Nasdaq Philly Moves To INET Platform

Traders Magazine, June 2009

Peter Chapman

Nasdaq OMX PHLX announced plans to roll out a rebuilt options trading system by late May. The former Philadelphia Stock Exchange will use Nasdaq's INET architecture as the framework.

The INET technology will give the PHLX "scalability," Tom Wittman, Nasdaq OMX PHLX president, told attendees at the annual Options Industry Council conference, and will allow for a back-up system and co-location for brokers' servers. As part of the rebuild, the PHLX is also making changes to its opening process. PHLX will let liquidity providers "layer in" bids and offers.

It will also give them order imbalance messages so they know the constituents of the imbalance. The exchange will also establish an opening quote range.

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