Nasdaq OMX gets SEC approval for options market

Source: NASDAQ OMX Group

The NASDAQ OMX Group, Inc. (NasdaqGS:NDAQ) (NASDAQ OMX Group) announced it has received approval from the SEC for rules associated with the launch of its equity and index options market, the NASDAQ Options Market.

The NASDAQ Options Market is NASDAQ OMX's new electronic option trading offering which will operate on a price/time priority model. The Market is scheduled to begin operation on March 31, 2008.

``This is a welcome development which will allow NASDAQ OMX to pursue its organic options market strategy. We will bring customer choice via our price/time model to options trading in a penny environment,'' said Chris Concannon, Executive Vice President, NASDAQ Transaction Services, NASDAQ OMX Group. ``This market will complement our planned acquisition of the Philadelphia Stock Exchange.''

NASDAQ plans to operate a fully automated, price/time priority market with an opportunity for price improvement that provides a level playing field to all participants. It will also provide a routing service to orders when trading is not present on the NASDAQ Options Market. NASDAQ OMX's offering will be the first options trading platform to offer true price/time priority.

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