PHLX XL
Overview
PHLX XL™ is the electronic options trading system from the Philadelphia Stock Exchange (PHLX) that maximizes liquidity, encourages price competition and rapidly executes 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.
Options Symbology Initiative
The options industry, led by the Options Clearing Corporation (OCC) have initiated an industry-wide effort to simplify the symbology used to describe an individual options series. The single letter code to represent a series strike price used by the Options Price Reporting Authority (OPRA) will no longer be supported by mid-February 2010. In addition, explicit information about a series' expiration will be included in the symbology in order to eliminate many alternative symbols assigned to options classes for LEAPs and when there are more strike prices than letters in the alphabet (wraps). In the future, this page will contain information about testing and implementation of different aspects of this effort.
The following links are for PHLX external file formats (trading systems and clearing systems) that are affected by this industry initiative:
Overview of Trading System Formats
Overview of symbology changes to the PHLX-XL interfaces for Specialized Quote Feed, Specialized Order Feed, Risk Management Feed, FIX Order Input and CMS Order Input. The changes address the industry-driven shift to an explicit Options symbology. Questions with these formats should be directed to John Shelton at +1 215 496 1651 or E-mail
Reference complete interface specifications updated for symbology at: PHLX XL Technical Specifications (note: symbology specification for PHLX XL Firm Fix Engine is not yet available. All other specifications have been updated for symbology)
End-Of-Day Batch Trade and Order Transmissions
PHLX will be contacting each firm individually to discuss the changes that need to be made to the batch order and trade transmissions to make them symbology compliant. If you have any questions regarding these transmissions, please contact Randy Foster at +1 215 496 5328 or E-mail
There are two data feeds to Market Surveillance for the Trade Data Access System (TDAS), the NASD ROT Activity Clearing Firm Activity and ROT Off-Floor Options Orders And Trades Clearing Firm interfaces. These formats are changing to reflect the new OSI Series Key.
Market Surveillance / TDAS
Firm testing will focus in certifying Firm interfaces to Phlx. Firms MUST connect and successfully execute certification tests in the Phlx Test Lab prior to setup in production. Lab testing will certify use of explicit symbology in new message types. Firms should contact Phlx and ensure they have lab connectivity well in advance of the dates they desire to test with Phlx. Contact the Technical Account Management Group (TAMG) at +1 215 496 5310.
For more information about this industry initiative, please go to the OCC's website: theocc.com/initiatives/symbology
