U.S. Options

    Nasdaq MRX (MRX) Options Exchange

    Harmonizing operational and technological processes to provide cutting-edge exchange technology around the globe.

    Nasdaq MRX (MRX) delivers competitive priority customer rebates and a full suite of auction and crossing orders.

    Nasdaq MRX (MRX) offers both a simple customer priority, pro-rata allocation market, and a price-time complex market, complete with a full suite of auction and crossing orders. MRX follows a traditional model on the simple order book, while MRX complex will bring the same best-in-class complex functionality as ISE with an alternative pricing model.

    Nasdaq MRX our 1st U.S. Options Market to AWS Cloud

    Nasdaq Options Specifications and Resource Hub

    All the specifications and regulatory resources you need. All in one place.

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    MRX Features

    More MRX Options Exchange Features Include:

    Comprehensive risk management features are built into MRX’s trading technology and include the following protections:

    • Market-Wide Speed Bump: Triggered based on a value, which is defined as the number of curtailment events within a specified time period across the entire market. Value defined by the Market Maker and implemented by Market Operations-

    • Price Limit Check: Simple Orders entered through the exchange BBO by the greater of $1.00 or 1% during the regular market trading state are rejected.

    • Cancel on Disconnect (FIX and DTI connections): Cancels all orders open in the market on disconnect.

    • Vertical Spread Check: Vertical spreads entered with a negative limit price will be rejected.

    • Spread Trade Through Limit: A spread will not trade through the NBBO by more than $0.05 per leg of the complex strategy.

    Restricting an OCC clearing number and authorized member organization.

    Restricting an OCC Clearing Number:

    • PHLX Rule 1037, ISE, GEMX, MRX Rules 707, and NOM and BX Options Rules Chapter VI Section 14 allow Clearing Members to request the Exchange restrict allowable usage of one or more of their OCC clearing numbers.
    • To request a restriction on an OCC clearing number, a Clearing Member must submit a completed “Clearing Member Restriction Form” to the Exchange’s Membership Department:
    • “Clearing Member Restriction Form” requests will be effective and systematically enforced ninety days after being received by the Exchange once the Exchange’s implementation date has occurred.
    • Note, a clearing arrangement subject to a Letter of Guarantee automatically permits the Give-Up of a Restricted OCC Number by the member organization / Member that is party to the arrangement and no further written authorization is required.

    Authorized Member Organization / Authorized Member:

    • A PHLX, ISE, GEMX, MRX, NOM, or BX Options member organization / Member desiring to Give-Up a Restricted OCC Number must become an Authorized Member Organization / Authorized Member.
    • To become an Authorized Member Organization / Authorized Member, the Exchange requires written authorization, in the form of a completed “Clearing Member Restriction Form”, from the Clearing Member permitting the member organization / Member to Give-Up a Clearing Member’s Restricted OCC Number.

    MRX Complex Order Book

    Innovative technology that enables all market participants to trade smarter by providing efficient and liquid markets for multi-legged strategies (up to 10 legs) including complex, buy-write, and delta-neutral orders.

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