NASDAQ Options Market Receives SEC Approval
NEW YORK, Mar 12, 2008 (PrimeNewswire via COMTEX News Network) -- The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) (NASDAQ OMX Group) announced it has received approval from the SEC for rules associated with the launch of its equity and index options market, the NASDAQ Options Market.
The NASDAQ Options Market is NASDAQ OMX's new electronic option trading offering which will operate on a price/time priority model. The Market is scheduled to begin operation on March 31, 2008.
"This is a welcome development which will allow NASDAQ OMX to pursue its organic options market strategy. We will bring customer choice via our price/time model to options trading in a penny environment," said Chris Concannon, Executive Vice President, NASDAQ Transaction Services, NASDAQ OMX Group. "This market will complement our planned acquisition of the Philadelphia Stock Exchange."
NASDAQ plans to operate a fully automated, price/time priority market with an opportunity for price improvement that provides a level playing field to all participants. It will also provide a routing service to orders when trading is not present on the NASDAQ Options Market. NASDAQ OMX's offering will be the first options trading platform to offer true price/time priority.
The NASDAQ OMX Group, Inc. is the world's largest exchange company. It delivers trading, exchange technology and public company services across six continents, and with over 3,900 companies, it is number one in worldwide listings among major markets. NASDAQ OMX Group offers multiple capital raising solutions to companies around the globe, including its U.S. listings market; the OMX Nordic Exchange, including First North; and the 144A PORTAL Market. The company offers trading across multiple asset classes including equities, derivatives, debt, commodities, structured products and ETFs. NASDAQ OMX Group technology supports the operations of over 60 exchanges, clearing organizations and central securities depositories in more than 50 countries. OMX Nordic Exchange is not a legal entity but describes the common offering from NASDAQ OMX Group exchanges in Helsinki, Copenhagen, Stockholm, Iceland, Tallinn, Riga, and Vilnius. For more information about NASDAQ OMX, visit www.nasdaqomx.com.
Cautionary Note Regarding Forward-Looking Statements
The matters described herein contain forward-looking statements that are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about NASDAQ OMX Group's products and offerings. We caution that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements involve a number of risks, uncertainties or other factors beyond NASDAQ OMX Group's control. These factors include, but are not limited to factors detailed in NASDAQ OMX Group's annual report on Form 10-K, and periodic reports filed with the U.S. Securities and Exchange Commission. We undertake no obligation to release any revisions to any forward-looking statements.
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SOURCE: The NASDAQ OMX Group, Inc.
NASDAQ OMX Group Media contacts: Bethany Sherman 212-401-8714 email@example.com Silvia Davi 917-836-9957 firstname.lastname@example.org
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