Provides customers with the ability to choose how to execute orders by either selecting a price/size priority model or a price/time priority model
The NASDAQ OMX Group plans to launch a third equity trading platform during the second half of 2010 in US. NASDAQ OMX will offer this equity trading platform with a new price/size priority model using the license acquired from its 2007 acquisition of the former Philadelphia Stock Exchange, known as NASDAQ OMX PHLX.
Reportedly, NASDAQ OMX’s new equity price/size priority market structure is currently not offered on The NASDAQ Stock Market, NASDAQ OMX BX, or any other US equity trading platform. The new model gives customers the ability to choose how to execute orders by either selecting a price/size priority model on NASDAQ OMX PHLX or a price/time priority model available on the exchange’s other two US equity trading platforms. NASDAQ OMX’s new equity platform will also run on the INET technology to leverage the speed and efficiency benefits offered throughout NASDAQ OMX globally.
Eric Noll, executive vice president, NASDAQ OMX Group, said: “NASDAQ OMX is pleased to continue its tradition of offering customers additional choices that will help supplement their various trading strategies. Based on feedback from key customers we decided to announce the launch of this trading platform that offers a new competitive equity market structure model. Furthermore, we are happy to extend one of the many assets of our acquisition of The Philadelphia Stock Exchange, yet again, to provide the benefits to our equity trading customers.”