PHLX to Launch New Trading System on its Equity Floor

The Philadelphia Stock Exchange (PHLX) has announced that it has received Securities and Exchange Commission (SEC) approval to operate the Volume Weighted Average Price (VWAP) Trading System VTS, on its equity trading floor. VTS is a pre-opening order matching system for the execution of large-sized stock orders at the VWAP. Following a morning order-entry period, VTS executions will occur at approximately 09:20 with the VWAP calculated and assigned at approximately 16:20 each day. VTS will be available in a select group of highly capitalized securities. "VTS will enable investors to receive a volume weighted average price execution for the first time on a U.S. securities exchange," said Meyer S. Frucher, PHLX Chairman and CEO. "The PHLX is looking forward to bringing this unique execution system to the marketplace." VTS will operate as a separate exchange system made available to PHLX members and their non-member customers. A start-up date for VTS and securities eligible for the system will be forthcoming. In addition, details of the approval order are subject to a further review by the PHLX. VTS was developed by Universal Trading Technologies Corporation (UTTC), a subsidiary of Ashton Technologies Group. On behalf of UTTC, its subsidiary, REB Securities, a registered broker-dealer, will operate the VTS.