Pacific Exchange moves to Archipelago electronic trading
25 March 2002 | 2863 views | 0
The Pacific Exchange (PCX) has officially closed its San Francisco equities floor and moved its trading operations to the fully electronic Archipelago Exchange (ArcaEx).
Initially, ArcaEx will trade 27 issues that are exclusively listed on the Pacific Exchange. Investors can continue to access and trade all other listed stocks and Nasdaq securities on the Archipelago ECN, as they do today.
The ArcaEx roster will be expanded to include listed stocks from the American and New York stock exchanges over the next few weeks. Nasdaq issues are scheduled to be added to ArcaEx by the end of the year.
Calling time on floor-based trading, Philip DeFeo, PCX Chairman and CEO, says: "Given technology's advances, we decided that the Exchange and its members would be better served in a fully electronic environment, one that provides traders the ability to access the market from any location in the world, one that eliminates the cost and inefficiency of unneeded real estate."