Equities

Effective October 24, 2008 NASDAQ OMX has discontinued the XLE equity operations system. Current XLE members that are also FINRA members can apply to waive-in to NASDAQ membership. Non-FINRA members can apply through the regular NASDAQ membership process. Applications for NASDAQ membership are located on the Membership page on the NASDAQ Trader^® website.

 

 

Below is information about the PHLX XLE Equities Trading System:

 

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 XL^SM options technology to introduce a new destination for stock executions. The PHLX’s newest offering is the PHLX XLE^SM 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 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 XL^SM and PHLX XLE^SM are service marks of the Philadelphia Stock Exchange, Inc.