Effective at the opening on Monday, March 24, broker-dealer and professional traders' orders in the 50 most actively traded options will be eligible for automated execution for up to 100 contracts, and for up to 50 contracts in the 51st through 120th most actively traded options. Professionals' orders in all other issues will be guaranteed a minimum auto ex of 10 contracts. Professional traders are defined to include competing specialists and market makers on other exchanges.
The PCX broke the distinction between customer and professional orders, and opened its automated execution system to broker-dealer orders in November 2001. The program received widespread customer acceptance and has been steadily expanded since that time.
