WEST PALM BEACH, FL (www.hedgeco.net) – The administrators of the Chicago stock exchange recently announced plans to introduce a new electronic trading system in an effort to attract the business ofhedge funds. The new system has not been named according to the report, but individuals knowledgeable with the plans said the new system will bypass specialist firms matching buyers with sellersautomatically.
The Vice chairman of the Chicago Stock exchange, Mr. Andrew Davis said, There may be possibilities of an alliance with the Chicago Board Options Exchange, in the future.� No details were provided however, such plan may still be in the drawing boards. The CBOE Chairman confirmed that his organization is not in any talks with the Chicago Stock Exchange at the moment.
According to officials, the new electronic trading system will enable the Exchange to be more competitive in their efforts to attract more businesses of the growing hedge fund industry. The new system will continue to preserve opportunities for specialists to continue to participate in the process as long as they add value to the process.
The timetable for such transition were not immediately provided, but the exchange insiders believe the new system will be up and running by early 2006.
Paul Oranika
Editor-in-Chief
HedgeCo.Net
Email: Editor@hedgeco.net
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