NEW YORK, Sept. 9, 2008 (GLOBE NEWSWIRE) -- The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ), announced today that NASDAQ OMX PHLX launched its Complex Order System, a fully electronic system for options that automates the process for handling and executing two-sided complex orders that are priced as a single order. NASDAQ OMX PHLX received SEC approval and completed its rollout supporting various order types including strategies consisting of two options on a single underlying stock, ETF, currency or index.
"We are delighted to have completed the implementation of this new feature that will provide customers with more choice. The launch of the Complex Order System further positions PHLX as a versatile options trading marketplace that combines superior attributes for electronic and floor-based options trading," commented Adam Nunes, Head of NASDAQ OMX U.S. Options.
"With the PHLX Complex Order System we are providing options customers with a full service experience at NASDAQ OMX PHLX. The system is the most robust platform available for trading complex strategies in the markets today offering innovative technology, best price, speed, protection and customer service," said Tom Wittman, President of NASDAQ OMX PHLX.
The Complex Order System includes a price improvement auction plus three unique features: National Best Bid and Offer Pricing Protection; Strategy Price Protection; and, Complex Order Opening Auction. The system is offered to every option traded on the exchange, over 2250 classes and over 250,000 individual options.
Orders may trade in penny increments, even in classes not participating in the Options Penny Pilot program. In 2009, NASDAQ OMX PHLX Complex Order System is expected to offer Complex Strategies with more than two option legs plus options with underlying stock capabilities. Currently the two-sided order types being offered include spreads, straddles, ratios, combinations, collars and risk reversals.
Through NASDAQ OMX PHLX, the NASDAQ OMX Group will offer customers both electronic and hybrid floor-based options trading to better address diverse customer needs. The NASDAQ Options Market will continue to operate as a separate market offering true price/time priority.
About NASDAQ OMX Group
The NASDAQ OMX Group, Inc. is the world's largest exchange company. It delivers trading, exchange technology and public company services across six continents, and with over 3,900 companies, it is number one in worldwide listings among major markets. NASDAQ OMX Group offers multiple capital raising solutions to companies around the globe, including its U.S. listings market; the OMX Nordic Exchange, including First North; and the 144A PORTAL Market. The company offers trading across multiple asset classes including equities, derivatives, commodities, structured products and ETFs. NASDAQ OMX Group technology supports the operations of over 60 exchanges, clearing organizations and central securities depositories in more than 50 countries. OMX Nordic Exchange is not a legal entity but describes the common offering from NASDAQ OMX Group exchanges in Helsinki, Copenhagen, Stockholm, Iceland, Tallinn, Riga, and Vilnius. For more information about NASDAQ OMX, visit www.nasdaqomx.com.
Cautionary Note Regarding Forward-Looking Statements
Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. NASDAQ OMX cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to statements about our transaction with The Philadelphia Stock Exchange and other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond NASDAQ OMX's control. These factors include, but are not limited to, NASDAQ OMX's ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors detailed in NASDAQ OMX's filings with the U.S. Securities Exchange Commission, including its annual report on Form 10-K for the fiscal year ending December 31, 2007 which is available on NASDAQ OMX's website at http://www.nasdaqomx.com and the SEC's website at www.sec.gov. NASDAQ OMX undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
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