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Strategies & Market Trends : The Final Frontier - Online Remote Trading

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From: TFF	9/15/2006 3:19:32 PM
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Philadelphia Stock Exchange subsidiary goes electronic 14th September 2006 By Staff Writer The Philadelphia Stock Exchange has announced that its wholly-owned subsidiary, the Philadelphia Board of Trade, will re-launch as a fully electronic marketplace on October 6, 2006. The Philadelphia Stock Exchange (PHLX) hopes that the Philadelphia Board of Trade's (PBOT) marketplace will build upon the success of the PHLX XL options trading platform, marketing novel products and trading instruments that complement existing futures product suites trading both in the US and internationally. AdvertisementPBOT was originally approved as a designated contract market by the Commodity Futures Trading Commission (CFTC) in 1985 with a plan to list futures - style products on interest rates and foreign currencies. Trading volume in these products increased in the late nineties with concurrent volume increases in PHLX foreign currency options. When competitive market changes began to favor an electronic forum, trading activity on PBOT declined to the point that its contract market designation was rescinded for dormancy in 2005. During this timeframe, PHLX concentrated its efforts on the build-out of a securities options streaming market model. In 2006, PHLX management, together with the board of governors, put in place all of the necessary regulatory, governance and operational infrastructure for the evolution of the PBOT model, the re-launch of which is which is expected to be a critical component of the exchange's global strategy to offer one seamless connection to three marketplaces (equities, options and futures). "The futures space has pent-up demand for new trading vehicles," said PHLX chairman and CEO Meyer "Sandy" Frucher. "The re-invention of PBOT is a key first step to moving our exchange model to its ultimate position as a single point of access for firms through which they can execute transactions in three distinct marketplaces for thousands of different products that the investing public can use in their portfolios."

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