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Product LoginMonday, March 15, 2010
Options Trader Alert #2010 - 18
The NASDAQ Options Market Now Offers Exchange Direct Orders to All Options Exchanges
Markets Impacted:
- The NASDAQ Options Market
Contact Information:
- Transaction Services U.S. Market Sales at +1 800 846 0477
What you need to know:
- The NASDAQ Options MarketSM now offers Exchange Direct Orders to all options exchanges.
What is changing?
Exchange Direct Orders to NASDAQ OMX PHLXSM (PHLX®) are now available on The NASDAQ Options Market (NOM). With this addition, NOM now offers Exchange Direct Orders to all options exchanges.
What is the Exchange Direct Order?
The Exchange Direct Order allows users to direct orders to be delivered by the system to another exchange without first checking the NOM book. If unexecuted, the order (or unexecuted portion thereof) shall be returned to the entering party.
Exchange Direct Orders may be sent to the following exchanges using the corresponding identifiers:
How can I enter an Exchange Direct Order?
Firms may enter the directed order identifier into the ExecBroker (Tag 76) field for FIX to Trade Options and the Routing Strategy (Offset 79) field for NOMAD. Refer to the updated technical specifications for more information.
What Time-In-Forces can be used with Exchange Direct Orders?
Exchange Direct Orders may only be used for orders with time-in-force parameters of Immediate or Cancel (IOC).
How will I know where my order executed?
On all orders NOM routes to away exchanges (including Exchange Direct Orders and SEEK Orders), the execution message sent to the firm contains liquidity codes identifying the exchange at which the execution occurred. The table below lists the mapping of exchanges to liquidity codes.
Where can I find more information?
- Refer to the updated technical specifications on the NASDAQ OMX Trader® website.
- Contact Transaction Services U.S. Market Sales at +1 800 846 0477.
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