EDGX Options to target two thirds of US market on pro rata models
Bats Global Markets,
the US exchange operator, plans to launch a second US options
exchange in November, pending Securities and Exchange
Commission (SEC) approval.
The new exchange, called EDGX Options,
will be based on a customer priority model, designed to
complement its existing Bats Options market, a price-time
Under a pro rata
matching model, matching algorithms take into account every
book order at the inside market price regardless of the time it
was entered. By not prioritising time, a larger
number of book orders contribute to each trade.
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