PHILADELPHIA, PA. and PRINCETON, N.J., -
June 27, 2006 – The Philadelphia Stock Exchange
(PHLX) and Order Execution Services Holdings, Inc. (OES), announced
today they have reached an agreement in principle to develop an
outbound routing service as an essential part of the new PHLX
electronic equities market structure that is expected to be launched
in the third quarter of this year.
Under the terms of the agreement, OES will provide the facility
broker-dealer with the outbound routing technology, technical
and operational services, and order audit trail compliance tools
to the PHLX to meet Regulation NMS requirements.
PHLX will assist OES in the establishment of the
NASD registered broker-dealer to operate as a single-purpose facility
of the PHLX designed to deliver orders to OES, or other qualified
access brokers, for execution in other marketplaces.
“The Philadelphia Stock Exchange sees this as a significant
opportunity to allow the Exchange to electronically access all
the other markets in a Reg NMS environment,” said Bob Miller,
senior advisor to the PHLX.
David M. Scheckel, CEO of OES, said his company
will provide the services for the operation of the PHLX facility,
including its outbound router broker-dealer, routing technology,
Reg NMS audit tools, as well as provide agency brokerage services
to handle equities orders from the PHLX sent to other exchanges
and market centers.
“As it becomes a fully-automated electronic equities exchange,
the PHLX will be better able to compete against other exchanges,
market centers and ECNs, while proactively complying with Reg
NMS and other regulations,” he said.
About the Philadelphia Stock Exchange
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
About Order Execution Services (OES)
Order Execution Services Holdings, Inc. (OES), through its wholly
owned technology and broker-dealer subsidiaries, provides seamless
electronic market connectivity, liquidity access and rapid executions
by linking broker-dealers, trading systems, exchanges and market
centers. As an innovative securities industry leader, OES specializes
in smart-order routing, Reg. NMS compliance tools, sponsored market
access, agency execution and private inter-market linkages. OES
was formed in 2002 by the management buyout of the Herzog-listed
trading division from Merrill Lynch. Closely-held, OES is headquartered
in Princeton N.J., with offices in Chicago, Los Angeles, San Francisco,
Boston and Philadelphia. For information, visit www.tradeoes.com
This press release contains forward-looking statements within
the meaning of section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. With the exception
of historical information contained herein, the matters discussed
in this press release involve risk and uncertainties. Actual results
could differ materially from those expressed in any forward-looking
statement.
All trademarks are properties of their respective owners.
