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July 31, 2002

Amex's New Room of Hope

By Staff Reports

More efficient trading and a room devoted to Nasdaq issues are the latest projects at the American Stock Exchange.

Amex's NETS, or New Equity Trading System, was introduced this summer. But pros on the floor expect it could be several more months before it is fully functional.

NETS, say hopeful Amex officials, is a specialist display book that speeds up stock trading while automating the updates and matching of orders routed to the floor.

Specialists will also have the ability to monitor positions on a real-time basis.

Some specialists believe NETS will provide more auto-ex functionality and enhance trading in Nasdaq stocks at the Amex. These issues will be traded in a section of the exchange know as the Red Room, which is undergoing finishing touches.

The Amex moves are another example of the small underdog exchange trying to take business away from bigger markets.

The trading by the Amex in Exchange Traded Funds, which were pioneered by the exchange, is considered an innovative and successful step. But the Amex has seen much of its market share in ETFs snatched away by larger rivals such as the New York Stock Exchange.