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President Trump Won't Kill America, Bitcoin Will

In this blog, the author examines how the global cryptocurrency adds one more piece of the pie to a radical shift in the structure of worldwide governance.

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August 9, 2006

OX Goes Live

By Peter Chapman

NYSE Arca, formerly the Archipelago Exchange, will commence options trading on a new all-electronic platform later this month. The new platform is called OX and replaces the legacy Pacific Exchange platform known as PCX Plus. NYSE Arca was planning to conduct a mock trading session in late June as Traders Magazine went to press. Market makers will be able to trade on OX from the floor of the old Pacific Exchange in San Francisco or remotely from their offices. Archipelago bought the Pacific Exchange last year for $91 million.

Only market makers will be able to post quotes in OX. Market makers can operate as lead market makers. Like specialists, lead market makers have exclusive rights to trade a particular options class. All orders displayed on the book will be ranked according to price and time priority. Options issues will be rolled out on OX over a period of time.

No dates are available as yet, as the new system must be approved by the SEC. As part of the new set-up, OX will use NYSE Arca's broker-dealer affiliate, Archipelago Securities, to route orders to other market centers.