PHLX Remote Competing Specialist System

With the introduction of the Philadelphia Stock Exchange (PHLX) Remote Competing Specialist System (RCSS), specialists and order flow providers are no longer tied to providing specialists liquidity and market depth from a central trading floor. PHLX specialists can now trade from remote sites through a sophisticated trading network.

The PHLX Remote Competing Specialist System creates a boundless market center, permitting virtually unlimited access to qualified specialist applicants and customers alike. Additionally, trading is not limited to a fixed number of remote specialists. Qualifying firms or specialist applicants may apply to trade any of the 2,200 (NYSE and AMEX listed) issues offered through the Philadelphia Automated Communication and Execution (PACE)® system.