.jpg)
"We were attracted to the Pacific for three reasons," said Matt Andresen, President of Citadel Execution Services. "First, the PCX Plus model is very compelling. It provides the flexibility to trade whatever options we want, from any location we choose. Second, while we're going to begin trading as a Remote Market Maker, we will be a Lead Market Maker in short order. When we open that operation, we will have extensive experience with PCX Plus, and we will make competitive markets in issues that are not available to us at other exchanges. Third, we believe the Pacific has the right strategic course for the long-term, one that fits well with our own business model."
Citadel currently makes markets on the International Securities Exchange, the Boston Options Exchange and the Chicago Board Options Exchange.
"We take this as a powerful vote of confidence in both PCX Plus and in the strategic direction the Exchange is pursuing," said PCX Chairman and CEO Philip D. DeFeo. "We expect this to be a long and mutually beneficial relationship, and I'm delighted to welcome Citadel as a new customer of the Pacific Exchange."
Citadel is the third significant trading firm to open operations on the PCX in the past 15 months. Morgan Stanley opened a Lead Market Maker operation in May 2003, and PEAK6 launched its LMM this past June.
DeFeo said the rollout of PCX Plus is continuing at a steady pace and is expected to be completed by yearend. There are currently more than 700 issues traded on the new system. In addition, 13 firms are RMMs in 291 issues.
