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Nasdaq GEMX

Nasdaq GEMX (GEMX), was designed to attract liquidity and offer price improvement opportunities. Unique among maker/taker exchanges, GEMX offers Market Makers, preferenced orders and prorata allocations. 

GEMX is a traditional maker/taker exchange offering rebates for posting, fees for removing and a flat pricing structure for PIMs.

Features

  • Price Improvement: GEMX provides a low, flat pricing structure for contra side and responses to PIM orders to maximize price improvement.
  • Routing Strategies: Orders can be marked with the option of Flash and Route, Flash and Do Not Route (DNR), and do not Flash do not Route.
  • Full Suite of Auction and Crossing Orders: GEMX offers a price improvement mechanism (PIM), facilitation, solicitation, and Qualified Contingent Cross (QCC) order types.
  • High-Speed Automated Opening: Provides access to additional liquidity and superior execution quality by limiting the range of allowable opening prices and allowing layered opening sweeps.

Products

GEMX 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 GEMX.

FeaturesDescription
Anti-Internalization or AIQPrevents 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.
Price Reasonability CheckChecks the limit price of an incoming order against the IBBO and rejects if the limit crosses a set threshold.
Acceptable Trade RangeProtects orders and quotes from executing at levels too far away from an initial quote execution price.
Market Wide Risk ProtectionProvides members with the ability to set thresholds for order entry and execution rate protections.
Market Order Spread protectionRejects the market order it the market order is received and the NBBO is wider than a configurable threshold.
Order Kill SwitchAllows Members to cancel all orders (not quotes) and block the ability to enter new orders.
Rapid FireRemoves Market Maker SQF quotes and/or OTTO orders from the marketplace when certain thresholds are met.
Market Wide Speed BumpRemoves Market Maker SQF quotes and OTTO orders in all underlying symbols on the Exchange when a specified number of Rapid Fire events occur over a chosen interval.
Cross Market Wide Speed BumpMarket Wide Speed Bump can be applied across ISE and GEMX exchanges.
Cancel on Disconnect (FIX, OTTO and SQF connections)Cancels all orders/quotes on the affected port as soon as disconnect is detected as well as any matching underlying/FirmID combinations entered on other ports.

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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