PHILADELPHIA STOCK
EXCHANGE LAUNCHES
18 SECTOR INDICES ON PHLX XL — THE ELECTRONIC
OPTIONS TRADING SYSTEM
“ Benchmark index products expected to display tighter spreads and greater
size”
For more information, contact Barbara Sorid at 215-496-5200
or by e-mail
PHLX
XL Index Options Roll Out Schedule
PHILADELPHIA — December 2, 2004 — The Philadelphia
Stock Exchange announced today plans to launch trading over the next
several weeks of its 18 proprietary indexes, including SOX, OSX and
XAU on PHLX XL, the Exchange’s electronic options trading system.
“ We are ahead of schedule in rolling out our books on PHLX
XL,” said William H. Morgan, executive vice president and chief
information officer. “The market will now see the tighter spreads
and deeper liquidity in the indices that we have seen in the 135 books
we have launched on PHLX XL so far.”
To date, books launched on PHLX XL, which represent approximately
70% of national volume, have seen approximately 25% growth in market
share, 200% growth in average size displayed and are at the National
Best Bid and Offer (NBBO) roughly 80% of the time.
“ This represents another successful phase in our electronic
trading initiative,” said Meyer “Sandy” Frucher,
PHLX chairman and CEO. “We are proud of the growth PHLX XL is
fostering and we are anxious to roll out even more advanced functionality
in the coming months,” Frucher said.
PHLX XL enables the PHLX to improve electronic access for customers,
broker dealers and market makers while maintaining the advantages
of a floor-based environment. It combines the competitive attributes
of electronic and floor-based trading increasing the speed and quality
of execution.
“ Bringing up the indices on PHLX XL will offer the investing
community a superior product, attractive to both retail and institutional
players,” added Frucher. “Every exchange should utilize
an electronic trading environment for their proprietary products,
for the good of the investing public.”
The Philadelphia Stock Exchange was founded in 1790. The PHLX trades
2,000 stocks, 1,500 equity options, 18 sectors index options, and
currency options and futures. For more information about the PHLX
and its products, visit www.phlx.com.
Back
to News
Products
+ Marketplace + Exchange + News
+ Publications + Calendar +
Educational + Site Map + Home + Contact
Us + Emergency Info
