Intntl Sec Exchange (NYSE:ISE)
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TSX Group CEO Richard Nesbitt and International Securities Exchange
(ISE) President and CEO David Krell today announced the creation of DEX,
a new derivatives exchange to be launched by two of the world’s
leading marketplaces. DEX, which is scheduled to begin operations in
March 2009, will be owned 52% by TSX Group and 48% by ISE and will list
and trade options, futures and options on futures on a range of Canadian
securities.
DEX will pair TSX’s pre-eminent position as
the leading Canadian market for Canadian securities together with ISE’s
superior derivatives trading platform, including OMX’s
trade match engine and ISE’s complementary
suite of technology. With a distinct order book and trading rules, DEX
will complement TSX Group’s exchanges to
provide investors with a full suite of trading products and strategies.
“We are excited to announce this new exchange
with ISE, a company that has shown great innovation and growth in the
very competitive US derivatives market,” said
Richard Nesbitt, TSX Group’s CEO. “Our
commitment to customers is to provide innovative products and services
and the best trading solutions. With the launch of DEX, we will be
offering both cash and derivatives trading, and providing maximum
flexibility, to our customers.”
ISE President and CEO David Krell said, “We
believe this unique opportunity will bring additional value to our
members and shareholders as well. We have seen tremendous growth in ISE’s
derivatives offering across the US, and we see this alliance as a first
step in expanding our international footprint. Working with a leading
exchange group like TSX Group is clearly a natural fit.”
Between now and the launch in 2009, professionals from both TSX Group
and ISE will work on the implementation strategy. Robert Fotheringham,
TSX Group’s Vice-President of Trading, and
Thomas Ascher, ISE’s Chief Strategy Officer,
are leading the initiative. Mr. Nesbitt added, “We
have a busy agenda and exciting opportunities ahead of us with the end
result being a world-class derivatives exchange for Canada. This is
truly an exciting time for our markets and we look forward to the launch
of DEX in 2009.”
“We are pleased to be executing on one of our
key strategic initiatives to deliver ISE’s
derivatives expertise and trading capabilities to the international
marketplace. This venture with TSX Group will create a new platform to
expand the trading alternatives available for investors in Canadian
securities and will clearly benefit the Canadian market,”
said Mr. Krell.
The anticipated cost of setting up this new exchange between now and the
launch in March 2009 is approximately $26 million (Canadian). The costs
will be split between TSX Group and ISE according to the share ownership
of the new initiative.
This binding arrangement between TSX Group and ISE is subject to certain
usual and customary conditions, including applicable regulatory filings
and approvals, and is subject to termination in certain circumstances.
Certain statements constitute forward-looking statements and are not
historical facts but are based on certain assumptions and reflect TSX
Group’s current expectations regarding future
results or events. These statements are subject to a number of risks and
uncertainties that could cause actual results or events to differ
materially. Some of the risk factors that could cause actual results or
events to differ materially from current expectations are outlined in
TSX Group’s Annual Report, Quarterly Reports
and Annual Information Form filed with securities regulators from time
to time.
Certain matters discussed in this press release are “forward
looking statements” intended to qualify for
the safe harbor from liability established by the Private Securities
Litigation Reform Act of 1995. These statements relate to future
events or ISE’s future financial performance,
and involve known and unknown risks, uncertainties and other factors
that may cause ISE’s actual results, levels
of activity, performance or achievements, to be materially different
from those contemplated by the forward looking statements. ISE
undertakes no ongoing obligation, other than that imposed by law, to
update these statements. Factors that could affect ISE’s
results, levels of activity, performance or achievements and cause them
to materially differ from those contained in the forward looking
statements can be found in ISE’s filings with
the Securities and Exchange Commission, including ISE’s
annual report on Form 10-K, current reports on Form 8-K and quarterly
reports on Form 10-Q, as amended.
Events Scheduled for March 5 (Eastern
Standard Time)
8:30 a.m. Joint TSX/ISE Analyst Call
TSX Group Inc. and ISE will hold an Analyst Call at 8:30 a.m. this
morning to discuss today’s announcement.
Phone numbers for the live call are: 416-644-3430 and 1-800-590-1817
Richard Nesbitt, Chief Executive Officer, TSX Group and David Krell,
International Securities Exchange President and CEO, along with the CFOs
of both corporations, will participate on the call. An audio replay of
the conference call will be available at 416-640-1917 and
1-877-289-8525, passcode 21221534#.
The audio web cast of the conference call will also be available on TSX
Group’s website at www.tsx.com,
under Investor Relations and on the International Securities Exchange
website at http://www.iseoptions.com/
under the Investor Relations section.
10:00 a.m. TSX/ISE Joint News Conference
TSX Group CEO Richard Nesbitt and International Securities Exchange
President and CEO David Krell will hold a news conference at 10:00 a.m.
March 5 in the TSX Gallery. A live feed of the news conference will be
available in TSX Group’s Montreal office. For
an audio feed of the news conference, dial in at 416-644-3432 or
1-800-590-1508. An audio replay of the news conference will be available
by calling 416-640-1917 or 1-877-289-8525, passcode 21221563#.
Toronto: TSX Broadcast Centre, Main Floor, 130 King Street West,
Toronto (King and York Streets)
Montreal: TSX Group Montreal Office, Suite 1100, 1000 Sherbrooke
Street West
Montreal, QC
Television Editors -- Media may pick up a feed from the TOC (television
operations centre) for the news conference. The feed is named TSX
Transmit 2 and is produced at the TSX and sent live to the TOC.
About TSX Group Inc. (TSX-X)
TSX Group operates Canada's two national stock exchanges, Toronto Stock
Exchange serving the senior equity market and TSX Venture Exchange
serving the public venture equity market, Natural Gas Exchange (NGX), a
leading North
American exchange for the trading and clearing of natural gas and
electricity contracts and Shorcan Brokers Limited, the country's first
fixed income inter-dealer broker. TSX are the initials attached to the
core equity operations of TSX Group (www.tsx.com):
Toronto Stock Exchange, TSX Venture Exchange, TSX Markets, TSX Datalinx,
and TSX Technologies. TSX Group is headquartered in Toronto and
maintains offices in Montreal, Winnipeg, Calgary and Vancouver.
About ISE
International Securities Exchange Holdings, Inc. (NYSE: ISE), through
its subsidiaries, operates a family of innovative securities markets.
ISE is founded on the principle that technology and competition create
better, more efficient markets for investors and consists of an options
exchange, a stock exchange and an alternative markets platform. ISE
continually enhances its trading systems and develops new products to
provide investors with the best marketplace and investment tools to
trade smarter.
ISE developed a unique market structure for advanced screen-based
trading systems and in May 2000 launched the first fully-electronic US
options exchange. Currently, ISE operates the largest U.S. equity
options exchange and is among the leading options exchanges in the
world. ISE offers index options, including a portfolio of proprietary
index products, and enhanced market data products for sophisticated
investors. ISE FX Options™ are slated to
launch in 2007.
ISE Stock Exchange, launched in September 2006 with strategic partners,
includes an innovative MidPoint Match™
platform which offers investors continuous price improvement. MidPoint
Match was integrated with a fully-displayed Best Bid Offer market in the
fourth quarter of 2006.
ISE’s alternative markets business currently
consists of an events market trading platform known as Longitude.
Longitude’s patented and proprietary
technology provides a unique parimutuel structure for derivatives
auctions which results in greater trading and pricing flexibility for
market participants.
For more information about ISE and its options exchange, visit www.iseoptions.com
and for more information about ISE Stock Exchange, visit www.isestock.com.
Additionally, to learn more about ISE alternative markets technology,
visit www.longitude.com.