PCX revenues in 2000 totaled $87.3 million, up from $84 million in 1999. The Exchange's options floor again posted exceptional results: 108.5 million contracts compared to last year's record of 75.8 million contracts (a 43 percent increase).
"We had a good, solid year, with a number of significant accomplishments," said Philip D. DeFeo, PCX Chairman and CEO. "We converted our equities business to a for-profit structure. We completed negotiations with Archipelago to create the first fully electronic national securities market in the U.S., and filed the proposed market structure and rules with the Securities and Exchange Commission. Working with Computershare, we began to build a screen-based trading system for options. We settled two significant legal issues around options listing practices that had been both expensive and time-consuming. We finalized plans to take the entire Exchange, including the options business, into a demutualized, for-profit environment. In short, we put in motion a number of new ventures in 2000 that will make 2001 a very exciting year."
The PCX also announced the election of five new Governors to its Board: Wesley G. McCain, Chairman, Towneley Capital Management, Inc.; Don J. McGrath, President and CEO, Bank of the West; Gerald D. Putnam, CEO of Archipelago Holdings, LLC; Martin H. Resch, Managing Member, DRZ Derivatives, LLC; and Glenn J. Satty, COO, Knight Financial Products LLC.
Daniel H. Turner, a principal and specialist with Rubicon Securities in Los Angeles, was elevated to the Vice Chair's position, replacing Lynne A. Keck, President of Keck Securities. Paul J. Roesler, Market Maker, Cole Roesler Trading Group, L.P., was named Vice Chair-elect, and he will succeed Turner in 2002.
