"The PHLX's low transaction rates make it an obvious choice for a company like ours to gain a competitive advantage," said Sequoia President, Mike Worthington. "Sequoia looks forward to adding liquidity and bringing order flow to the PHLX."
With the introduction of the PHLX Remote Competing Specialist System (RCSS), specialists and order flow providers are no longer tied to providing specialists liquidity and market depth from a central trading floor.
The PHLX Remote Competing Specialist System enables specialists to trade from remote sites through a sophisticated trading network market center, permitting virtually unlimited access to qualified specialist applicants and customers alike. Remote Competing Specialists may trade any of the nearly 1,800 (NYSE and AMEX listed) issues offered through the Philadelphia Automated Communication and Execution (PACE)® system.
Sequoia Trading Inc. was founded in 2001 by Worthington, who has more than 17 years of experience as a specialist. The company can be reached at 415-331-1290. The Philadelphia Stock Exchange was founded in 1790. The PHLX trades more than 1,800 stocks, nearly 1,000 equity options, 12 sectors index options and currency options. For more information about the PHLX and its products, visit www.phlx.com.
