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AMEX RECEIVES SEC APPROVAL TO TRADE OPTIONS ON NEW PHARMACEUTICAL INDEX; FIRST EXCHANGE TO OFFER INVESTORS INDEX OPTIONS ON DRUG INDUSTRY

AMEX RECEIVES SEC APPROVAL TO TRADE OPTIONS ON NEW PHARMACEUTICAL INDEX;
 FIRST EXCHANGE TO OFFER INVESTORS INDEX OPTIONS ON DRUG INDUSTRY
 NEW YORK, June 22 /PRNewswire/ -- The American Stock Exchange today announced that it has received Securities and Exchange Commission (SEC) approval to trade put and call options on its new Pharmaceutical Index (ticker symbol: DRG). The exchange will launch trading in the new options on Friday, June 26, marking the first time investors will have an opportunity to invest in options on the movements of the drug industry.
 Created by the Amex in 1991, the Pharmaceutical Index is based on 15 leading U.S. and European pharmaceutical companies. The components represent a cross section of widely held, highly capitalized companies involved in various phases of the industry.
 The index comprises the following 15 companies:
 Abbott Laboratories Pfizer Inc.
 American Home Products Corporation Rhone-Poulenc Rorer, Inc.
 Bristol-Myers Squibb Company Schering-Plough Corporation
 Eli Lilly and Company SmithKline-Beecham (ADR)
 Glaxo Holdings plc(ADR) Syntex Corporation
 Johnson & Johnson Upjohn Company
 Marion Merrell Dow, Inc. Warner-Lambert Company
 Merck & Co., Inc.
 "The exchange's new Pharmaceutical Index is a market barometer of leading companies that sell, manufacture and distribute their products around the world," said American Stock Exchange Chairman James R. Jones. "Options on the index can be used to protect pharmaceutical stock holdings, as well as implement specific outlooks on the pharmaceutical industry as a whole," Jones added.
 ker symbol "DRG."
 The Amex trades total of 278 stock options, including 76 options on over-the-counter stocks, as well as 33 LEAPS(TM) (Long-term Equity AnticiPation Securities). In addition, options are traded on five broad-market indexes -- the Major Market Index (XMI), the XMI LEAPS Index (XLT), the S&P MidCap 400 Index (MID), the Institutional Index (XII), and the Japan Index (JPN) -- as well as two industry-based indexes -- the Oil Index (XOI), and the Computer Technology Index (XCI). CAPS -- Capped Options -- are also traded on XMI and XII as well.
 -0- 6/22/92
 /CONTACT: Shelly Wolfe, 212-306-1641, or Kathy Fitzpatrick, 212-306-1697, both of the American Stock Exchange/ CO: American Stock Exchange ST: New York IN: MTC SU:


CK -- NY027 -- 2309 06/22/92 10:45 EDT
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Publication:PR Newswire
Date:Jun 22, 1992
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