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Strategies & Market Trends : Expirationless Options (XPOs)- The Next Big Thing
XPO 141.09+0.7%Dec 24 12:59 PM EST
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To: Casaubon who wrote (55)8/16/2005 5:09:08 PM
From: Tech Master   of 60
 
Four Firms Buying Stakes in Philly Exchange
Tue Aug 16, 2:00 PM ET

The Philadelphia Stock Exchange announced Tuesday that Citigroup Inc., Credit Suisse First Boston, Morgan Stanley and UBS AG have each invested in the exchange and could end up being among six financial firms that would own nearly 90 percent of the exchange.

Investment firms worried about acquisitions and growth by the New York Stock Exchange and Nasdaq have been seeking more control of their own stock trading. The big Wall Street firms fear it could become more expensive to trade on the two big exchanges; the move into Philadelphia would give them their own exchange on which to conduct stock and options trading.

Morgan Stanley will invest $7.5 million for 10 percent of the Philadelphia exchange's total shares outstanding. Citigroup, Credit Suisse First Boston and UBS will each invest $3.75 million for 5 percent stakes.

The exchange announced in June that Merrill Lynch & Co. and Citadel Investment Group were each buying a 10 percent stake for $7.5 million each.

If the exchange meets certain performance criteria, the six investment firms can nearly double their stakes. If they do, the six companies could end up owning 89.4 percent of the exchange's stock.

The Philadelphia exchange, founded in 1790, trades in more than 2,000 stocks, 1,700 equity options and 25 sectors' index options as well as currency options and futures. It employs about 400 people.

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On the Net:

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