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Nasdaq BX Options

Geared towards retail order flow, Nasdaq BX Options (BX Options) is accessible using existing Nasdaq connectivity options. BX Options features the world-renowned low latency technology found on other Nasdaq trading platforms. Products traded on BX Options are traded with customer priority utilizing either a price/time priority or pro rata allocation algorithm.

BX Options operates on a taker/maker fee model with imbedded rebates for marketable customer orders.

Features

  • Price Improvement: PRISM improves options market structure by encouraging additional liquidity in the options marketplace. Learn more at PRISIM FAQs.
  • Varied Routing Strategies: All market participants may take advantage of BX Options's routing capabilities to meet customer demand.
  • High-Speed Opening Auction: Collects all pre-market orders and matches all eligible interest at the price at which any imbalance is minimized and matched contracts are maximized.
  • Order Types: BX Options offers a full suite of auction orders, partial suite of crossing orders, and supports Simple Orders.

Products

BX Options lists all of the industry’s most active options classes. Our unique market structure and technology fosters deep and liquid markets with competitive prices.

Risk Management

Comprehensive risk management features are built into Nasdaq’s trading technology and include the following protections on BX Options.

FeaturesDescription
Order Price Protection (OPP)Checks the limit price of an incoming order against the NBBO and BBO and rejects the order if the limit crosses a certain parameters.
Acceptable Quote RangeProtects orders and quotes from executing at levels too far away from an initial quote execution price.
Market Access ProtectionGuards against duplicate orders as well as validates orders with cumulative volume checks.
Kill SwitchProvides participants with a GUI that enables them to request quote removals and/or order cancellations.
Rapid FireRemoves BX Options Market Maker SQF quotes from the marketplace when certain pre-set percentage or volume thresholds are met.
Multi-Trigger Rapid FireRemoves BX Options Market Maker SQF quotes in an option series in all underlying issues when a specified number of Rapid Fire events occur over a chosen interval.
Anti-Internalization or AIQPrevents BX Options Market Makers from trading against their own quote and order interest. Resting interest will be cancelled when an incoming quote or order entered on the opposite side of the market from the same market making firm.
Cancel on Disconnect (FIX and SQF connections)A loss of communication will automatically cancel all orders and open quotes on the affected port. Quotes will be cancelled across all client applications that are associated with the same market maker ID and underlying issues.

Connectivity

Through our primary data center, firms can access all eleven of Nasdaq's U.S. Markets via Direct Connection or Co-Location. Nasdaq also offers customers the ability to connect to our markets from key financial data centers outside our Carteret facility through our Point of Presence Service.

Trading Protocols:

If you have questions, contact Nasdaq Subscriber Services or call +1 212 231 5180.


Market Data

Gain direct access to the full options data feed suite via multiple exchange venues—based on time, complexity, and uniformity. Through trader sentiment tools and aggregated trading activity indicators, market participants can analyze options trade and volume data, and create and test trading models and strategies.

If you have questions, please contact Nasdaq Market Data Sales.

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