On October 1st, the SEC approved NASDAQ OMX PHLX's proposal to establish a price-improvement mechanism in which a member may electronically submit for execution an order it represents as agent on behalf of a public customer, broker-dealer, or any other entity ( a "PIXL Order") against principal interest or against any other order it represents as agent (an "Initiating Order") provided that it submits the PIXL Order for electronic execution into the PIXL Auction pursuant to the proposed Rule. In addition, the PHLX proposes to provide for the automatic execution, under certain conditions, of a crossing transaction where there is a public customer order in the same options series on each side. SEC Release No. 34-63027.