Amex set to launch e-trading platform

Amex set to launch e-trading platform

The American Stock Exchange (Amex) is set to launch its electronic trading platform, dubbed AEMI, next Monday.

AEMI - the Auction and Electronic Market Integration platform - has been in development since April 2004 and will initially begin trading two Amex-listed securities.

Amex says it will add products rapidly throughout the next three months, with full roll-out of Amex products expected before the implementation of Regulation NMS rules in February 2007.

Neal Wolkoff, Amex chairman and CEO, says AEMI will provide immediate and automated execution of electronic orders in full compliance with Regulation NMS.

"AEMI will also support brokered orders and the best qualities of the auction market when conditions warrant human interaction," he adds.

Amex says the AEMI pilot follows several weeks of testing on the trading floor and with outside firms.

Earlier this week Amex sold its one-third interest in the Securities Industry Automation Corporation (SIAC) to New York Stock Exchange (Nyse) although it will continue to use SIAC's technology services in the short term.

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