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Product LoginThursday, March 26, 2009
Options Trader Alert #2009 - 9
The NASDAQ Options Market Launches Exchange Direct Orders
Markets Impacted:
- The NASDAQ Options Market
Contact Information:
- Transaction Services U.S. Market Sales at +1 800 846 0477
What you need to know:
- The NASDAQ Options Market has announced the launch of Exchange Direct Orders.
- Effective immediately, users can now use Exchange Direct Orders to route orders to other exchanges.
- Exchange Direct Orders cannot be sent to affiliates of The NASDAQ Options Market, including NASDAQ OMX PHLX (PHLX) and the Boston Options Exchange (BOX).
What has been announced?
On February 19, 2009, The NASDAQ Stock Market® filed a rule change with the Securities and Exchange Commission (SEC) on an immediately effective basis to establish an Exchange Direct Order on The NASDAQ Options MarketSM.
What is the Exchange Direct Order?
The Exchange Direct Order allows users to direct orders to be delivered by the system to another exchange without first checking The NASDAQ Options Market book. If unexecuted, the order (or unexecuted portion thereof) shall be returned to the entering party. As announced in Options Technical Update #2009-3, the NOMAD and FIX to Trade Options specifications have been updated to support Exchange Direct Orders.
For what kind of orders can this order type be used?
Exchange Direct Orders may only be used for orders with time-in-force parameters of Immediate or Cancel (IOC).
Can orders be directed to all exchanges?
No, currently Exchange Direct Orders may not be directed to an affiliate of The NASDAQ Options Market, including NASDAQ OMX PHLXSM (PHLXSM) and the Boston Options Exchange (BOX). The NASDAQ Options Market plans to file separate rule changes with the SEC to provide Exchange Direct orders to BOX and PHLX.
Where can I find more information?
- Refer to The NASDAQ Options Market page on the NASDAQ OMX Trader® website.
- For questions about equity and options trading, contact Transaction Services U.S. Market Sales at +1 800 846 0477.
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