The NASDAQ OMX Group, Inc.
NDAQ, the world's largest exchange company, today announced that it
will re-launch NASDAQ OMX PSX^(SM) (PSX^(SM)) in an effort to create the
leading marketplace for Exchange Traded Products (ETPs). The price-time
exchange will offer unique market making programs and features designed to
provide robust liquidity to institutional and retail investors. PSX will
re-launch in May 2013 pending approval by the Securities and Exchange
Commission.
Upon re-launch, PSX will offer Registered Market Maker and PSX Supplemental
Liquidity Provider (XLP) designations to participants that undertake an
affirmative quoting obligation on the exchange. These market making programs
will ensure committed liquidity is available by offering superior economics to
participants that meet quoting requirements on a per-security basis. PSX also
plans to introduce an innovative, competitive and transparent Lead Market
Maker program designed to narrow spreads and increase displayed size in ETP
securities. PSX registered market makers may compete for LMM status in ETP
securities and will receive enhanced benefits in exchange for assuming
enhanced liquidity provision obligations. In addition to receiving superior
economics in the ETPs they lead, LMMs will be promoted by PSX to the ETP
issuer and investor communities.
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