Philadelphia Stock Exchange (PHLX) reported a rise in market share during its first full trading week after completing the rollout of its PHLX XL electronic trading platform.
PHLX, which became the first US floor-based options exchange to trade all options and index options electronically, said its market share rose 1% in the week to about 11.5%.
PHLX began moving its contracts onto the electronic platform last September, completing the migration on 11 February, two and a half months earlier than scheduled. "There's no question this has greatly improved our market share," said Dan Carrigan, vice president of new product development for PHLX. Carrigan said one reason PHLX is able to list so many options on XL is the system's architecture, which allows for enormous amounts of messaging...