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Citadel To Open Lead Market Maker On Pacific Exchange

Date 21/01/2005

The Pacific Exchange (PCX) announced today that Citadel Derivatives Group LLC will begin operating as a Lead Market Maker (LMM) on its San Francisco options floor on Monday, January 24, 2005. Citadel has been a Remote Market Maker (RMM), on PCX Plus, the Exchange's new electronic trading system with an enhanced market structure, since November 2004. The firm named Scott Elisha as head trader for its PCX LMM operation.

"We are delighted to welcome Citadel's expanded role on the PCX," said Philip D. DeFeo, PCX Chairman and CEO. "Citadel is the third new, major LMM firm attracted to the Exchange in the past 18 months. We are gratified that our commitment to electronic trading enjoys such strong support from these new firms, as well as those that have been active here for many years. PCX Plus is attracting the customers and order flow we want, and our market share is rising. Our competitive position in the marketplace has never been more promising."

Citadel will be the LMM in 56 issues, including Dell, United Parcel Service, American International Group, and XM Satellite Radio Holdings.