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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 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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