TOPO Plus Orders provides access to both the TOPO data feed and the PHLX Orders data feed.
  • Historical PHLX Orders provides a historical record of the simple and complex order message data from the TOPO Plus Orders data product. Subscribers to this historical product may download the Historical PHLX Orders daily message logs on a T+1 basis from a secure FTP server. Historical PHLX Orders is available as eight separate files each day, four for simple orders and four for complex orders. The data originates from the PHLX Orders data feed and therefore, no quote data is included.
  • PHLX Options Trade Outline is designed to provide proprietary electronic NASDAQ OMX PHLX (PHLX) trade data to subscribers. PHOTO is available as either an End-of-Day or Intra-Day file and subscribers may access the files from a secured FTP server. Primary fields in both files are buy and sell, put and call, trade quantity and trade volume, as well as the origin type of the trade for every option series listed and traded on PHLX in which an electronic trade occurred during the trading day.

PHLX data feed proposed for the Second Quarter 2011, pending approval of the fee filings with the SEC:

  • Depth at PHLX Options will be designed to provide aggregate order book and last sale data from the PHLX Options Market in an easy-to-display format. Similar to NASDAQ TotalView-Aggregated feed, Depth at PHLX Options summarizes the order interest at each price level in the PHLX system.

Access Options

Trading firms and market data vendors may create a real-time display by processing direct NASDAQ OMX data feed products. For detailed technical documentation for NASDAQ OMX direct products, please refer to the Market Data technical specifications page.

Individual investors and traders may access real-time data through a number of authorized NASDAQ OMX market data distributors. Refer to the Market Data Vendors page for a complete list of companies.

Pricing

This product is subject to the following distributor fees:

Top of PHLX Options (TOPO)
Entitlement Name Security Coverage Monthly Fee
Distributor Fees
Top of PHLX Options (TOPO) NASDAQ OMX PHLX Issues Internal: $2,000
External: $2,500

TOPO Plus Orders
Entitlement Name Security Coverage Monthly Fee
Distributor Fees
TOPO Plus Orders NASDAQ OMX PHLX Issues Internal: $4,000
External: $5,000 user fees - $20 pro, $1 non-pro

Historical PHLX Orders
Entitlement Name Monthly Fee
Historical PHLX Orders
Distributor Fee		 $500

PHLX Options Trade Outline (PHOTO)
Entitlement Name Security Coverage Monthly Fee
Distributor Fees
PHLX Options Trade Outline (PHOTO) NASDAQ OMX PHLX Issues Internal Distribution:
End-of-Day: $500
Intra-Day: $1,500

For NASDAQ OMX real-time data feed products, the distributor fees are assessed on subscribers that receive NASDAQ OMX information in a data feed format. This product is also covered by the NASDAQ annual administration fee. Refer to NASDAQ OMX Data Policies document for details.


Agreements & Forms

To initiate this data on a data feed, firms must submit the appropriate documentation and receive prior approval from NASDAQ OMX:

For the complete list of NASDAQ OMX and UTP market data agreements and forms, please refer to the NASDAQ OMX Global Data Products Agreements and Forms page.


To order this data on a stand-alone terminal/controlled display product, end users or end-user firms should contact their market data vendor for the appropriate agreements and forms.


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