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U.S. Options

Nasdaq MRX

Delivers competitive Priority Customer rebates and a full suite of auction and crossing orders.

Nasdaq MRX

Nasdaq MRX (MRX) offers both a simple customer priority, pro-rata allocation market and a price-time complex market, complete with a full suite of auction and crossing orders.

MRX simple market follows a classic fee model where customers receive marketing fees/rebates and non-customers pay fees, while MRX complex will bring the same best in class complex functionality as ISE with an alternative pricing model.

Features

  • Full Suite of Auction and Crossing Orders: MRX offers a price improvement mechanism (PIM), facilitation, solicitation, and Qualified Contingent Cross (QCC) order type.
  • Price Improvement: Price improvement on MRX can be accomplished through auctions for crossing orders as well as the Complex Auction Order (CAO) and the pre-linkage Flash auction.
  • Routing Strategies: All orders can be marked with the option of Flash and Route, Flash and Do Not Route (DNR), and do not Flash Do Not Route.
  • Complex Order Book: Innovative technology that enables all market participants to trade smarter by providing efficient and liquid markets for multi-legged strategies (up to 10 legs) including complex, buy-write, and delta neutral orders. Learn more >
  • Implied Orders: Enhances MRX’s industry-leading Complex Order Book by enabling interaction of multi-legged orders with the regular order book. This functionality tightens spreads on MRX’s Simple Order Book, resulting in better executions for multi-legged orders and Simple Orders.

Products

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

Risk Management

Comprehensive risk management features are built into MRX’s trading technology and include the following protections.

FeaturesDescription
Market Wide Speed Bump
  • Inactivates quotes and prevents any quotes from being activated.
  • Triggered based on a value, which is defined as the number of curtailment events within a specified time period across the entire market.
  • Value defined by the Market Maker and implemented by Market Operations.
  • Threshold established and calculated for MRX independently.
  • Quote reactivation and re-entry into the market requires contacting Market Operations.
Price Limit CheckCore Functionality: Simple Orders entered through the exchange BBO by the greater of $1.00 or 1% during the regular market trading state are rejected.
Cancel on Disconnect (FIX and DTI connections)Cancels all orders open in the market on disconnect.
Vertical Spread CheckCore Functionality:
  • Vertical spreads entered with a negative limit price will be rejected.
  • Vertical spreads are prevented from legging in to regular quotes if the net trade would result in a negative price.
Spread Trade Through LimitCore Functionality: A spread will not trade through the NBBO by more than $0.05 per leg of the complex strategy.

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:

  • Specialized Quote Interface (SQF):Market makers provide liquidity using SQF, which allows Market Makers to supply up to 200 quotes in one message.
  • Financial Information eXchange (FIX):Is a vendor-neutral standard message protocol used for submitting orders to MRX.
  • OUCH to Trade Options (OTTO):This proprietary protocol, based on OUCH technology, provides customers with a fast and efficient protocol allowing subscribers to efficiently enter options orders into and receive executions from Nasdaq.
  • Clearing Trade Interface (CTI):The Options Clearing Trade Interface is a product that disseminates clearing trades, trade corrections, trade cancels and optional administrative messages.

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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