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Wednesday, February 03, 2010
Equity Trader Alert #2010 - 7
Update on Launch of Third NASDAQ OMX U.S. Equity Market
Markets Impacted:
- NASDAQ OMX PSX
Contact Information:
- Transaction Services U.S. Market Sales at +1 800 846 0477
What you need to know:
- As announced in Equity Trader Alert #2009-73, NASDAQ OMX plans to launch a third U.S. equity trading platform based on a price/size priority market structure using the license acquired from the 2007 acquisition of the Philadelphia Stock Exchange, pending SEC approval.
- The new platform will be called NASDAQ OMX PSX (PSX).
- NASDAQ OMX plans to launch PSX in May 2010.
- Sign up for PSX alerts on the NASDAQ OMX Trader website.
What is being launched?
As announced in Equity Trader Alert #2009-73, NASDAQ OMXSM will launch a third U.S. equity trading platform using the license acquired from the 2007 acquisition of the Philadelphia Stock Exchange. The timing of the launch and PSX rules and market structure are subject to regulatory review by the Securities and Exchange Commission (SEC). Accordingly, the information provided in this Equity Trader Alert is subject to future modification.
This new market will be called NASDAQ OMX PSXSM (PSXSM) and is scheduled to launch in May 2010.
What is the market model for the new platform?
PSX will feature a price/size priority market structure, a model currently not available for trading equities in the U.S. In a price/size model, orders posted on the book are allocated shares based on the following hierarchical criteria:
- Best Price
- Displayed Liquidity
- Pro Rata Distribution
PSX will operate as a Reg NMS protected quote, trading securities listed on NASDAQ, NYSE, NYSE Amex and NYSE Arca and will run on proven INET technology.
NASDAQ OMX will continue to offer price/time priority trading on The NASDAQ Stock Market® and NASDAQ OMX BXSM (BXSM).
What memberships and connections will be required for the new platform?
Customers will be able to leverage their current connectivity to NASDAQ OMX data centers and their current membership to NASDAQ OMX PHLXSM (PHLXSM).
How can I stay updated on PSX?
In order to continue to receive updates about trading and market data on PSX, sign up for PSX alerts on the NASDAQ OMX Trader website®.
Where can I find additional information?
- For more information about PSX, including market data, membership and clearing, visit the PSX page on the NASDAQ OMX Trader website.
- Sign up for PSX alerts on the NASDAQ OMX Trader website.
- Contact Transaction Services U.S. Market Sales at +1 800 846 0477.
About the NASDAQ OMX Group: The NASDAQ OMX Group, Inc. is the world's largest exchange company. It delivers trading, exchange technology and public company services across six continents, with more than 3,600 listed companies. NASDAQ OMX offers multiple capital raising solutions to companies around the globe, including its U.S. listings market, NASDAQ OMX Nordic, NASDAQ OMX Baltic, NASDAQ OMX First North, and the U.S. 144A sector. The company offers trading across multiple asset classes including equities, derivatives, debt, commodities, structured products and exchange-traded funds. NASDAQ OMX technology supports the operations of over 70 exchanges, clearing organizations and central securities depositories in more than 50 countries. NASDAQ OMX Nordic and NASDAQ OMX Baltic are not legal entities but describe the common offering from NASDAQ OMX exchanges in Helsinki, Copenhagen, Stockholm, Iceland, Tallinn, Riga, and Vilnius. For more information about NASDAQ OMX, visit www.nasdaqomx.com.
