PHLX partners with ML, Citadel

27 Jun 2005

Philadelphia Stock Exchange (PHLX) announced Merrill Lynch (ML) and Citadel Derivatives Group as equity partners in the exchange, with others expected to join in the coming weeks.

ML and Citadel each agreed to take 10% ownership stakes in the exchange and each has an option to acquire an additional 9.9%. Terms of the deal were not disclosed. PHLX has been looking for partnerships in recent months; exchange chairman and CEO Sandy Frucher said, "This investment by Merrill Lynch and Citadel in the PHLX is truly a turning point in the evolution of the exchange."

Sources...

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“One of our key predictions for 2011 was that geopolitical tensions will simmer more vigorously this year, particularly in the context of a market in which incremental non-Opec volumes are becoming more difficult to bring on stream and in which Opec spare capacity gets more noticeably stretched.”

BarCap's 2011 oil outlook looks increasingly accurate.