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PHILADELPHIA STOCK EXCHANGE RECEIVES MERGER PROPOSAL, SUSPENDS TRADING IN MEMBERSHIPS

 PHILADELPHIA, Nov. 3 /PRNewswire/ -- The Philadelphia Stock Exchange (PHLX) announced today that it has temporarily suspended purchases and sales of memberships, pending its consideration of a formal merger proposal received from the Chicago Board Options Exchange on Nov. 2.
 Members of the PHLX were notified of the proposal and suspension of membership transfers in a memorandum from Nicholas A. Giordano, PHLX president and chief executive officer. Terms of the proposed merger were not disclosed.
 "We are flattered by the CBOE's proposal inasmuch as it comes from the world's first and largest listed options market," said Mr. Giordano. "As with offers that have been made by other exchanges, the CBOE's proposal will be given careful consideration by the PHLX's board of governors."
 Mr. Giordano noted that the proposal comes at a time when the PHLX is experiencing record volume in equities, currency options and index options, and substantial growth in equity options.
 Through Sept. 30, the PHLX traded a record 967,799,965 shares, up 15 percent from the same period last year, with equity trades rising 19 percent to a record 1,620,927 trades. Equity volume and trades executed through PACE (Philadelphia Automated Communication and Execution System), PHLX's automatic delivery and execution system for retail orders, increased 30 percent and 23 percent, respectively, over the first nine months of 1992, both representing record volume levels.
 In its 10 currency options contracts, PHLX volume is up 15 percent to 10,461,316 contracts, representing a record underlying value of $470 billion. Currency options open interest set a record at 1,547,146 contracts on Sept. 9, 1993.
 Volume in the five PHLX index options (the Gold/Silver Index, Over- the-Counter Index, PHLX/KBW Bank Index, Utility Index and the Value Line Index) increased 212 percent over the same period last year to 662,073 contracts. Volume in PHLX equity options reached 8,559,396 contracts through the first three quarters of 1993, up 11 percent over 1992 figures.
 PHLX is the nation's oldest securities exchange and 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 exchange- traded market for these options.
 -0- 11/3/93
 /CONTACT: Lynda 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; Chicago Board Options Exchange ST: Pennsylvania, Illinois IN: FIN SU: TNM

CK-JS -- NY112 -- 0395 11/03/93 18:40 EST
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Publication:PR Newswire
Date:Nov 3, 1993
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