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Nasdaq Grabs PHLX Options Biz

Traders Magazine, December 2007

Nina Mehta

Despite more than a year of high praise for the idea of price-time priority markets in the options arena, Nasdaq last month decided to fork over $652 million for the dealer-driven Philadelphia Stock Exchange. In recent years, Philly has resurrected itself as an aggressive, quote-focused options market. The acquisition gives Nasdaq an immediate options market share of almost 15 percent, bigger than that of NYSE Group, the U.S. subsidiary of NYSE Euronext.

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