The Nasdaq OMX Group, Inc. announced that its PHLX group has launched its Complex Order System, a fully electronic system for options that automates the process for executing two-sided complex orders that are priced as a single order.

The firm said it 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. The system is offered to every option traded on the exchange, which represents 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.

“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.