Between the July 15 purchase and the seats currently held by its partners, the PEX Fund collectively owns 14 percent of the Pacific Exchange's 552 seats.
"We believe PCX seats are significantly undervalued at these levels," said Jeff Wallace, a partner of the PEX Fund. "We support the Exchange's initiatives on electronic trading and intend to help bring them to fruition as quickly as possible. We think the natural progression to a more powerful electronic trading platform is one of the ways to unlock the full potential value of the PCX and its seats."
The fund's partners are long standing members of the Pacific Exchange and other influential members of the financial trading community. The partners collectively have in excess of 100 years of trading experience in multiple asset classes across all G7 markets. The fund's objective is to purchase significantly undervalued assets and then support the management in an effort to realize the true asset value. Today's purchase is the first investment by the fund.
