# 2026-11683: Nasdaq Phlx Allows Unusual Complex Order Ratios

2026-11683, Self-Regulatory Organizations; Nasdaq Phlx, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Permit Non-Conforming Ratios, is a Federal Register notice from Securities and Exchange Commission published 2026-06-11, effective 2026-06-03; PRIA reads it as touching household money (as of 2026-06-18).

- Canonical: https://policyrisk.com/federal-register/2026-11683
- As of: 2026-06-18
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2026-11683
- Title: Self-Regulatory Organizations; Nasdaq Phlx, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Permit Non-Conforming Ratios
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 91 FR 35586
- Published: 2026-06-11
- Effective: 2026-06-03
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-06-18

## In one line

Nasdaq Phlx Allows Unusual Complex Order Ratios

## Summary

Nasdaq Phlx is shaking things up by letting Complex Orders trade with both regular and unusual ratios on their trading platform and auctions. This change affects traders using the Complex Order Book and aims to boost flexibility and trading options starting immediately. No extra fees or delays—just more ways to trade smarter and faster!

## Effects PRIA read

- Exchange Allows Non‑Conforming Ratios: benefit, medium. Market participants may submit Complex Orders with "non-conforming ratios" on the Exchange's Complex Order Book and in certain auctions. A non-conforming ratio is where option components have a ratio greater than 3.00 or less than .333; if one leg is the underlying stock or convertible security, th…
- Penny Pricing for Complex Legs: benefit, medium. For Complex Options Strategies with non-conforming ratios, bids and offers may be expressed in $0.01 increments and the options legs may execute in $0.01 increments regardless of minimum increments otherwise applicable. For Stock-Option and Stock-Complex Strategies with non-conforming ratios, bids/…
- Public‑Customer Execution Protections: benefit, medium. Complex Orders with non-conforming ratios will not be executed at a net price that causes any option component to trade ahead of a Public Customer order at the best bid or offer (BBO) on the single‑leg order book, nor at a price that is through the national best bid or offer (NBBO). Complex Orders…
- Certain Spread Protections Removed: cost, medium. The Strategy Protections in Options 3, Section 16(b) (Vertical Spread, Calendar Spread, Butterfly Spread, and Box Spread Protections) will not apply to complex strategies that use non‑conforming ratios.
- PIXL Auction Early Termination Rules: benefit, low. For Complex PIXL Auctions involving non‑conforming ratios, the exposure period will automatically terminate if a Public Customer order eligible to rest on the single‑leg book would lock or cross any component of the PIXL order, or if the NBBO for any option component updates to a price that would c…
- Immediate Floor Effect; Full Rollout Deadline: benefit, low. The Commission waived the 30‑day operative delay so that non‑conforming ratio Floor Complex Qualified Contingent Cross (QCC) Orders and Floor Complex Customer Cross Orders are operative upon filing. The Exchange will implement amendments to Options 8 on the 30th day after filing or earlier; the rem…

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## Sources
- [2026-11683 on federalregister.gov](https://www.federalregister.gov/documents/2026/06/11/2026-11683/self-regulatory-organizations-nasdaq-phlx-llc-notice-of-filing-and-immediate-effectiveness-of)
- [2026-11683 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2026-06-11/pdf/2026-11683.pdf)

## Related
- [Previous: 2026-11682, Self-Regulatory Organizations; Texas Stock Exchange LLC; Notice of Filing of a…](https://policyrisk.com/federal-register/2026-11682)
- [Next: 2026-11684, Appraisal Subcommittee Notice Of Meeting](https://policyrisk.com/federal-register/2026-11684)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2026-11683 (as of 2026-06-18).