SPY is the most actively traded ETF and market participants have awaited SPY options to allow smaller participants to participate in the movement of the S&P 500. Below is information directly from the Philadelphia Stock Exchange.
PHLX Launches Trading of Options in SPDR's (SPY) on PHLX XL Streaming Monday, Jan. 10
PHLX XLSM is the new electronic options trading system from the Philadelphia Stock Exchange (PHLX) that will maximize liquidity, encourage price competition and rapidly execute orders of all sizes. PHLX XL combines the best attributes of electronic and floor-based trading enhancing the PHLX's position as the most versatile options trading marketplace.
The following PHLX XL features have been activated:
'What You See Is What You Get' Options Trading Eliminates the distinction between the size for which the Exchange is firm for customer orders vs. broker-dealer orders.
Book Match - Enables the system to automatically match incoming customer and broker-dealer orders with orders on the specialists' books.
The Book Sweep Function - Sweeps the specialists' books based on movement
in the specialists' quoted market.
As a result, our customers are seeing much faster executions with less manual intervention.
Stay tuned. There's more to come...
PHLX XL enables market makers to electronically deliver streaming quotes, increasing liquidity and producing tighter, deeper markets. Streaming quotes will dramatically improve speed of execution by raising the number of participants electronically interacting with orders, thereby increasing the amount of orders automatically executed.
PHLX XL enhances electronic access and execution for customers, broker-dealers and market makers while leveraging the advantages of a floor-based environment.
Connectivity
Connecting to PHLX XL is easy. For current PHLX order flow providers, the transition is handled seamlessly, requiring no modifications. For new liquidity providers, there is a wide variety of vendors who can provide a complete quoting interface to PHLX XL, or the provider can choose to connect their host trading application directly with no intermediate hardware or software required.
For questions about connecting to PHLX XL, contact Marty Sonntag at 215-496-5458.
SPY Options begin trading
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