CHX LAUNCHES NEW TRADING MODEL
NASDAQ Roll-Out Complete
NYSE and AMEX Securities to be Offered in December
Chicago, December 7, 2006 - The Chicago Stock Exchange (CHX) announced today the successful launch of its new fully automated trading system in which participants - from any location - can submit orders for immediate display, execution and cancellation. CHX provides an opportunity for participants and their customers to receive efficient, low-cost executions within a Regulation NMS compliant market. The new technology offers a wide variety of order types including "Reserve Orders," "Undisplayed Orders," and "Midpoint Crosses." A complete list and description of order types is available at www.CHX.com.
Dave Herron, CHX CEO, said, "This roll-out is the culmination of a multiple year effort to meet the requirements of Reg NMS and satisfy the growing trend towards high velocity algorithmic trading. CHX strives to provide solutions that will exceed the needs of the equity trading industry and we are confident that our users and their customers will be pleased with our new model." As CHX attracts additional customers and activity with the new platform, competitive pricing and high levels of service, existing CHX participants will continue to have the ability to service their clients' needs with enhanced technology and continued utilization of the CHX routing network.
As part of the evolution of CHX, the trading floor will no longer be a facility of the exchange. The floor space will however, remain open as a shared trading venue, available to support the operations of equity, options and futures trading customers. With a prime location in the heart of Chicago's financial community, tenants will benefit from economies of scale for IT and telecom support services in a trader-friendly environment. Currently, the new model supports the trading of all Nasdaq listed issues and incorporates one of the most aggressive pricing plans in the industry. NYSE and AMEX listed securities are in the process of being added to the new model with all equities expected to be available for trading late in December. In the interim, trading of those NYSE and AMEX securities continues to be supported by CHX specialist firms and floor brokers as they prepare their own migration to the new trading model.
CHX is an integral part of the National Market System offering competition to all U.S. equity markets. Subsequent to implementation of the new technology, CHX will trade virtually all NYSE, AMEX, NASDAQ issues. With a robust matching engine and connectivity to multiple order sending firms and market-makers, the CHX system offers functionality beyond the simple matching of orders and is an ideal venue for hedge funds, options market markers, quantitative, professional and active individual traders that require immediate and automated execution, while continuing to serve the needs of traditional broker-dealer clients and the individual investors they represent. More information is available at www.chx.com.