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Philadelphia Stock Exchange Announces Futures Product Development Agreement With Susquehanna International Group, LLP - Suite Of New Futures To List And Trade On Philadelphia Board Of Trade (PBOT)

Date 23/03/2004

The Philadelphia Stock Exchange announced today that it has signed a letter of intent with Susquehanna International Group, LLP (SIG) to jointly develop a suite of futures products to trade on PBOT, the futures subsidiary of the PHLX. The agreement contemplates the collaborative development of an electronic trading platform, the sharing of certain revenues and the creation of new futures products.

Among the products under development are "event-driven" futures, securities-based futures, commodity and other materials futures, economic indicator futures and futures on a variety of other financial and global events. These products will trade on a completely electronic platform daily initially between 9:30 and 4:00 EST.

"We are pleased to take this first significant step in collaboration with SIG towards the revitalization of PBOT," said Bill Briggs, President of PBOT. ""The futures markets have been dynamic and growing over the past few years, and we intend to position PBOT as a distinctive futures market center, committed to the listing of innovative products like event-driven futures that will be traded on a fully electronic platform."

"We look forward to teaming up with the PBOT in creating an innovative product and marketplace that has a great deal of consumer appeal - for both institutional and retail investors," said Todd Simkin, Associate Director of SIG. "This new exchange will allow for a transparent and understandable method to hedge all types of market and economic risks including many risks currently difficult to manage. We are excited at this opportunity in the marketplace."

"PBOT is one of our several key assets that we intend to grow," added Briggs. "Now that the PHLX is demutualized, we are moving aggressively to diversify our revenue bases, and the agreement with SIG will serve as a building block for PBOT's expansion, ultimately adding more value to our shareholders' stake in PHLX."

The Susquehanna International Group of Companies (SIG), a leading institutional sales, research and market making firm, offers renowned execution expertise in listed, NASDAQ, Exchange Traded Funds (ETFs), options, program trading and American Depositary Receipts (ADRs). SIG also provides unbiased, differentiated equity research to the institutional asset management community. SIG encompasses a NASDAQ market making operation in over 3,000 stocks, is among the nation's largest option market makers and specialist in over 600 option classes, is the leading sector index options trading firm and is one of the largest liquidity providers in ETFs. SIG has offices in Bala Cynwyd, Boston, Chicago, Dublin, New York, Philadelphia, San Francisco, and Sydney. For more information, please visit www.sig.com.

The Philadelphia Stock Exchange was founded in 1790. The PHLX trades 2,000 stocks, 1,200 equity options, 15 sectors index options and currency options and futures. For more information about the PHLX and its products, visit www.phlx.com.