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PHLX BEGINS NEW CURRENCY OPTIONS; MONTH-END AND LONG-TERM OPTIONS ADD NEW USER FLEXIBILITY

 PHLX BEGINS NEW CURRENCY OPTIONS; MONTH-END AND
 LONG-TERM OPTIONS ADD NEW USER FLEXIBILITY
 PHILADELPHIA, July 16 /PRNewswire/ -- The Philadelphia Stock Exchange (PHLX) will begin trading two new products that will add flexibility to the Exchange's currency options markets.
 Beginning Friday, July 17, PHLX will offer European-style currency options with expirations of up to 24 months, twice as long as existing products.
 Beginning Friday, July 31, month-end expiration currency options will begin trading on the PHLX currency trading floor.
 These two previously announced offerings are the most recent in a series of ongoing PHLX product developments designed to give exchange- traded currency options a competitive edge, the Exchange said.
 The long-term options were recently approved by the Securities and Exchange Commission and enable PHLX to offer 18- and 24-month expirations on its four most active currency options: British pound, Deutsche mark, French franc, and Japanese yen.
 Month-ended options which will normally cease trading on the last Friday of the expiration month, will be available in the first three near months listed, which on July 31, will be August, September and October.
 Trading in all eight U.S. dollar based PHLX currencies will be offered in both existing and the new month-ended expirations: Australian dollar, British pound, Canadian dollar, Deutsche mark, European currency unit, French franc, Japanese yen and Swiss franc. The Deutsche mark/Japanese yen cross rate also will be offered.
 A currency option is the right, but not the obligation, to either buy or sell a currency at a fixed price on or before a pre-determined expiration date.
 The PHLX is the nation's oldest securities exchange and is a market leader in trading stocks and options. Founded in 1790, PHLX originated trading in currency options and today is the world's largest exchange- traded market for these options.
 /delval/
 -0- 7/16/92
 /CONTACT: Lynda O. Lucker of the PHLX, 215-496-5200, or Ian Colley of The Weiser Walek Group, 212-684-4440, for the PHLX/ CO: Philadelphia Stock Exchange ST: Pennsylvania IN: FIN SU: PDT


MJ-LJ -- PH019 -- 9775 07/16/92 12:53 EDT
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Publication:PR Newswire
Date:Jul 16, 1992
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