Citadel To Serve as Bin 4 PMM on ISE
June 02 2005 - 5:30PM
Business Wire
The International Securities Exchange (NYSE:ISE) said today that
Citadel Derivatives Group LLC, will serve as bin 4 Primary Market
Maker (PMM) as of June 3, 2005. Citadel Derivatives Group LLC
purchased the bin 4 Primary Market Maker (PMM) from Adirondack
Electronic Markets LLC. Citadel serves as bin 8 PMM and as CMM in
eight bins. The firm also has Electronic Access Member (EAM)
privileges to route orders to ISE for execution. "Citadel's name
has come to represent sophisticated electronic trading and
high-quality markets and we are pleased that the company has chosen
to maintain two PMMs at ISE," said Gary Katz, ISE's Chief Operating
Officer. Adirondack Electronic Markets currently serves as a PMM in
bin 3 and as a Competitive Market Maker (CMM) in bins 1, 2, 5, 6
and 10. Adirondack Electronic Markets began trading in bin 4 in
October 2003. ISE lists more than 700 different options classes,
representing about 90% of options industry volume. ISE's market is
divided into ten bins, with one PMM and up to 16 CMMs in each bin.
Since ISE's launch on May 26, 2000, the exchange's low-cost,
high-efficiency business model has attracted a new class of
participants to the options market whose embrace of electronic
trading has fundamentally changed the nature of US options trading.
Most PMMs and CMMs are operated by large, global financial
institutions with significant capital base and notable trading
experience. ISE Background The International Securities Exchange,
the world's largest equity options exchange, was founded on the
principle that technology fosters and infuses new efficiencies and
operational innovations into securities trading. After developing
an innovative market structure that integrated auction market
principles into an advanced screen-based trading system, ISE
launched the first fully electronic US options exchange in May
2000. ISE continually enhances its trading systems to provide
investors with the best marketplace to execute their options
orders. For more information about ISE, its products and its
technology, visit www.iseoptions.com.
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