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PHLX SETS VOLUME RECORD IN DM/JY CROSS RATE CURRENCY OPTION

 PHLX SETS VOLUME RECORD IN DM/JY CROSS RATE CURRENCY OPTION
 PHILADELPHIA, Jan. 27 /PRNewswire/ -- The Philadelphia Stock Exchange (PHLX) announced today that its Deutsche mark/Japanese yen cross rate currency option traded a record 664 contracts on Friday, Jan. 24, representing DM 664,000,000 (or approximately $415,000,000 in underlying currency).
 This is the equivalent of 10,624 U.S. dollar denominated foreign currency options and surpasses the previous record of 212 DM/JY contracts traded on Dec. 2, 1991.
 Developed for large institutional use, PHLX cross rates were launched in November 1991 and are the first contracts offered by a U.S. securities exchange that are not denominated in U.S. dollars. Since inception, average daily volume has equalled approximately DM 55,000,000 (or 55 contracts) per day. Following the successful launch of its Deutsche mark/Japanese yen option, PHLX said it plans to introduce British pound/Japanese yen and British pound/Deutsche mark options by the end of the first quarter.
 "We have seen steady volume in the mark/yen contract," said Joseph Rizzello, PHLX senior vice president. "The record performance on Friday further substantiates the need for these new foreign currency products at this exchange."
 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 foreign currency options and today is the world's largest market for these options.
 /delval/
 -0- 1/27/92
 /CONTACT: Lynda O. Lucker of the PHLX, 215-496-5200, or Ian Colley of Weiser Minkus Walek Communications, 212-684-4440, for the PHLX/ CO: Philadelphia Stock Exchange ST: Pennsylvania IN: FIN SU:


JS-MK -- PH038 -- 3955 01/27/92 17:39 EST
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Publication:PR Newswire
Date:Jan 27, 1992
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