PHLX Updates Auctions to Speed Up Option Trades
Published Date: 4/22/2026
Notice
Summary
Nasdaq PHLX is updating its auction rules to let Market Makers join in more types of trading auctions, like the Price Improvement Auction and Solicited Order Mechanism. This change helps trades happen faster and could lead to better prices for investors. The new rules took effect right away on April 10, 2026, so traders and investors should watch for smoother, smarter trading action.
Free Policy Watch
New rules are filed every week. Most people never see them.
Pick a topic. PRIA watches every federal rule and tells you when one hits your household.
Pick a topic to get started
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Market Makers Can Be Solicited in Auctions
The Exchange now permits orders for the accounts of Market Makers assigned to an options class to be solicited as the contra-side in paired auctions (Facilitation Mechanism, Solicited Order Mechanism (SOM), Price Improvement Auction (PIXL), and their FLEX variants). The rule change was filed on April 10, 2026 and became effective upon filing; the Exchange expects to implement the changes on or before Q3 2026 and will announce the date by trader alert.
IOC Orders Will Be Rejected, Not Routed
The Exchange amended Options 5, Section 4(a) to state that Immediate-or-Cancel ("IOC") orders will be rejected and will not be routed. This clarification was filed April 10, 2026 (effective upon filing) and the Exchange says it will implement the changes on or before Q3 2026 and notify members by trader alert.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Take It Personal
Get Your Personalized Policy View
Start a Free Government Policy Watch to see how policy affects your household, then upgrade to PRIA Full Coverage for year-round monitoring.
Already have an account? Sign in