PHLX signs deal with Actant for new options trading system

Philadelphia Stock Exchange has signed an agreement with Actant to provide option quoting and trading systems to members for the exchange’s new electronic options trading system which combines electronic and floor trading.

The Exchange’s new trading system, called PHLX XL, is ready for launch, pending approval by the SEC. PHLX XL will enable market makers to electronically deliver streaming quotes producing tighter, deeper markets and allow electronic access to market makers on and off the floor.

PHLX has signed an agreement with Actant to buy, initially, a minimum of 20 licenses for Actant’s AQTOR mass quoting system which they will make available to their members for the first six months of live operation. Actant and PHLX will together support these users.

AQTOR’s mass quoting system will enable PHLX members to electronically stream quotes into the PHLX XL system.

AQTOR has already secured full compliance and operational clearance from PHLX and will therefore go live on the day the PHLX goes live with its new system.

Urs Rutschmann, ceo of actant, said “This is an important agreement for Actant and once more demonstrates the quality of the AQTOR product and its suitability for the new and converting electronic exchanges in the US. We will be working closely with PHLX and its members to ensure the launch of PHLX XL is a great success.’

Actant is one of North America’s leading providers of option quote systems with over 200 active users in the US. With PHLX live, Actant will be available on eight US exchanges (ISE, CBOE, eCBOT, PCX, BOX, OneChicago & NQLX plus PHLX). AMEX is due to be live by Q3 of 2004. In Europe Aqtor offers market connectivity to Eurex/Xetra and the Euronext markets including Euronext Liffe, Amsterdam and Paris.

AQTOR is a mass quote management system, installed in many of the most sophisticated dealing rooms globally, offering:
- Direct connectivity to exchanges; coupled with highly optimised modelling and quote synchronisation techniques, this makes AQTOR® highly responsive in volatile markets.
- Safety mechanisms to protect traders when markets breach tolerable thresholds.
- An easy-to-use scripting language capable of supporting sophisticated quote and volatility strategies.
- An open architecture, simplifying system integration.

The Philadelphia Stock Exchange was founded in 1790. The PHLX trades 2,000 stocks, 1,200 equity options, 15 sectors index options and currency options and futures.

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