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Product LoginWednesday, March 5, 2014
Options Trader Alert #2014 - 5
PHLX Initiates Rollout of New Floor Broker Management System
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On Friday, March 7, 2014, PHLX will begin the process of a rollout of our new Floor Broker Management System (FBMS). FunctionalityThe new FBMS provides enhanced functionality for handling orders in open outcry and introduces real time trade reporting for broker handled orders. When utilizing the new FBMS, orders represented in the trading crowd (other than FLEX and cabinet trades) will no longer execute in the trading crowd, but instead, after potential trades are announced in the trading crowd, they will be submitted via FBMS to the Exchange and executed in real time in compliance with Exchange order handling and priority rules. With respect to responding to orders that are announced in the trading crowd, Floor Brokers and market makers are reminded that the open outcry announcement and crossing rules remain largely unchanged, except that when an order is submitted through FBMS, it must fit the markets in accordance with Exchange rules or it will not result in an execution. The current FBMS will continue to be available for use by Floor Brokers during the rollout period. Action RequiredFloor Brokers are encouraged to adapt to the new FBMS as quickly as possible, as the rollout is a two to four week migration. Exchange staff will be available to all brokers during the rollout. |
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