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CBOE to launch exchange-based index
By Lisa Sanders, MarketWatch
Last Update: 12:22 PM ET Jan. 27, 2006
NEW YORK (MarketWatch) -- A new index based on the stock prices of publicly traded exchanges will be launched Monday by the Chicago Board Options Exchange, reflecting the industry's growth ahead of regulatory changes and expectations of increased equity trading volume.
The growth coincides with the implementation of Regulation NMS, a controversial rule adopted by the Securities and Exchange Commission in April 2005 requiring stock traders to accept the best bid or offer available for a stock trade, regardless of which exchange or market posts them. The goal is to ensure that Wall Street firms fulfill stock trades at the best available price.
The CBOE has named the index the CBOE Exchange Index, which will carry the ticker EXQ.
The index "will provide an essential composite look at this new market, and will provide the benchmark that investors and analysts will use as the indicator for this emerging business sector," said CBOE Chairman and CEO William Brodsky in a statement. He expects options and futures to be listed on the index soon.
Initially, the index is composed of five security and futures exchanges -- CBOT Holdings Inc., CME, ISE, NDAQ, ICE.
It will add the New York Stock Exchange after its initial public offering, the CBOE said. The EXQ index will be re-balanced each quarter.
"The trend of U. S. financial exchanges becoming publicly traded entities has been widely publicized over the past year or two, creating considerable buzz among investors," Brodsky said.
CBOE to launch exchange-based index
By Lisa Sanders, MarketWatch
Last Update: 12:22 PM ET Jan. 27, 2006
NEW YORK (MarketWatch) -- A new index based on the stock prices of publicly traded exchanges will be launched Monday by the Chicago Board Options Exchange, reflecting the industry's growth ahead of regulatory changes and expectations of increased equity trading volume.
The growth coincides with the implementation of Regulation NMS, a controversial rule adopted by the Securities and Exchange Commission in April 2005 requiring stock traders to accept the best bid or offer available for a stock trade, regardless of which exchange or market posts them. The goal is to ensure that Wall Street firms fulfill stock trades at the best available price.
The CBOE has named the index the CBOE Exchange Index, which will carry the ticker EXQ.
The index "will provide an essential composite look at this new market, and will provide the benchmark that investors and analysts will use as the indicator for this emerging business sector," said CBOE Chairman and CEO William Brodsky in a statement. He expects options and futures to be listed on the index soon.
Initially, the index is composed of five security and futures exchanges -- CBOT Holdings Inc., CME, ISE, NDAQ, ICE.
It will add the New York Stock Exchange after its initial public offering, the CBOE said. The EXQ index will be re-balanced each quarter.
"The trend of U. S. financial exchanges becoming publicly traded entities has been widely publicized over the past year or two, creating considerable buzz among investors," Brodsky said.
