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PHLX Directed Order Flow Program
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The PHLX XL directed order flow program offers order
flow providers the ability to direct order flow in options classes
to specific PHLX Specialist(s), Streaming Quote Trader(s) (SQTs)
or Remote Streaming Quote Traders (RSQTs) who are assigned in
those option classes and have agreed to participate in the program.
This program enables the order flow provider to better manage
their order flow, manage customer expectations, deal directly
with liquidity providers, and manage their overall options business
on a more direct level.
Order Flow Sending Firms:
The term "Order Flow Provider" ("OFP") means
any Member or Member Organization that submits, as agent, customer
orders to the Exchange.
Payment for Order Flow
and Directed Order Flow Contact List
Frequently
Asked Questions:
What is a Directed
Order?
Who can send
a Directed Order?
How do Order
Flow Providers send a Directed Order?
Order Flow Receiving Firms:
Who can receive a Directed
Order?
How do Specialists,
SQTs and RSQTs receive Directed Orders?
What are the
Quoting Requirements for Specialists, SQTs and RSQTs for receiving
Directed Orders?
What is the
Allocation Process for Directed Orders that are sent to a Specialist,
SQT, or RSQT?
See PHLX Rules 1080(1)
and 1014(g)(viii) for
additional information.
If you have any questions about the PHLX
Directed Order Flow Program, please contact the following:
Marketing:
Al Brinkman, (215) 496-1618
albert.brinkman@phlx.com
Technical:
Doug Schafer, (215) 496-5628
douglas.schafer@phlx.com
Shelly Brown, (215) 496-5602
shelly.brown@phlx.com
Listings and Allocations:
Walt Smith, (215) 496-5532
walt.smith@phlx.com
Todd Borneman, (215) 496-1261
todd.borneman@phlx.com
Legal:
Richard S. Rudolph, (215) 496-5074 richard.rudolph@phlx.com
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