BROKERTEC FUTURES EXCHANGE SUSPENDS TRADING OPERATIONS

November 13, 2003 – Jersey City, NJ – BrokerTec Futures Exchange, LLC (BTEX), the nation’s only fully-electronic fixed income futures exchange, announced today that it will suspend trading operations as of the close of business on Wednesday, November 26, 2003.

Until that time, the Exchange will permit trading only for the purpose of liquidating open positions. In addition, the Exchange has delisted all contracts, other than contracts maturing in December 2003, effective Thursday, November 13, 2003.

These actions come at the end of BTEX’s second year of operations and were taken reluctantly by the Board in an effort to protect market participants. "In the last few months, trading volume on BTEX has dropped off substantially," said Hank Mlynarski, President, BrokerTec Futures Exchange. In addition,
market making arrangements currently in effect terminate at the end of November.

In light of these events, the "Board took these actions to ensure a fair and orderly liquidation of open positions on the Exchange and to provide for an orderly suspension of the Exchange’s operations."

Mr. Mlynarski noted "the Board has taken the current action to protect market participants and has, at this time, reached no final decision regarding the future operations of the Exchange." According to Mr.Mlynarski, the Board has not ruled out any options going forward.

Media contacts:
Douglas Harris
BrokerTec Futures Exchange
201-209-7902

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development