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Wednesday, June 3, 2009

Options Trader Alert #2009 - 17
PHLX XL II System Will Launch Friday, June 5, 2009

Markets Impacted:

  • NASDAQ OMX PHLX

Contact Information:

What you need to know:

  • The SEC has approved the PHLX XL II (XL II) rule filing. The PHLX XL II system will launch Friday, June 5, 2009.
  • The first symbol will be SLM.
  • The PHLX XL II system will replace the current PHLX XL trading system for all symbols when the roll out is complete. During the roll out, some symbols will continue to be traded on the existing PHLX XL system.

What has been updated?

NASDAQ OMX PHLXSM (PHLX®) will launch the PHLX XL II (XL II) system on Friday, June 5, 2009.

What is PHLX XL II?

As announced in Options Trader Alert #2009-6, PHLX is re-platforming the PHLX XL® (XL) system with NASDAQ OMX’s INET technology. The new XL II system will offer current XL functionality and will include significant enhancements to the opening process, routing with various strategies and improved order and quote handling.

Will the legacy system continue to run in a parallel period after the new system goes live?

The current PHLX XL system will remain active concurrently with XL II until the symbol-by-symbol roll out is completed in August 2009. When a symbol is migrated to XL II, it will cease trading on the current system.

Firms preparing for the new system should be sure not to eliminate their old processes until the roll out is complete.

What symbols will be rolled out upon launch?

SLM will be the first symbol to be rolled out on the XL II platform on Friday, June 5, 2009. All Good-til-Cancelled (GTC) orders in SLM must be cancelled after the close on Thursday, June 4, 2009, and should be re-entered prior to the open on Friday, June 5, 2009.

Will new data feeds be offered?

Yes, NASDAQ OMX plans to offer several feeds. The first will be a new direct, low-latency market data feed called Top-Of-PHLX-Options (TOPO), subject to SEC approval. The feed will include the same Best Bid and Offer (BBO) and last sale information currently sent to the Options Price Reporting Authority (OPRA). Sent directly to subscribers, the TOPO feed will offer minimal latencies.

Where can I find more information?

To learn more about the PHLX re-platforming:


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