Philadelphia Stock Exchange Comments On The SEC's Approval Of Boston Stock Exchange's New Electronic Options Market (BOX)

The Philadelphia Stock Exchange Chairman and CEO, Meyer "Sandy" Frucher responded to the news of the Securities and Exchange Commission's approval today of the Boston Options Exchange (BOX), the Boston Stock Exchange's new, electronic options market with the following comment:

"It is regrettable that the SEC chose to approve the BOX before it released the long-awaited concept release on payment for order flow, internalization and other market structure issues. The SEC is putting the cart before the horse."

On the issue of the BOX's proposal to effect options trades in increments of one-cent in certain circumstances, Frucher said, "If the BOX and the CBOE will be filing to trade in pennies, we will not be left behind."

Frucher added: "The PHLX congratulates the BOX on its success in becoming the sixth options exchange. In general, it is our belief that competition is a good thing."

The Philadelphia Stock Exchange was founded in 1790. The PHLX trades nearly 2,100 stocks, 1,100 equity options, 14 sectors index options, and currency options and futures. For more information about the PHLX and its products, visit www.phlx.com.