Boston Stock Exchange Announces Business Unit Discontinuation.BOSTON -- The Boston Stock Exchange The Boston Stock Exchange (BSE) is a regional stock exchange located in Boston, Massachusetts. The third-oldest stock exchange in the United States, it was founded in 1834. On October 2nd, 2007 Nasdaq agreed to acquire BSE for $61 million. (BSE See Bombay Stock Exchange. BSE See Boston Stock Exchange (BSE). ), a mutual organization that manages or regulates multiple ventures, announced that it has discontinued the operations of the Boston Equities Exchange (BeX), effective today. BeX, launched in August 2005, is an electronic stock exchange. The BSE will continue to be active in the marketplace and will support the Company's remaining ventures including the regulation of the Boston Options Boston option See deferred premium option. Exchange (BOX). BeX is one of several ventures launched by the BSE over the past three years. While this venture struggled to gain market share in large part due to the overall strength of market incumbents, the other ventures have continued to be successful. In fact, LeveL, a dark-book alternative trading system The introduction to this article provides insufficient context for those unfamiliar with the subject matter. Please help [ improve the introduction] to meet Wikipedia's layout standards. You can discuss the issue on the talk page. , which was originally incubated by the BSE, is experiencing dramatic growth and plans to expand its operations. "We are disappointed that BeX was not able to become competitive in today's marketplace and perform as well as other ventures of the Boston Stock Exchange, but we want to emphasize that the BSE remains a committed member of the National Market System," said Boston Stock Exchange Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Michael Curran. The Boston Stock Exchange and the various ventures in which it participates, has a total of approximately 100 employees. This cessation will affect approximately forty employees. Of those, some will be reassigned to other ventures, some will remain on through the transition and those whose positions were eliminated will receive severance packages A severance package is pay and benefits an employee receives when they leave employment at a company. In addition to the employee's remaining regular pay, it may include some of the following:
"I would like to personally thank all the employees who worked so diligently on this venture over the past two years," said C. Thomas Richardson Thomas Richardson can be any one of:
About the Boston Stock Exchange, Inc. Founded in 1834 as the third oldest exchange in the U.S., the Boston Stock Exchange (BSE) has, from its beginnings, played a vital role as a leading regional exchange within the strongest capital market system in the world. Additional information can be found at www.bostonstock.com. |
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