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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.
Functionality
- 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 Firms | Non-PHLX or Finra Members |
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