Nyse receives SEC approval for options trading platform

Source: NYSE

The NYSE Group, Inc. (NYSE: NYX) today announced that the Securities and Exchange Commission (SEC) has approved rules allowing NYSE Arca to introduce its new automated trading system for equity options on Aug. 7.

Replacing the current options trading platform, PCX Plus, the NYSE Arca Options platform offers immediate electronic order execution in all of the nearly 2,000 options issues currently traded on NYSE Arca and provides open access, cost effective trading and a technologically advanced system for all market participants.

"The SEC's approval of the NYSE Arca Options platform gives us the opportunity to introduce a system that we believe gives investors superior functionality, reliability and order execution capabilities," said NYSE Group Senior Vice President, Matt Gelber. "The upcoming launch of NYSE Arca Options is a first step in becoming a leader in options trading, which supports the NYSE Group's goal of being the market of choice for all investors, issuers and market professionals by offering the most comprehensive products and services, based on the most innovative technologies."

The newly-developed NYSE Arca Options system provides automatic executions for customer and broker dealer orders as well as a low cost venue for both Lead Market Makers and Market Makers to stream quotes from the trading floor or remotely. The system includes expanded and innovative order types, along with greater transparency, speed and reliability. The NYSE Arca Options platform will be phased-in beginning Aug. 7 with the migration of 10 options issues from the PCX Plus platform. As announced on June 30, pricing for the new platform will become effective today.

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