Philadelphia Stock Exchange Unveils Enhanced Fx Futures Products On Philadelphia Board Of Trade

The Philadelphia Board of Trade (PBOT), a subsidiary of the Philadelphia Stock Exchange, began trading enhanced foreign currency futures products today with new trading rules and a low-cost fee structure. PBOT was an active market for foreign currency futures several years ago, but had seen a drop-off in activity as the global currency exchange model shifted.

"Although the improved currency products will trade for the time being in a floor-based trading environment, this is the first step in our plan to reposition PBOT as a fully electronic futures market," said Meyer S. "Sandy" Frucher, Chairman and CEO of the Exchange. "We intend to explore new partnerships and launch new products over the course of 2004."

Futures contracts will trade on the Australian dollar, British pound, Canadian dollar, the Euro, Japanese yen and the Swiss franc. All contracts will clear at the Options Clearing Corporation. For currency futures contract specifications, please visit http://www.phlx.com/products/currency/fcfspecs.pdf.

The Philadelphia Stock Exchange, the nation's first stock exchange, was founded in 1790. The PHLX trades more than 2,000 stocks, nearly 1,000 listed equity options, 14 sectors index options and currency pairs. For more information about the PHLX and its products, visit www.phlx.com.