NASDAQ OMX PHLX
From MarketsWiki
| NASDAQ OMX PHLX | |
| Founded | 2008 |
|---|---|
| Headquarters | Philadelphia |
| Products | Options and Derivatives |
| Web site | http://www.phlx.com/ |
NASDAQ OMX PHLX was formed in July of 2008 when the NASDAQ OMX Group took over the Philadelphia Stock Exchange.[1]Under the transformation, NASDAQ OMX PHLX became part of the NASDAQ Transaction Services U.S. group. It continues as a distinct entity alongside The NASDAQ Options Market, launched in March 2008.
With the transaction, NASDAQ OMX Group has a combined 17 percent market share in the U.S. equity options market between its two market models making it a serious contender in options trade as it now has a much larger footprint in global derivatives.[2][3]
Through NASDAQ OMX PHLX, the NASDAQ OMX Group is able to offer customers both electronic and hybrid floor-based options trading.
NASDAQ OMX PHLX maintained operations at The Philadelphia Stock Exchange building along with the options trading floor.[4]
Nasdaq OMX Group Inc.'s acquisition of the Philadelphia Stock Exchange, set to close within days, will instantly turn the electronic equities exchange into a serious contender in options trading.
Contents |
History
Nasdaq OMX Group Inc. Celebrates Its Acquisition Of The Philadelphia Stock Exchange
The Wall Street Journal reported in April of 2007 that the two exchanges had been discussing a possible deal for months. The Philadelphia exchange, which was the third-largest options exchange in the U.S., was majority-owned by a group of brokerage firms. The six Wall Street firms - Merrill Lynch, Citadel Derivatives Morgan Stanley, Citigroup, Credit Suisse and UBS - held a collective 89.4 percent stake in PHLX.[5]
The member-owned exchange announced an agreed $652 million cash sale to the NASDAQ on Nov. 7, 2007. That deal closed in the first quarter of 2008.[6]
Products and Services
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Key People As A Result Of The Transition
- Robert Greifeld is NASDAQ OMX CEO. His title previously was president and chief executive officer of the Nasdaq Stock Market, Inc.
- Meyer (Sandy) Frucher, former chairman and CEO of The Philadelphia Stock Exchange is vice chairman of the NASDAQ OMX Group.
- Adam Nunes, former vice president, transaction services at The Nasdaq Stock Market, Inc. and Head of The NASDAQ Options Market is now head of U.S. Options.
- Chris Concannon, former executive vice president, transaction services for The NASDAQ Stock Market is now executive vice president of NASDAQ OMX Transaction Services.
- Thomas A. Wittman was a former executive vice president & chief technology officer at PHLX and senior vice president of trading system development at the Philly exchange. He is now president of NASDAQ OMX PHLX.
References
- ↑ The Philly Stock Exchange and the Death of America’s Cities. The Wall Street Journal. Retrieved on July 25, 2008.
- ↑ Press Release. MarketWatch. Retrieved on July 25, 2008.
- ↑ ANALYSIS-PHLX Set To Turn Nasdaq Into Options Contender. Reuters/Forbes. Retrieved on July 28, 2008.
- ↑ Press Release. NASDAQ OMX PHLX. Retrieved on July 25, 2008.
- ↑ Nasdaq In Takeover Talks With Philadelphia Exchange. Finextra. Retrieved on July 25, 2008.
- ↑ Philadelphia Exchange Takes Stock of its History. The Philadelphia Inquirer. Retrieved on June 4, 2008.
