Firms will now be able to electronically make markets in every option class traded at the Exchange, with no physical presence on the floor required.

This newest phase of PHLX XL enhances the Exchange's commitment to improved electronic access for customers, broker dealers and market makers while fixing the cost of access well below that of competing exchanges. Remote market making represents the latest phase of PHLX XL, which first debuted with Book Match/Book Sweep in 2003, followed by the rollout of streaming quotes for on-floor participants in the summer of 2004.

"We have seen substantial improvement in our performance measures – size displayed and NBBO – since we rolled out the first phase of streaming quotes last summer, without so much as a hiccup in our systems," said PHLX Chairman and CEO Meyer "Sandy" Frucher. "The ability of a firm to now make a market in every book traded, for less than $11,000, will be compelling to both upstairs firms and liquidity providers."

"The continued progression of automation at the Philadelphia Stock Exchange will benefit customers through increased liquidity in even the smallest books," said Kevin Fischer, assistant vice president of Timber Hill LLC.

"Only the PHLX has the vision and expertise to straddle both worlds a hybrid market offers, where speed of execution is king, and where an upstairs firm can consistently find deep, liquid markets," added Joe Nikolson, president of TradeStation Securities.

The PHLX's proprietary technology system has an outstanding track record of maintaining near-perfect operational uptime and has demonstrated its ability to handle extreme market volumes since August 2004.