-Delivers Tighter Spreads, Deeper Liquidity & Superior Technology-
New York, June 30, 2011 – NYSE Amex Options today announced it has completed its agreement to sell a 52.8% equity interest in the exchange to seven leading order flow providers and market making firms: Bank of America Merrill Lynch, Barclays Capital, Citadel Securities, Citi, Goldman Sachs, TD Ameritrade and UBS AG. NYSE Euronext will remain the largest single shareholder in the entity which will be supervised by a separate board of directors and a dedicated chief executive officer, Steve Crutchfield. The agreement has been approved by the Securities and Exchange Commission.
This new partnership enhances NYSE Amex Options’ competitiveness by providing a range of benefits to the marketplace through a unique market model that combines an industry-leading trading platform with world leaders in market making, order execution and customer service. This innovative platform offers increased market quality by delivering tighter spreads, deeper liquidity and greater customer participation while utilizing the global technology backbone of the exchange as well as NYSE Euronext’s super high-capacity, high-performance data center in Mahwah, NJ.
“By finalizing this partnership agreement, NYSE Amex Options has the unique opportunity to deliver a new paradigm in exchange management and functionality by aligning our core business operations with that of our key customers,” said Steve Crutchfield, CEO, NYSE Amex Options. “We thank our partners for their unwavering commitment to closing this deal and working to create a distinctly valuable exchange model during a time of ongoing growth in options trading. I share the mutual excitement of my colleagues and partners as we look forward to this next chapter of progress and innovation in the history of NYSE Amex.”
“NYSE Amex Options has been extremely successful in re-inventing themselves over the last couple of years. They have deployed some of the best technology and demonstrate excellent customer service. Bank of America Merrill Lynch is proud to now be an owner and partner,” said Jon Werts, Managing Director, Bank of America Merrill Lynch. “Through this transaction, NYSE Amex will add a valuable voice to its exchange operations and strategic direction that we believe will benefit markets and market participants for years to come.”
Ken Coulson, Managing Director, US Electronic Volatility Trading, UBS said, “We are pleased to join NYSE Amex Options, a highly competitive platform with a strong management team dedicated to providing excellent value to our customers. NYSE Amex Options is an extension of UBS' commitment to promoting greater competition and trading options for our customers.”
NYSE Amex Options provides customers with a distinct, customer-driven hybrid marketplace that offers exceptional technology combined with a proven open-outcry trading environment. As one of two U.S. options exchanges operated by NYSE Euronext, it provides customers with a reliable platform to trade options with transparency and efficiency. NYSE Euronext's U.S. options exchanges, NYSE Arca Options and NYSE Amex Options, combine open outcry trading facilities with an advanced electronic trading platform capable of processing 400,000 orders and 3,500,000 quotes per second with sub-millisecond acknowledgment (ACK) times.
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