Under the terms of the project, PHLX will use a customized version of TradinGear's TGFINä exchange software to interface and trade with other Nasdaq member firms and ECN's. The system will handle all types of orders and allow PHLX specialists to automate their market making, as well as interface with PHLX's clearing and internal control systems. According to Exchange officials, the system will go into pilot production by early 2001.
"The Philadelphia Stock Exchange is excited to enter the over the counter trading market through the use of the trading systems to be provided by TradinGear," said Robert Ackerman, Senior Vice President of Business and Operations Planning of the Philadelphia Stock Exchange, "The Exchange will initially take a slow track getting into the volatile markets of over the counter stocks, but once members become familiar with the workstation provided by TradinGear, we anticipate being a major participant in that marketplace."
Sam Gaer, the CEO of New York-based TradinGear, was equally enthusiastic. "We're delighted to have this opportunity," he said, "and we're looking forward to a long relationship with the exchange."
TradinGear is a leading provider of trading technology for exchanges and broker dealers. Committed to revolutionizing electronic trading, TradinGear designs state-of-the-art transaction systems that enable its clients to offer online trading capability and instant transaction reporting.
The Philadelphia Stock Exchange is the first securities exchange in the U.S. and the nation's fastest growing sectors index option exchange. Founded in 1790, PHLX is a market leader in the trading of over 2,300 stocks, 780 equity options, eleven sectors index options and 100 currency pairs.
