Some little background I was able to find in regard to your comment. I pulled it from the news link at the bottom. Shortly after this, the WSJ did a small piece on the Philly and it's technological upgrades to its trading technology. The fact that the WSJ would cover a "dead exchange" much less paint it in a positive light I found to be interesting. I wonder if there will be a follow-up once VWAP goes live?
The NASD and Philadelphia Stock Exchange Terminate Merger
Discussions
New York, NY—The National Association of Securities Dealers, Inc. (NASD®), and the
Philadelphia Stock Exchange (PHLX) today announced that they have ended discussions
concerning a possible combination. Under the proposed combination, the options business of
the Philadelphia Stock Exchange would have been incorporated into the American Stock
Exchange® (Amex®) options market while the PHLX equities business would have continued
as a separate market and subsidiary of the Amex.
After months of exploring the viability of a possible combination, the parties have determined
that a combination is not feasible. This conclusion was outlined in a letter sent from the NASD
to the PHLX which also suggested that discussions continue to explore other possible
alternative structures. Those discussions, which are continuing, include working on completing
the details of an interim technology agreement.
Both parties noted that the decision was not related to reactions of the SEC or the Department
of Justice to the proposed combination.
Founded in 1790 as the first organized stock exchange in the United States, the Philadelphia
Stock Exchange trades more than 2,600 stocks, 900 equity options, 14 sectors index options
and 100 currency pairs.
The NASD is the largest securities-industry, self-regulatory organization in the United States
and parent organization of NASD Regulation, Inc., and The Nasdaq-Amex Market Group, Inc.
Through its regulatory subsidiary, the NASD develops rules and regulations, provides a dispute
resolution forum, and conducts regulatory reviews of member activities for the protection and
benefit of investors. Through The Nasdaq-Amex Market GroupSM, the NASD operates The
Nasdaq Stock Market and the American Stock Exchange.
For more information about the NASD and its subsidiaries, please visit the following Web
sites: nasd.com; nasdaq-amex.com; nasdr.com; the Nasdaq
TraderSM site at nasdaqtrader.com; or the Nasdaq-Amex NewsroomSM at
nasdaq-amexnews.com.
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