Philadelphia Stock Exchange (PHLX) Implements Options "What You See Is What You Get" Trading Rule - The Size Distinction Between Customer And Broker-Dealer Orders Eliminated

The Philadelphia Stock Exchange announced today that it has filed for immediate effectiveness with the Securities and Exchange Commission to implement its "what you see is what you get" trading rules. The rules eliminate the distinction between customer and broker-dealer orders with respect to the size for which PHLX options quotations are firm, and with respect to the guaranteed automatic execution size for options. The rule will take effect on Monday, March 24.

Under the new rules, PHLX options quotations will be firm up to the PHLX disseminated size for customer and broker-dealer orders. The guaranteed size for automatic executions would be the Phlx disseminated size in the particular series for eligible customer and eligible broker-dealer orders, up to a maximum guaranteed size of 250 contracts.

"Automatic execution of firm quote size for broker-dealer orders will make the marketplace more efficient and competitive," said Kevin Fischer, PHLX floor manager for Timber Hill LLC. "Also, the elimination of artificial barriers ultimately lowers the cost of trading to all parties."

Options on the Nasdaq-100 Index Tracking Stock (QQQSM) will continue to trade under the present rules. The QQQs are eligible for automatic execution up to 2,000 contracts for the first two near expiration months and up to 1,000 contracts for all other expiration months.

The Philadelphia Stock Exchange (PHLX) was founded in 1790. The PHLX trades more than 2,200 stocks, 1,016 listed equity options, 12 sectors index options and currency pairs. For more information about the PHLX and its products, visit www.phlx.com.