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The Boston Stock Exchange (BSE), a mutual organization that manages or regulates multiple ventures, announced that it has discontinued the operations of the Boston Equities Exchange (BeX), effective today. BeX, launched in August 2005, is an electronic stock exchange.
The BSE will continue to be active in the marketplace and will support the Company’s remaining ventures including the regulation of the Boston Options Exchange (BOX). BeX is one of several ventures launched by the BSE over the past three years. While this venture struggled to gain market share in large part due to the overall strength of market incumbents, the other ventures have continued to be successful. In fact, LeveL, a dark-book alternative trading system, which was originally incubated by the BSE, is experiencing dramatic growth and plans to expand its operations.
“We are disappointed that BeX was not able to become competitive in today’s marketplace and perform as well as other ventures of the Boston Stock Exchange, but we want to emphasize that the BSE remains a committed member of the National Market System,” said Boston Stock Exchange Chairman and CEO, Michael Curran.
The Boston Stock Exchange and the various ventures in which it participates, has a total of approximately 100 employees. This cessation will affect approximately forty employees. Of those, some will be reassigned to other ventures, some will remain on through the transition and those whose positions were eliminated will receive severance packages.
“I would like to personally thank all the employees who worked so diligently on this venture over the past two years,” said C. Thomas Richardson, President of the BeX. “Their dedication, teamwork and spirit of entrepreneurship is greatly appreciated.”
