Nasdaq PHLX (PHLX) will suspend open outcry trading on the PHLX Trading Floor (Trading Floor) beginning Tuesday, March 17, 2020. Trading will continue to be available, on PHLX, in an electronic-only trading model until open outcry trading resumes. This decision was made as a precautionary measure to prevent the potential spread of the novel coronavirus (COVID-19) and, currently, there are no known cases of COVID-19 on the PHLX Trading Floor.

Nasdaq will be actively monitoring and assessing the situation throughout this period to ensure we can reinstate open outcry trading when, and as appropriate. PHLX will provide at least twenty-four hours notice to participants prior to re-opening open outcry trading on the PHLX Trading Floor.

The health of Nasdaq employees, the Trading Floor members, and the Trading Floor members’ employees is Nasdaq’s top priority and will continue to be our top priority during this challenging time.

Please see the FAQs below and feel free to contact Market Operations with any additional questions.

Frequently Asked Questions (FAQs)

What does this closure mean?

Beginning Tuesday, March 17, 2020, the Phlx Trading Floor will not be accessible to any PHLX member organization or their staff until such time as the Trading Floor re-opens. Opening outcry trading will be suspended in the interim.

How can Floor Members communicate with Phlx staff during the closure?

As a way to keep the lines of communication open during the Trading Floor closure, PHLX staff will hold daily meetings at 4:20 PM with Trading Floor Members. These meetings will be telephonic. Additionally, any significant information related to the Phlx Trading Floor will be relayed via Options Trader Alerts.

When will the PHLX Trading Floor reopen?

Nasdaq will continue to closely monitor federal, state and local updates about the spread of COVID-19. The PHLX Trading Floor will reopen when it is determined that reopening the Trading Floor does not pose a health risk to occupants and visitors.

Will this closure impact the PHLX electronic market in any way?

No. The closure of the Trading Floor only impacts open outcry trading.

Can I submit an electronic Multi-Leg Order with a ratio greater than 3 to 1?

No. While Multi-Leg Orders are permitted in open outcry trading pursuant to Options 8, Section 32, this order type is not permitted electronically. Please refer to Options 3, Section 7 for permissible electronic order types.

Are floor market maker obligations suspended if we do not have an operating trading floor?

Yes. The floor market maker trading requirements within Options 8, Section 27 will not apply while the floor is closed. In addition, Streaming Quote Trader (SQT) obligations will not apply while the floor is closed since market makers will be unable to have a floor presence and an SQT may only submit such quotations while such SQT is physically present on the trading floor of the Exchange.

How will PHLX handle NDX / NDXP and other singly listed index options orders?

• In order to support PHLX electronic crosses, PIXL will be active in all classes, including NDX/NDXP and other singly listed index options.
• As during normal operations, all market participants will be able to electronically respond to PIXL auctions in all classes including NDX/NDXP and other singly listed index options.
• Trading in NDX is also available on Nasdaq ISE and Nasdaq Gemx.
• Trading in NDXP is also available on Nasdaq ISE.