THE PHILADELPHIA STOCK EXCHANGE TO BEGIN TRADING TWO NEW INDEX OPTIONS ON JULY 2

PHILADELPHIA — July 25, 2005- The Philadelphia Stock Exchange (PHLX) announced today that it will begin trading two new options beginning July 26.

KBW Mortgage Finance Index (option/stock symbol: MFX) will trade on the March expiration cycle. Position and exercise limits have been set at 31,500 contracts. The option was allocated to Susquehanna Investment Group.

KBW Regional Banking Index (option/stock symbol: KRX) will trade on the March expiration cycle. Position and exercise limits have been set at 31,500 contracts. The option was allocated to Timber Hill LLC.

The Philadelphia Stock Exchange was founded in 1790. The PHLX trades 2,000 stocks, 1,703 equity options, 24 sectors index options and currency options and futures. For more information about the PHLX and its products, visit www.phlx.com