Nasdaq PHLX Amends Add Liquidity Orders for Market Efficiency
Published Date: 2/25/2026
Notice
Summary
Nasdaq PHLX is updating its rules for Add Liquidity Orders, which are special orders that help keep the market active by adding new buy or sell offers. This change affects traders using the exchange by tweaking how these orders behave, aiming for smoother and fairer trading. The new rules took effect immediately on February 12, 2026, with no extra fees involved.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Add Liquidity Orders: Day‑only Rule
If you trade on Nasdaq PHLX and use Add Liquidity Orders, those orders may only be entered with a Time‑in‑Force of Day (they expire at the end of the trading day). Add Liquidity Orders may not be entered with Immediate‑or‑Cancel (IOC), Good‑Till‑Date (GTD), or Good‑Till‑Cancel (GTC) designations nor persist into the next trading day. This clarification became effective on February 12, 2026.
OTTO: Sponsor Customers Can Send/Receive
If you use the OTTO (Ouch to Trade Options) interface as a member organization or a Sponsored Customer, the rule text now makes clear that both member organizations and their Sponsored Customers may send and receive order, auction, and auction response messages to and from the Exchange. The amendment reflects current system functionality and became effective on February 12, 2026.
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