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Product LoginMonday, June 29, 2009
Options Trader Alert #2009 - 26
NASDAQ OMX PHLX Announces Revised Pricing for Directed Complex Orders
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 PHLX (PHLX) has filed with the Securities and Exchange Commission (SEC) to modify its Complex Order System fees.
- Specialists, Streaming Quote Traders (SQT) and Remote Streaming Quote Traders (RSQT) that receive directed orders will be assessed $0.01 per contract for executions against the Directed Complex Order they receive for trades settling on or after Wednesday, July 1, 2009.
What has been announced?
NASDAQ OMX PHLXSM (PHLXSM) has filed with the Securities and Exchange Commission (SEC) to implement new pricing for Complex Orders directed to specialists, Streaming Quote Traders (SQTs) and Remote Streaming Quote Traders (RSQTs) via the Exchange’s Complex Order System in accordance with Exchange rules, effective for trades settling on or after Wednesday, July 1, 2009. Specifically, Specialists, on-floor SQTs and RSQTs to whom the Complex Order was directed will be charged $0.01 per equity options contract executed electronically as part of a Complex Order. Currently, PHLX assesses a charge of $0.08 per contract side for contracts executed as part of a Complex Order in equity options.
Does this impact other market participants?
Customer transactions will continue to remain free of equity options transaction fees. The Exchange is eliminating the $0.08 per contract side charge for Specialists, SQTs and RSQTs that are executed electronically as part of a Complex Order. Therefore, Specialists, SQTs and RSQTs and other market participants will be assessed the applicable equity options transaction fees.
What is the PHLX Complex Order System?
The PHLX Complex Order System offers fully electronic executions and currently supports two-sided option order types, priced as a single order on a net debit or credit basis. The Complex Order System enhances electronic execution possibilities for complex orders, providing National Best Bid and Offer (NBBO) protection, spread price protection for vertical and time spreads, the potential for price improvement and an opening auction. For further details, please refer to the Complex Orders fact sheet on the NASDAQ OMX Trader® website.
Where can I find more information?
- Refer to the PHLX Fee Schedule on the NASDAQ OMX Trader website.
- Contact Transaction Services U.S. Market Sales at +1 800 846 0477.
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