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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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From: TFF2/18/2005 4:30:29 PM
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PHLX Converts to Hybrid Electronic Market

The Philadelphia Stock Exchange (PHLX) has completed the transition from a floor-based market to an electronic hybrid market, the exchange announced on Wednesday. PHLX contends it's the first floor-based exchange to trade all of its options and sectors indexes electronically using PHLX LX, its electronic-trading platform.

"With the completion of the floor-wide rollout of PHLX XL, our customers are seeing much faster executions with deeper and liquid markets across all options products," states William Morgan, executive vice president and chief information officer at PHLX. PHLX is a proprietary electronic-options trading systems combining "the best attributes of electronic and floor-based trading," the exchange says in its release.

The electronic system now enables market makers to deliver streaming quotes electronically on or off the floor. It also enables PHLX to improve electronic access for customers, broker/dealers and market makers while leveraging the advantages of a floor-based environment.
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