PHLX Auction Rules Get a Speedy Update for Better 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 speed up trades and could lead to better prices for investors. The new rules took effect right away on April 10, 2026, making trading smoother and potentially saving money for everyone involved.
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Market Makers Allowed in Paired Auctions
If you trade options, Nasdaq PHLX now permits Market Makers assigned to an options class to be solicited as the contra-side in paired auctions: Price Improvement XL (PIXL), Solicited Order Mechanism (SOM), FLEX PIXL, FLEX SOM, and the Facilitation Mechanism. SOMs are described as for orders of 500 or more contracts and the Facilitation Mechanism applies to block-sized orders of 50 or more contracts; the change was filed and became effective on April 10, 2026, and the Exchange plans to implement the changes on or before Q3 2026. The Exchange says this may expand available liquidity and increase execution and price improvement opportunities, particularly for Public Customer orders in a PIXL.
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Key Dates
Department and Agencies
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Previous / Next Documents
Previous: 2026-07785 — Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Various Auction Mechanisms
Nasdaq ISE is updating its auction rules to let Market Makers join in more types of order auctions, like the Solicited Order Mechanism and Price Improvement Mechanism. This change helps trades happen faster and could save money by improving prices. The new rules took effect right after filing on April 13, 2026, so traders and Market Makers should get ready to use these improved auctions ASAP!
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