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 NYSE Arca currently trades options using PCX Plus®, a technology platform and market structure introduced in 2005. It was designed to better serve existing market participants and to attract additional sources of liquidity to the Exchange by allowing Market Makers to access our markets remotely making it the most flexible platform in the industry. PCX Plus electronically integrates the Exchange's current floor-based participants and Remote Market Makers. Download the PCX Plus information packet (pdf). Key features Remote Market Making PCX Plus allows market participants to enter quotes from remote locations; there is no need to be on the floor. This opens the NYSE Arca market to a wide range of new liquidity providers including Broker-Dealers, institutional trading firms and hedge funds. Flexible Primary Remote Market Makers can select the issues they wish to trade, making PCX Plus the most flexible platform in the industry. Issues may also be changed on a periodic basis. The number of issues traded is determined by the number of permits held (one permit allows trading in eight issues, two permits allow eighteen, three permits allow thirty, etc.). Eight permits are required to trade the top 120 issues. Twenty permits are required to trade all 1,200 issues currently listed on NYSE Arca. Consolidated Book The NYSE Arca allows all Broker-Dealers to post “day” and “good-til-cancelled” limit orders in the Consolidated Book. Market Maker Quotes with Size are also accepted, providing an exceptional opportunity for professionals to electronically interact with each other. Orders from public customers continue to have first priority in the book. Quote Consolidation All market participants are given the opportunity to utilize their own pricing models. The PCX Plus Trading Engine consolidates quotes from all competing Market Makers (on and off the floor), disseminates the best bid/offer and aggregates size. Trade Allocation New trade allocation models encourage aggressive quote competition. Market participants who improve NYSE Arca quotes with deep and liquid markets are rewarded with significant trade participation rights. No Membership Requirements Market participants are not required to purchase or lease seats. Trading rights are granted through Options Trading Permits (OTPs). Low Entry Costs Permit and transaction costs are among the lowest in the industry. Order Flow Providers No changes are required to access PCX Plus. All existing order entry and clearing systems are maintained. Orders are exposed to an expanded audience of market participants and more orders will execute electronically at better prices. |
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