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From its inception, Nasdaq has been an innovator and an agent of change in the financial markets. Innovation is in Nasdaq’s DNA, beginning with the development of electronic trading and continuing today as we seek to bring enhanced functionality and world-leading technology to power our suite of six options exchanges.

Nasdaq PHLX


Nasdaq PHLX (PHLX) offers a combination of cutting-edge electronic and floor-based trading delivering a true full service options trading platform. Utilizing a customer priority, pro-rata allocation model, PHLX ensures fast and efficient executions for Complex and Simple Orders while operating on our performance-driven INET technology.

Nasdaq Options Market


Nasdaq Options Market (NOM) is an all-electronic, price/time priority trading system running on our high-speed INET technology. NOM accepts a diverse set of order types for the ultimate flexibility while offering price improvement opportunities. Liquidity on NOM is provided by market makers as well as other participants and is both order and quote based.

Nasdaq BX Options

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.



The International Securities Exchange (ISE) launched in 2000 as the first all-electronic options exchange in the United States and became part of the Nasdaq options suite of exchanges in June 2016. Operating on a customer priority, pro rata allocation model, ISE ensures fast and efficient executions for Simple, Complex, and Crossing Orders.

ISE Gemini

ISE Gemini

ISE Gemini, was designed to attract liquidity and offer price improvement opportunities. Unique among maker taker exchanges, ISE Gemini offers LMMs and CMMs, preferenced orders and pro-rata allocations.

ISE Mercury

ISE Mercury

ISE Mercury is a customer-priority, pro rata allocation exchange and offers customer priority with LMMs and CMMs, preferenced orders and pro-rata allocations.
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