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PHLX Complex Orders

The PHLX Complex Order permits the execution of multi-leg option orders and stock-tied orders. Operating on the high-speed PHLX XL trading platform, the PHLX Complex Order system enhances electronic execution possibilities for Complex Orders, providing spread price protection and the potential for price improvement.


  • Leg into our Simple Order Book with all components receiving simultaneous, instant execution
  • Flexible spreads: up to 5 option legs with stock, or 6 option legs
  • High speed execution
  • Opportunity for price improvement in the Complex Order Live Auction (COLA)
  • Do Not Auction (DNA) orders bypass auctions for faster execution against resting Complex Orders or the Simple Order Book


  • Trade multi-leg option spreads or stock tied orders
  • Complex Auction (COLA) offering opportunity for price improvement prior to execution
  • Do Not Auction (DNA) will bypass the COLA providing immediate access to Complex Order Book or Simple Order market liquidity
  • Orders may be entered as market or limit orders in penny increments
  • Customer and non-market maker broker-dealer orders may be submitted as day, GTC, and IOC Orders
  • PHLX market makers and non-PHLX market maker orders may be submitted as IOC or day only Orders and will not initiate an auction process
  • Riskless stock-tied order handling with stock reporting directly to ACT
  • Real-time order information available via TOPO Plus Orders data product

Stock-Tied Order Submission

In order to submit Complex Orders with a stock component, firms must have proper paperwork and authorization in place:

PHLX Member FirmsNon-PHLX or Finra Members
  • PHLX member firms should notify Nasdaq Membership of the proper stock clearance for each PHLX house account by filling out the PHLX Complex Order with Stock Authorization Form.
  • Firms are required to have a Uniform Service Bureau/Executing Broker Agreement (AGU) with Nasdaq Execution Services (NES) in order to trade Complex Order strategies containing a stock component.
    • Under this arrangement, NES will report the stock leg of the Complex Order directly in the Over-the-Counter (OTC) Market via ACT. NES will submit two additional no-tape records to ACT for clearance.
  • Firms who are not members of FINRA or Nasdaq, with no access to ACT via their clearing broker-dealer, must have their clearing broker submit a QSR via DTCC portal with NES.
    • Under this arrangement, NES will lock firms in for clearance directly with the National Securities Clearing Corporation (NSCC).
  • A valid Market Participant Identifier (MPID) is required to clear the stock leg of a Complex Order. Firms that do not currently have an assigned MPID should submit the MPID Request Form.
All completed Forms and Agreements should be submitted to Nasdaq Membership via email at or to FMC Tower, Level 8, 2929 Walnut Street, Philadelphia, PA 19104.

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