Nasdaq GEMX Aligns Options Rules with Phlx Exchange
Published Date: 1/16/2026
Notice
Summary
Nasdaq GEMX is updating its rules about how options orders are entered and displayed to match similar rules from another exchange, Nasdaq Phlx. This change affects traders using GEMX by clarifying order handling and should take effect immediately with no extra fees. It’s a smooth move to keep things clear and fair in the options market starting right now!
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Non-displayed Orders Execute at Best Price
The rule text clarifies that GEMX will automatically execute eligible option orders using the Exchange's displayed best bid and offer (BBO) or its non-displayed order book (internal BBO), and that a non-displayed order on the order book will be executed at the best price on the Exchange whether that best price is displayed or non-displayed.
Connectivity Protocols Confirm Bidirectional Messaging
GEMX updated Options 3, Section 7 Supplementary .03 to state that the FIX, OTTO, and SQF interfaces allow Members, their Sponsored Customers, and Market Makers to connect, send, and receive messages related to orders, auction orders, Immediate-or-Cancel orders, and auction responses to and from the Exchange.
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