NASDAQ OMX PHLX received SEC approval and completed its rollout supporting various order types including strategies consisting of two options on a single underlying stock, ETF, currency or index.

"We are delighted to have completed the implementation of this new feature that will provide customers with more choice. The launch of the Complex Order System further positions PHLX as a versatile options trading marketplace that combines superior attributes for electronic and floor-based options trading," commented Adam Nunes, Head of NASDAQ OMX U.S. Options.

"With the PHLX Complex Order System we are providing options customers with a full service experience at NASDAQ OMX PHLX. The system is the most robust platform available for trading complex strategies in the markets today offering innovative technology, best price, speed, protection and customer service," said Tom Wittman, President of NASDAQ OMX PHLX.

The Complex Order System includes a price improvement auction plus three unique features: National Best Bid and Offer Pricing Protection; Strategy Price Protection; and, Complex Order Opening Auction. The system is offered to every option traded on the exchange, over 2250 classes and over 250,000 individual options.

Orders may trade in penny increments, even in classes not participating in the Options Penny Pilot program. In 2009, NASDAQ OMX PHLX Complex Order System is expected to offer Complex Strategies with more than two option legs plus options with underlying stock capabilities. Currently the two-sided order types being offered include spreads, straddles, ratios, combinations, collars and risk reversals.

Through NASDAQ OMX PHLX, the NASDAQ OMX Group will offer customers both electronic and hybrid floor-based options trading to better address diverse customer needs. The NASDAQ Options Market will continue to operate as a separate market offering true price/time priority.