OM's SAXESS system will be the core platform for the Amex's options market, and will be the backbone of a fully electronic, screen based system for its options trading floor that will be implemented by the fourth quarter of this year. In addition to the new electronic screen-based trading system, the SAXESS technology represents a dramatic improvement in scalability, giving Amex the ability to easily handle capacity growth requirements in the foreseeable future.
In addition to the options trading platform, the Amex also announced it had reached an agreement to purchase OM's CLICK equity trading system. The CLICK system represents a significant enhancement to Amex's current equity trading platform, providing increased functionality for Amex floor members as well as improving overall trading capacity.
In making the announcement, Amex Chairman and CEO Salvatore F. Sodano said, "When implemented, this will be the most technologically advanced, state-of-the-art system of its kind in the options industry. The investment we are making not only provides us with a significant competitive advantage in providing fast, effective and quality executions, it also perfectly positions us to move rapidly in response to the direction of the market in a trading environment that is becoming increasingly driven by technology."
"OM is a world class provider of transaction technology to the global financial markets," continued Mr. Sodano. "As the globalization of markets continues to unfold, having an experienced, leading-edge provider like OM as a partner will be a significant advantage to the Amex."
"We are very pleased that we can strengthen our partnership with the Amex. OM Technology has a long and successful history as an IT-partner to the Amex. Now we have been chosen, on a highly competitive market, to develop their 2nd generation electronic equity and derivative trading system - an accomplishment that we of course are very proud of," said Magnus Karlsson Böcker, president of OM Technology.
The American Stock Exchange®, a subsidiary of the National Association of Securities Dealers, Inc. (NASD®), is the only primary exchange that offers trading across a full range of equities, Index SharesSM, including structured products and HOLDRSsm, and options. In addition to its role as a national equities market, the Amex is the leader in Index Share listings (DIAMONDS®, FORTUNE 500â Index Tracking Stock, FORTUNE e-50TM Index Tracking Stock, iSharesSM, MidCap SPDRs™, Nasdaq-100 Index Tracking StockSM, Select Sector SPDRs®, and SPDRs® and streetTRACKSSM) and is the second-largest options exchange in the U.S., trading options on broad-based and sector indexes as well as domestic and foreign stocks. For more information, visit www.amex.com
OM Technology is the world's leading supplier of transaction technology. OM Technology is part of OM Gruppen, which supplies transaction technology products and services. OM also operates exchanges and develops technology that increases the efficiency of financial and commodity markets throughout the world. The parent company, OM Gruppen, is listed on the OM Stockholm Exchange. For more information, please visit www.omtechnology.com
