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Product LoginMonday, June 22, 2009
Options Trader Alert #2009 - 25
NASDAQ OMX PHLX to Amend Its Cancellation Fee Effective July 1, 2009
Markets Impacted:
- NASDAQ OMX PHLX
Contact Information:
- Transaction Services U.S. Market Sales at +1 800 846 0477
What you need to know:
- NASDAQ OMX PHLXSM (PHLXSM) will amend the assessment of the Cancellation Fee effective Wednesday, July 1, 2009.
- PHLX will aggregate options orders within a specified time period of 300 seconds to assess the Cancellation Fee.
What is changing?
On June 19, 2009, NASDAQ OMX PHLXSM (PHLX®) filed a proposed rule change with the Securities and Exchange Commission (SEC) to amend the manner in which the Cancellation Fee is assessed on members. The amendment is effective Wednesday, July 1, 2009.
How will the fee be assessed?
In order to calculate the Cancellation Fee, PHLX will aggregate and count as one executed customer option order all customer orders from the same member organization that are executed in the same series on the same side of the market at the same price within a 300-second period.
What is the Cancellation Fee per order?
As announced in Options Trader Alert #2009-16, the Cancellation Fee is $2.10 per order for each cancelled electronically-delivered customer order in excess of the number of customer orders executed on PHLX by a member organization in a given month.
Will the Cancellation Fee always be assessed when cancellations exceed executions?
No, the Cancellation Fee is not assessed in a month in which fewer than 500 electronically- delivered orders are cancelled.
The cancellation fee will also not apply to:
- Customer Complex Orders that are submitted electronically
- Immediate-or-Cancel (IOC) customer orders
- Cancelled customer orders that improve the PHLX Best Bid and Offer (PBBO) market at the time the customer orders are received by the Exchange
Where can I find more information about PHLX fees?
- Refer to the rule filing.
- Refer to the PHLX pricing page or the PHLX Fee Schedule on the NASDAQ OMX Trader® website.
- For additional questions, contact Transaction Services U.S. Market Sales at +1 800 846 0477.
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