The American Stock Exchange is to use Javelin Technologies' FIX-based Appia trading solution to participate in the Options Linkage Authority's (OLA) proposals for linking options exchanges nationwide.
The implementation of the OLA's linkage plan will allow investors to electronically 'sweep' all participating exchanges to find the best venue of execution. The participating exchanges are American Stock Exchange, Chicago Board Options Exchange CBOT), International Securities Exchange, Pacific Exchange (PCX) and Philadelphia Stock Exchange.
Ravi Apte, chief technology officer at the American Stock Exchange, says: "FIX is a mature and reliable technology solution that will compliment our existing technology capabilities...It will enable the AmEx to participate in the Options Exchange Linkage plan and implement future trading solutions as well."
CBOE and PCX have also contracted with Javelin.