“ We are ahead of schedule in rolling out our books on PHLX XL,” said William H. Morgan, executive vice president and chief information officer. “The market will now see the tighter spreads and deeper liquidity in the indices that we have seen in the 135 books we have launched on PHLX XL so far.”
To date, books launched on PHLX XL, which represent approximately 70% of national volume, have seen approximately 25% growth in market share, 200% growth in average size displayed and are at the National Best Bid and Offer (NBBO) roughly 80% of the time.
“ This represents another successful phase in our electronic trading initiative,” said Meyer “Sandy” Frucher, PHLX chairman and CEO. “We are proud of the growth PHLX XL is fostering and we are anxious to roll out even more advanced functionality in the coming months,” Frucher said.
PHLX XL enables the PHLX to improve electronic access for customers, broker dealers and market makers while maintaining the advantages of a floor-based environment. It combines the competitive attributes of electronic and floor-based trading increasing the speed and quality of execution.
“ Bringing up the indices on PHLX XL will offer the investing community a superior product, attractive to both retail and institutional players,” added Frucher. “Every exchange should utilize an electronic trading environment for their proprietary products, for the good of the investing public.”
The Philadelphia Stock Exchange was founded in 1790. The PHLX trades 2,000 stocks, 1,500 equity options, 18 sectors index options, and currency options and futures. For more information about the PHLX and its products, visit www.phlx.com.