The Amex has a 30-year history of success in trading derivative products. Currently the second largest options exchange in the U.S., the Amex trades more than 900,000 contracts a day in over 1,600 options classes, and is the world leader in listing and trading exchange traded funds (ETFs). In addition, the Amex is also the third largest equities exchange in the U.S., making it the only domestic exchange to actively list and trade across three distinct product lines.
"Our proven track record in derivatives and our experience in trading a wide range of diverse products uniquely positions the American Stock Exchange to be successful with single stock futures," said Salvatore Sodano, Amex chairman and CEO.
Single stock futures were approved for trading in the United States under legislation passed by the U.S. Congress in December 2000. The legislation provided dual regulatory responsibility for single stock futures to the Securities and Exchange Commission and the Commodity Futures Trading Commission. The two agencies are now promulgating formal rules.
"The inherent advantages of Amex's specialist market structure, including the deep liquidity provided by Wall Street's leading firms, will give us a distinct competitive advantage in trading these exciting new products," said Joseph Stefanelli, Amex Executive Vice President of Derivatives. "We will bring the same level of superior service and quality markets to single stock futures, as we have to our other successful derivative products."
