-New Advanced Electronic Trading System for Equity Options-
NYSE Group Receives SEC Approval to Launch NYSE Arca Options Trading Platform
- All Market Participants Offered the Benefits of Fast, Fair, and Open Access to Options Trading-
NEW YORK, Aug. 1, 2006 – The NYSE Group, Inc. (NYSE: NYX ) today announced that the Securities and Exchange Commission (SEC) has approved rules allowing NYSE Arca to introduce its new automated trading system for equity options on Aug. 7. Replacing the current options trading platform, PCX Plus, the NYSE Arca Options platform offers immediate electronic order execution in all of the nearly 2,000 options issues currently traded on NYSE Arca and provides open access, cost effective trading and a technologically advanced system for all market participants.
“The SEC’s approval of the NYSE Arca Options platform gives us the opportunity to introduce a system that we believe gives investors superior functionality, reliability and order execution capabilities,” said NYSE Group Senior Vice President, Matt Gelber. “The upcoming launch of NYSE Arca Options is a first step in becoming a leader in options trading, which supports the NYSE Group’s goal of being the market of choice for all investors, issuers and market professionals by offering the most comprehensive products and services, based on the most innovative technologies.”
The newly-developed NYSE Arca Options system provides automatic executions for customer and broker dealer orders as well as a low cost venue for both Lead Market Makers and Market Makers to stream quotes from the trading floor or remotely. The system includes expanded and innovative order types, along with greater transparency, speed and reliability. The NYSE Arca Options platform will be phased-in beginning Aug. 7 with the migration of 10 options issues from the PCX Plus platform. As announced on June 30, pricing for the new platform will become effective today.
For more information please visit: http://www.nyse.com/options
About NYSE Group, Inc.
NYSE Group, Inc. (NYSE:NYX) operates two securities exchanges: the New York Stock Exchange (the “NYSE”) and NYSE Arca (formerly known as the Archipelago Exchange, or ArcaEx®, and the Pacific Exchange). NYSE Group is a leading provider of securities listing, trading and market data products and services. The NYSE is the world’s largest and most liquid cash equities exchange. The NYSE provides a reliable, orderly, liquid and efficient marketplace where investors buy and sell listed companies’ common stock and other securities. On June 30, 2006 , our listed operating companies represent a total global market capitalization of over $22.6 trillion. In the second quarter 2006, on an average trading day, almost 1.8 billion shares, valued at over $68.5 billion, were traded on the NYSE.
NYSE Arca operates the first open, all-electronic stock exchange in the United States and has a leading position in trading exchange-traded funds and exchange-listed securities. NYSE Arca is also an exchange for trading equity options. NYSE Arca’s trading platform provides customers with fast electronic execution and open, direct and anonymous market access.
NYSE Regulation, an independent not-for-profit subsidiary, regulates member organizations through the enforcement of marketplace rules and federal securities laws. NYSE Regulation also ensures that companies listed on the NYSE and NYSE Arca meet their financial and corporate governance listing standards.
For more information on NYSE Group, go to: http://www.nyse.com/. Information contained on our website does not constitute a part of the prospectus relating to the proposed offering.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this article may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on NYSE Group’s current expectations and involve risks and uncertainties that could cause NYSE Group’s actual results to differ materially from those set forth in the statements. There can be no assurance that such expectations will prove to be correct. Actual results may differ materially from those expressed or implied in the forward-looking statements. Factors that could cause NYSE Group’s results to differ materially from current expectations include, but are not limited to: NYSE Group’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk and U.S. and global competition, and other factors detailed in NYSE Group’s Annual Report on Form 10-K and other periodic reports filed with the U.S. Securities and Exchange Commission. In addition, these statements are based on a number of assumptions that are subject to change. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by NYSE Group that the projections will prove to be correct. We undertake no obligation to release any revisions to any forward-looking statements.