Pacific Exchange Upgrades PCX Plus
SAN FRANCISCO, CA -- 11/09/2004 -- The Pacific Exchange (PCX) announced today that it successfully implemented a major enhancement to its new electronic trading system, PCX Plus. This was the first comprehensive upgrade made to PCX Plus since its launch in October 2003 intended to add significant flexibility and functionality to the system.
The changes greatly expand access to the PCX limit order book for broker-dealers and other professional traders. Effective immediately, market and marketable limit orders for broker-dealers now electronically execute against any order in the book, when the trade is at (or better than) the national best bid-offer (NBBO). Immediate or Cancel (IOC) and Fill or Kill (FOK) orders automatically execute against the number of options contracts in the book. Remaining balances are cancelled.
“This upgrade is another step forward in the continuing evolution and sophistication of PCX Plus. From a customer standpoint, expanded broker-dealer access is clearly the most welcome change we made,” said Jon B. Werts, PCX Vice President, Client and Trading Support. “There are a number of other enhancements in the package as well, and all are designed to better serve customers and move the Exchange toward a fully electronic environment. We’re building a market place where an order is an order, a quote is a quote, and liquidity is available for all market participants.”
Over 950 issues are now trading on PCX Plus. Nine firms are acting as Remote Market Makers on PCX Plus, in 344 issues, including 80 of the Top 120 and 176 of the Top 250. Citadel Derivatives Group LLC will begin operating as an RMM later this week, and plans to become a Lead Market Maker on the PCX options floor in January.
- Contact Information
- Dale A. Carlson
- Pacific Exchange Inc.
- Contact via E-mail
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