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Introducing PHLX XLE
The Philadelphia Stock Exchange® (PHLX®) has reinvented
the way the country’s oldest stock exchange trades stocks.
We have leveraged our expertise as a proven leader in PHLX XLSM
options technology to introduce a new destination for stock executions.
The PHLX’s newest offering is the PHLX XLESM
equities trading system. This addition allows firms the ability
to electronically trade stocks, options and futures in Philadelphia
(stocks and options on PHLX- and futures on our subsidiary, PBOT®
).
PHLX XLE provides an economically-competitive, Regulation-NMS-compliant
destination to publicly display limit orders and compete in the
areas of speed, price, and liquidity.
The PHLX XLE equities trading system is built to leverage the
advances made in equity trading technology- resulting in a more
efficient method for executing, displaying, and routing orders
in all National Market System (NMS) Stocks. XLE
Participants can submit orders from any location, into the completely
anonymous XLE
system.
XLE
Overview
Competitive Pricing…
PHLX provides a low cost alternative to other market centers,
establishing a maker/taker pricing model. Our streamlined operations
allow PHLX to offer lower total transaction costs.
Leveraging PHLX Technology…
XLE
is a highly scalable, fast, and reliable trading platform. With
new proprietary technology, the PHLX is uniquely positioned to
offer an exchange platform with great speed and dependability.
Fully Electronic Exchange…
XLE
is a matching and open access system to support electronic equity
trading. XLE
features a central limit order book where all orders and executions
are anonymous, eliminating the specialist role.
Reg NMS Ready…
PHLX is compliant with Regulation NMS (modified for Pre-NMS transition).
XLE
is built to comply with the impending Order Protection Rules,
qualifies as an Automated Market, and prohibits impermissible
trade-throughs.
XLE
Features
· Access provided to PHLX Members and Sponsored Members,
offering easy connectivity for XLE
Participants and the Market Making community.
· All customer orders handled in strict price/time
priority.
· Variety of order types- IOC Cross, Mid-Cross, Limit,
Reserve, Do Not Route, Single Sweep, Pegged, Odd and Mixed Lots,
Preferencing.
· A variety of Quote Management Instructions offered.
· Routing capabilities and access to all NMS Market
Centers.
· XLE
is an actual shares system accepting round, mixed and odd lot
increments.
· Three trading sessions, Pre, Core, and Post, configured
to operate from 8:00 am to 6:00 pm (Eastern Time).
· XLE
can facilitate institutional and agency brokerage.
· XLE
provides real-time PHLX depth-of-book data.
The PHLX Advantage
· Provides the ability to electronically trade equities
and options at one exchange and futures through PBOT.
· PHLX will always strive to be a low cost provider
for execution services.
· A fully staffed Operations Service Center, capable
of resolving transaction and business issues.
· XLE
is compliant with the new Order Protection Rules and qualifies
as an Automated Market and prohibits impermissible trade-throughs.
· The upcoming PHLX IRON Network, a new co-location
and new network facility will lower overall trading costs, and
increase XLE’s
capabilities and performance.
To Learn More
If you have questions, or if there are other features you would
like to see us incorporate, we are listening. And when you are
ready to connect to the system and use it, we will work directly
with you answering your questions and getting you up to speed.
For general questions about PHLX XLE, contact Robert Miller at
215-496-5181 or Paul Roland at 215-496-5342.
For questions about connectivity, contact Annette Ward, Supervisor,
Technical Account Management Group at 215-496-5310 or qatamg@phlx.com.
*PHLX XLE is subject to Securities and Exchange Commission approval.
Information contained herein is subject to
change.
Philadelphia Stock Exchange®, PHLX®
and PBOT® are registered trademarks of the Philadelphia Stock
Exchange, Inc.
PHLX XLSM and PHLX XLESM
are service marks of the Philadelphia Stock Exchange, Inc.
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