Philadelphia Stock Exchange (PHLX) said it is ready to
launch its new trading platform called PHLX XL, which could be
up and running as early as June, pending regulatory
PHLX executives said at the recent Options Industry
Conference in Phoenix that they are awaiting the completion of
the Securities and Exchange Commission (SEC) application
process, which would then be followed by a 30-day comment
period. After the comment period, PHLX XL could receive the
green light and be operational as early as June.
The system will begin with floor market makers using
hand-held devices, allowing them to stand in one pit and stream
quotes into another listing. The exchange plans to add
off-the-floor remote market making through PHLX as well in the
coming months, although that also requires SEC approval.
The new system follows other technology rollouts from
competitors such as Chicago Board Options Exchange (CBOE),
which is expanding its Hybrid system. It too is awaiting SEC
approval for remote market maker (RMM) and electronic
designated market maker (eDPM) programmes. These are designed
to give CBOE two new classes of liquidity providers. The eDPMs
for the top 600 listings are expected to be named within the
next week, followed by RMMs. Each new market maker designation
will be distinguished by different levels of market making
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