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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: TFF who started this subject11/1/2002 11:44:04 AM
From: TFF   of 12617
 
Boston Exchange Lands 4 New Partners
Thu Oct 31, 7:07 PM ET

BOSTON (AP) - The fledgling Boston Options Exchange said Thursday it had landed four major securities firms as partners, a boost in its attempt to become a major trading platform when it opens next year.

The exchange, which would be the sixth in the United States and second to operate entirely electronically, was originally backed by the Boston Stock Exchange, Bourse de Montreal and Interactive Brokers Group LLC. Now it's lined up Credit Suisse First Boston, JPMorgan, Salomon Smith Barney and UBS Warburg.

The deal doesn't require those firms to channel options trading business through the Boston Exchange, but Boston Stock Exchange chairman Kenneth R. Leibler said that's the hope.

"By joining the partnership and making an investment in the new marketplace I think that should indicate they have confidence it's going to work well," Leibler said.

The nation's other major derivative options exchanges are in Chicago, Philadelphia and San Francisco, as well as the International Stock Exchange and American Stock Exchange in New York.

Boston will be the first exchange to provide pricing on some deals at penny intervals, instead of the 5-cent intervals offered at the other major exchanges.
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