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Philadelphia Stock Exchange Launches Broker-Dealer Access To Its Electronic Trading System

Date 23/04/2002

Effective today, the Philadelphia Stock Exchange will accept and execute electronically routed orders from off-floor broker-dealers.

All of the PHLX's 1,200 options classes will accept electronic delivery of broker-dealer orders. During the first phase of this six-month pilot program, automatic execution of broker-dealer orders will be offered in 89 options classes by Timber Hill LLC, a division of the Interactive Brokers Group, and SLK Hull Derivatives LLC.

SLK Hull Derivatives will guarantee automatic executions in AT&T Corp. (T), Citigroup Inc.(C), Dell Computer Corp. (DLQ), Lucent Technologies Inc. (LU), SBC Communications Inc. (SBC), and Sprint Corp. (FON).

Timber Hill will guarantee automatic executions in all of its options classes, including up to 100 contracts in Bell South Corp. (BLS), Ford Motor Co. (F), General Electric Co. (GE), Intel Corp. (INTC), J.P. Morgan Chase & Co. (JPM), and Motorola Inc. (MOT). Auto execution means that orders are executed instantly, a level of efficiency historically reserved for retail investors.

Additional information about broker-dealer access to AUTOM, and a complete list of issues eligible for automatic execution, is available on the PHLX Web site at

The Philadelphia Stock Exchange was founded in 1790. The PHLX trades nearly 2,220 stocks, over 1,200 equity options, 13 sectors index options and currency options. For more information about the PHLX and its products, visit