The Philadelphia Stock Exchange was acquired by NASDAQ OMX Group in 2008. Following the acquisition, NASDAQ OMX formed options trading marketplace, NASDAQ OMX PHLX (PHLX).
PHLX trades equity, index and ETF option series and offers trading in exclusive products, including Sector Index Options such as the PHLX Semiconductor (SOX), NASDAQ OMX Alpha Options, and PHLX World Currency Options on 11 currencies.
The hybrid exchange combines electronic and floor-based trading, and operates a customer-priority, pro-rata market model.
PHLX XL, the PHLX trading system for equity, index and world currency options, is powered by INET technology, the trading platform common to multiple market centers operated by NASDAQ OMX.
PHLX's Complex Order Mechanism supports orders of up to six total legs; six option legs or five option legs plus stock. The trading system also features flexible routing strategies and Price Improvement on XL (PIXL), an electronic price improvement process. Clearing services are provided by the Options Clearing Corporation (OCC).