Box Spreads Dodge Position Limits on Nasdaq PHLX
Published Date: 2/17/2026
Notice
Summary
Nasdaq PHLX is updating its rules to make trading smoother and smarter! They’re exempting a special options strategy called the box spread from position limits and tweaking several other trading rules. These changes take effect immediately and aim to help traders manage risk better without extra costs or delays.
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Box Spreads Exempt From Position Limits
If you transact box spreads on Nasdaq PHLX, those box spread positions will be exempt from the position limits in Options 9, Section 13(a) and (d). The Exchange says members and member organizations would not have a position limit for a box spread and therefore would not have to unwind any box spread position; the filing was submitted January 28, 2026 and made operative upon filing.
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