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Pacific Exchange Offers Auto-Ex to Broker-Dealers

Date 09/11/2001

The Pacific Exchange (PCX) announced yesterday that it is offering broker-dealers, including specialists and market makers from competing exchanges, access to its automated execution systems in selected options issues.

Two PCX Lead Market Makers -Wolverine Trading LP and Timber Hill LLC - have agreed to provide automated executions for any broker-dealer order sent from another exchange or an upstairs firm. As part of a pilot program, broker-dealer orders in nine options issues will be eligible for Auto-Ex: Gillette (for up to 100 contracts); Nokia (100); Schlumberger (100); Exxon Mobil (100); Fannie Mae (75); Compaq (50); Intel (50); Hewlett-Packard (20); and Emulex (20).

"Today, orders from firms and other professional traders are handled manually," said Philip D. DeFeo, PCX Chairman and CEO. "By giving these customers direct access to our automated execution system, their trades will be handled electronically, and executed faster, more often, and sometimes at better prices. It begins to end outdated distinctions that hurt market efficiency. It makes us more competitive as an exchange, and will enhance competition across and between markets."

The SEC approved the proposal earlier this week. The Exchange hopes to add issues and Lead Market Makers to the pilot soon.

For more information contact Dale Carlson, +1 415 393-4198,