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Product LoginWednesday, February 8, 2012
Options Trader Alert #2012 - 9
PHLX to Disseminate Non-Firm Quotes on One Side of the Market Under Certain Market Conditions
Markets:Contact Information:
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What you need to know:
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What has been announced?
Beginning Friday, February 24, 2012, PHLX will disseminate a Non-Firm Quote on one side of the market under certain market conditions.
How does this change affect order handling on PHLX?
Currently, during an Opening Imbalance display period, when all opening marketable size cannot be completely executed at or within an established Opening Quote Range (OQR) for the affected series, PHLX disseminates a bid or offer price of $0.00, with a size of one contract, on the opposite side of the market from remaining unexecuted contracts.
Similarly, during a Quote Exhaust condition when the market at a particular quote level on PHLX is exhausted and there remain unexecuted contracts of the inbound contra-side quote or order (initiating quote or order), PHLX disseminates a bid or offer price of $0.00, with a size of one contract, on the opposite side of the market from remaining contracts.
Beginning Friday, February 24, 2012, during an Opening Imbalance period or Quote Exhaust condition, PHLX will disseminate, on the opposite side of the market from remaining unexecuted contracts, a non-firm bid or offer for the price and size of the next available interest on PHLX.
Why is PHLX making this change?
PHLX believes disseminating a non-firm quotation on the opposite side of remaining unexecuted contracts, under certain market conditions, best indicates that PHLX has exhausted all marketable quotations on one side of the market, yet has remaining unexecuted contracts on the opposite side of the market that are firm at the disseminated price and size. In addition, adopting this change will discontinue a pilot put in place to allow the dissemination of $0.00 with a size of one contract.
Are changes required to be made by PHLX participants?
No changes are required to be made by PHLX participants.
Where can I find more information?
- Refer File No. SR-Phlx-2012-12.
- Contact Transaction Services U.S. Market Sales at +1 800 846 0477.
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