PHILADELPHIA- June 7, 2006 — Chairman and
CEO Meyer “Sandy” Frucher, upon receipt of a letter
from Christopher Cox, Chairman of the SEC, regarding the implementation
of a pilot program for quoting options in penny increments, called
for an immediate response from the heads of the six U.S. options
exchanges.
“I have asked the other exchanges to convene as soon as possible
in Washington to discuss the myriad issues that quoting options
in pennies will bring to the American derivatives markets,”
said Frucher.
Chairman Cox’s letter to all the options exchanges calls for
a pilot program in which a limited number of options will be quoted
in pennies; such a program would be implemented and launched on
January 29, 2007.
“The options exchanges stand ready to address collaboratively
affiliated issues like quote mitigation and best execution standards
and to ensure that the investing public continues to enjoy the benefits
of a growing, liquid marketplace,” added Frucher.
The Philadelphia Stock Exchange was founded in 1790. The PHLX trades
1,943 stocks, more than 2,200 equity options, 19 sectors index options,
and currency options and futures. For more information about the
PHLX and its products, visit www.phlx.com.
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