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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.

PHLX follows a classic or traditional pricing model where customers receive marketing fees/rebates and non-customers pay fees.


  • Trading Floor: Offers high-touch, manual handling of specialty and Complex Orders, strategy trades, and non-electronic trades.
  • Price Improvement on XL (PIXL): PIXL allows a member to submit a two-sided Initiating Order into a PIXL process soliciting price improvement. PHLX allows all participants to respond to the auction and offers a “No-Worse-Than” price designation.
  • Flexible Routing Strategies: By utilizing FIND, SRCH (Search) and DNR (Do Not Route), participants can control how their orders are routed.
  • Complex Order System: Automates the process for handling and executing option orders of up to six legs, or five-legged options and one stock component. Learn more about PHLX’s Complex Order book.
  • Implied Orders: Enhances PHLX’s Complex Order Book by enabling interaction of multi-legged orders with the regular order book. This functionality tightens spreads on PHLX’s Simple Order Book, resulting in better executions for multi-legged orders and Simple Orders.
  • 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.
  • Floor Brokers and Specialists: Are available on PHLX.
  • Order Types: A full suite of auction and crossing orders are available on PHLX.


PHLX offers options trading on thousands of underlying equity, ETF, index, and FX products. 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 PHLX.

Complex Strategy Price Protection (SPP)Prevents certain Complex Order strategies from trading at prices outside of pre-set standard limits.
Order Price Protection (OPP)Checks the limit price of an incoming order against the NBBO and BBO and rejects the order if the limit crosses certain parameters.
Acceptable Complex Execution Parameter (ACE)Defines a price range outside of which a Complex Order will not be allowed to be executed.
Acceptable Trade RangeProtects orders and quotes from executing at levels too far away from an initial quote execution price.
Market Access ProtectionGuards against duplicate orders as well as validates orders with cumulative volume checks.
Kill SwitchProvides participants with a GUI that enables them to request quote removals and/or order cancellations.
Rapid FireRemoves PHLX market maker quotes from the marketplace when certain pre-set percentage or volume thresholds are met.
Multi-Trigger Rapid FireRemoves 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.
Anti-Internalization or AIQPrevents PHLX 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.
Cancel on Disconnect (FIX and SQF connections)A loss of communication will automatically cancel all orders and open quotes on the affected port. Quotes will be cancelled across all client applications that are associated with the same market maker ID and underlying issues.


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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