Philadelphia Stock Exchange Expands Options Trading to New Companies

Strategic Insights -

The Philadelphia Stock Exchange (PHLX) announced the expansion of options trading to eight new companies, including Adelphia Communications Corp., Global Imaging Systems, Inc., and International Specialty Products, Inc. The new options will be available to trade on March 1, 1999, for Adelphia and TeleBanc Financial Corporation, and on March 3, 1999, for the remaining six companies.

Key Takeaways:

  • The PHLX will offer options trading on eight new companies, including Adelphia Communications Corp., Global Imaging Systems, Inc., and International Specialty Products, Inc.
  • Options on Adelphia Communications, TeleBanc Financial Corporation, and ISS Group, Inc. will trade on the January expiration cycle with initial expiration months of March, April, July, and October.
  • Options on Global Imaging Systems, Inc. and Information Advantage, Inc. will trade on the February expiration cycle with initial expiration months of March, April, May, and August.
  • Options on Image Entertainment, Inc., International Specialty Products, Inc., and Province Healthcare Company will trade on the March expiration cycle with initial expiration months of March, April, June, and September.
  • The PHLX will allow initial positions up to 1,000 contracts for each of the new issues.
  • The specialist units for each new issue are: Adelphia Communications Corp. - FleetBoston Robertson Stephens; Global Imaging Systems, Inc. - Goldman Sachs & Co.; Image Entertainment, Inc. - PaineWebber Group; International Specialty Products, Inc. - Johnson & Higgins; Province Healthcare Company - Dresdner Kleinwort Wasserstein; TeleBanc Financial Corporation - SG Cowen & Co.; ISS Group, Inc. - Salomon Smith Barney.
  • The PHLX is the first securities exchange in the U.S. and the nation's fastest growing sectors index options exchange.

Statistics:

  • 2,600 stocks and 880 equity options are already traded on the PHLX.
  • The PHLX will trade options on 14 sectors index options.
  • 100 currency pairs are also traded on the PHLX.
  • The new options will be available on March 1, 1999, for Adelphia and TeleBanc Financial Corporation, and on March 3, 1999, for the remaining six companies.
  • The PHLX is founded in 1790.
  • The PHLX is a market leader in the trading of options and currencies.

Sources:

  • PRNewswire, Feb. 26
  • Philadelphia Stock Exchange