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Product LoginWednesday, March 3, 2010
Options Trader Alert #2010 - 16
NASDAQ OMX PHLX Updates PHLX XL Quote Lock Timer
Markets Impacted:
- NASDAQ OMX PHLX
Contact Information:
- Transaction Services U.S. Market Sales at +1 800 846 0477
What you need to know:
- Effective Friday, March 5, 2010, NASDAQ OMX PHLX will set the PHLX XL Quote Lock Timer to zero.
What is changing?
Effective Friday, March 5, 2010, NASDAQ OMX PHLXSM (PHLX®) will set the PHLX XL® (XL®) Quote Lock Timer (“counting period”) to zero.
What is the XL Quote Lock Timer?
The XL Quote Lock Timer is the counting period that is initiated when electronically-submitted quotations of Specialists, Streaming Quote Traders (SQTs) and Remote Streaming Quote Traders (RSQTs) interact with one another and result in a locked or crossed market. Currently, in such a situation a counting period of .25 seconds elapses before the quotes are executed. With this change, locked or crossed quotes will execute immediately.
Where can I find additional information?
- Refer to the PHLX rule filing.
- Contact Transaction Services U.S. Market Sales at +1 800 846 0477.
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