PHLX sets up technology company to enter $9.3 billion managed services arena

PHLX sets up technology company to enter $9.3 billion managed services arena

The Philadelphia Stock Exchange has created a new technology subsidiary to provide data storage and management services to small and mid-sized businesses at the PHLX site.

The new company, Advanced Tech Source Co. (ATS), has partnered with local tech firm netEconomist to offer these hosting and outsourcing services.

Under the agreement, ATS will provide the infrastructure, technical support and execution of services while netEconomist will be responsible for the marketing effort, application support, invoicing, and customer service management.

William Morgan, the PHLX's executive vice president and chief information officer and president and chief executive officer of ATS, says: "PHLX saw an opportunity to use its experience in providing high availability systems for the trading of equities and options, and its site-hardened facilities to enter into a service area that is expected to grow to $9.3 billion by the end of 2004."

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