Nasdaq PHLX has updated the FIX Specification to support a Surrender feature on PIXL Cross Orders. This feature will be introduced Tuesday, Feb 20, 2018. With the optional CrossSurrender tag 9378, the Initiating Order will be eligible for allocation only if the Agency Order is not fully satisfied by other participants at prices equal to or better than the stop price. The Surrender feature has the following restrictions:

• Surrendered PIXL Orders must have a limit price. Surrendered PIXL Orders cannot not be Market Orders and cannot not be modified to be Market Orders.
• The CrossSurrender tag cannot be used with the NWT feature.
• The CrossSurrender tag cannot be modified.
• The CrossSurrender tag cannot be used on PIXL Cross Orders where both sides have an origin of Customer.

Additionally, the Nasdaq PHLX FIX Technical Specifications have been updated to clarify that five characters are accepted for Tag 440 (ClearingAccount), and the first four (as the Sub-Account) are sent to the OCC.

The specifications have been corrected to state that if an error occurs such as a bad sequence number, missing required header or trailer field, or any message that does not increment the sequence number, the session will be disconnected the first time it occurs. The specifications incorrectly stated the session would disconnect after 100 consecutive messages with such errors.

Please contact Market Operations with any questions.