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Product LoginWednesday, February 17, 2016
Options Regulatory Alert #2016 - 6
PHLX – Unbundling of Orders
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In response to questions about unbundling of orders, and the previously issued ORA 2016 - 4, the Exchange would like to clarify that Members and member organizations who unbundle orders for the sole purpose of achieving the specialist allocation preference on the local PHLX trading system under PHLX Rule 1014(g)(vii)(B)(1) (“5 contracts or fewer guarantee” ) may be acting inconsistent with PHLX Rule 707 – Conduct Inconsistent with Just and Equitable Principles of Trade. The Exchange is aware that there may be various reasons for order flow providers to split a parent order into multiple child orders across various market centers in order to provide the highest level of execution quality. Please contact Joseph Cusick at +1 215 496 1576 with any questions. |
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