Nasdaq PHLX (PHLX) Membership

Nasdaq PHLX (PHLX) is one of the largest U.S. options exchange trading equity options, index options and currency options. PHLX operates on a combination of high-speed electronic options technology and floor-based, broker trading.

Utilizing the same SRO, Nasdaq launched Nasdaq PSX (PSX) in October 2010. PSX operates on a price setter pro rata execution model and provides an incentive for greater displayed size while also encouraging participants to aggressively compete on price.

How to Become a PHLX Member

To qualify for PHLX membership, the applicant must be a registered broker dealer under the Exchange Act. All applicants are subject to PHLX qualification and registration requirements which are set forth in PHLX Rules 611 to 620.

To become a PHLX Member:

  1. Complete and submit the Organization Membership Application.
  2. Firms that are not self-clearing need to complete a Letter of Guarantee. Self-clearing firms need to complete this Letter of Guarantee.

Completed application documents can be sent to:

Send applications along with all relevant supplemental material (See Sections O and P of application) to

To note, PHLX new member applications are processed by the Nasdaq Membership Department. Inquiries regarding the submission and processing of a new member application should be directed to the Department at +1 215 496-5322 or via email to The review process will not begin until a complete application, including relevant supplemental material, is received by the Membership Department.

Applicants are subject to a non-refundable application fee of $350.00 which does not apply if applicant intends to engage in business only on the PSX equity platform. The application fee should be mailed to:

Nasdaq Membership Department
1900 Market Street, 2nd Floor
Philadelphia, PA 19103

This page was last updated February 2015.

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