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AMEX DEVELOPS BIOTECHNOLOGY INDEX; SEEKS SEC PERMISSION TO TRADE OPTIONS ON NEW INDEX

 AMEX DEVELOPS BIOTECHNOLOGY INDEX;
 SEEKS SEC PERMISSION TO TRADE OPTIONS ON NEW INDEX
 NEW YORK, Jan. 7 /PRNewswire/ -- The American Stock Exchange today announced that it filed with the Securities and Exchange Commission (SEC) for permission to trade options on its newly developed index of Biotechnology stocks.
 The Amex's new Index is based on 15 leading Biotechnology stocks that were chosen for their representation of the industry, trading liquidity and market value.
 In its Index design, the Exchange has utilized a unique equal dollar weighting calculation method that will provide each stock in the Index with a more balanced representation than currently popular index methods. This system is particularly important in rapidly developing industries such as Biotechnology, where new discoveries or developments can sharply increase a company's stock price and market value in a very short time.
 "The Biotechnology Index was designed to recognize the growing importance of this sector to the marketplace. By creating options on the Index, we will be able to offer investors an attractive vehicle for participation in this dynamic industry," said American Stock Exchange Chairman James R. Jones.
 The Exchange's new Biotechnology Index comprises the following stocks:
 Amgen, Inc. Centocor, Inc.
 Chiron Corp. Biogen, Inc.
 Genzyme Corp. Immunex Corp.
 Synergen, Inc. Immune Response Corp.
 Mycogen Corp. Immunogen, Inc.
 Xoma Corp. California Biotechnology, Inc.
 Cytogen Corp. Medimmune, Inc.
 Gensia Pharmaceuticals, Inc.
 In September of 1991, the Amex also filed with the SEC to trade options on a Pharmaceutical Index that includes 15 widely held drug company stocks and American Depositary Receipts. The Exchange expects to introduce options trading in both the Biotechnology and Pharmaceutical Indexes shortly after SEC approval is obtained.
 The Amex trades a total of 261 stock options, including 73 options on over-the-counter stocks. In addition, options are traded on four broad market indexes -- the Major Market Index (XMI), XMI LEAPS(SM) (XLT), 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 traded on XMI and XII as well. The Exchange also trades 22 long-term options on leading stocks which have expirations up to almost three years.
 -0- 1/7/92
 /CONTACT: Shelly Wolfe of the American Stock Exchange, 212-306-1641/ CO: American Stock Exchange ST: New York IN: MTC SU:


TS -- NY052 -- 7338 01/07/92 12:58 EST
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Publication:PR Newswire
Date:Jan 7, 1992
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