Tuesday July 9 2013

News Source: Global Exchanges

Focus: General - Global Exchanges

Type: General




Effective Thursday, July 18, 2013, NASDAQ OMX PHLXSM will introduce Acceptable Trade Range Protection (ATR) for orders and quotes. The implementation of ATR will be complete on Thursday, July 25, 2013.

ATR automatically sets dynamic boundaries that limit the prices at which an order or quote can execute. If an order or quote is priced through a boundary price, the order will execute at prices at or within the boundary price. If the order is not fully executed at those prices, it will post at the boundary price for a short period of time to allow the market to refresh before continuing to execute at more aggressive prices. The posted order is available for execution at the boundary price during this short refresh period. Interest on the opposite side of the market during the short refresh period will be displayed as “non-firm”.

ATR will be automatically applied to all orders and quotes for all participants. However, participants may opt to have their orders/quotes cancelled after the order/quote triggers an ATR rather than having the order/quote continue to execute at more aggressive prices.

Click on the above link for more details