Options Exchange Makes Auction Alerts Slightly More Detailed
Published Date: 7/10/2026
Notice
Summary
Nasdaq PHLX is updating its PIXL auction notifications to show clearer and more detailed info about price, side, size, and options series. This change helps traders get better, faster updates through the Exchange’s data feeds starting immediately, making trading smoother and more transparent. If you trade options on Nasdaq PHLX, this tweak could make your PIXL experience sharper without changing any fees.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
PIXL Auction Notifications Stop Showing Price
Nasdaq PHLX will remove the PIXL Order "price" from the PIXL Auction Notification (PAN) that is sent via the Phlx Orders data feed and the Specialized Quote Feed. The Exchange says this change is meant to encourage more aggressive responder pricing and greater price improvement in PIXL auctions.
Change Effective Immediately; Implement by July 15
The SEC waived the 30-day delay and made the rule change operative upon filing (filed June 30, 2026). The Exchange plans to implement the PIXL PAN change on or before July 15, 2026 and will announce the exact date in an Options Trader Alert.
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