CBOE and ISE Approve Interactive Brokers' Technology to Link Options Markets

Apr 10, 2001, 01:00 ET from Interactive Brokers LLC

    CHICAGO, April 10 /PRNewswire/ -- The Chicago Board Options Exchange and
 the International Securities Exchange have named Interactive Brokers LLC the
 first exchange-approved Linkage Service Provider to implement an interim
 intermarket linkage plan that eventually will link the U.S. options market.
     "At long last, IB is poised to link the entire options industry.  We are
 pleased to make good on our linkage offer to the exchange community," said
 Tom Ascher, IB Executive Vice President.  IB first offered its Best Execution
 and linkage technology to the exchanges in the fall of 1999.  Since then, the
 exchanges have been involved in a series of lengthy negotiations with the
 U.S. Securities & Exchange Commission.  IB's approval as the first, and to
 date only, Linkage Service Provider (LSP) marks the beginning of the "interim
 intermarket linkage plan."  "Now options exchange specialist firms will
 finally be able to use the IB technology employed every day by thousands of
 retail investors and a growing number of retail and institutional brokerage
 firms," observed Ascher.
     "The CBOE DPMs and ISE PMMs have found themselves without a modern tool
 for trade between exchanges.  We are honored to be the first approved to meet
 this need.  IB is committed to putting its technology in place on not only the
 CBOE and ISE, but all of the U.S. options exchanges.  Our offer is to every
 trading unit on each of the options exchanges," added Ascher.  "We are
 prepared to download our proprietary software overnight and have any
 specialist at a participating exchange up and running in a matter of days."
     IB, the industry's premier direct access trading provider, began to
 offer its linkage technology for multiply-listed equity options in 1999 when
 then-SEC Chairman Arthur Levitt first challenged the industry to ensure that
 customers receive best price executions for options.  IB's Best Execution
 technology uses an intelligent order routing algorithm that continuously scans
 competing markets and automatically seeks to route orders directly to the ECN
 or market center displaying the best bid or offer.  In addition to offering
 the dynamic routing of Best Execution, the IB system also provides the user
 the ability to route orders directly to the exchange or market of their
 choice.
     Interactive Brokers LLC, www.interactivebrokers.com , is an affiliate
 of Interactive Brokers Group LLC, a group of electronic brokerage and
 proprietary trading firms operating on most of the world's major exchanges.
 The Interactive Brokers Group now employs approximately 400 traders,
 programmers and support staff located in offices and exchange trading floors
 throughout the world.  Interactive Brokers LLC was formed in 1993 as the
 sophisticated investors' gateway to the world's electronic markets.  It
 provides uninterrupted, direct access and interactive screen trading to
 34 market centers in 17 different countries.  The network is for traders whose
 strategies and profits depend on instantaneous order execution, absolute
 real-time pricing information and low transaction costs.
     Interactive Brokers has direct electronic links to NYSE and Amex listed
 stocks, Nasdaq and seven leading ECN platforms for Nasdaq issues; listed
 equity and index options on five U.S. options exchanges and major futures
 products on four U.S. futures exchanges.  For international markets,
 Interactive Brokers' network has a direct interface to major exchanges in the
 United Kingdom, France, Germany, Belgium, Austria, Switzerland, Sweden,
 Norway, Netherlands, Spain, Italy, Australia and Hong Kong.
 
 

SOURCE Interactive Brokers LLC
    CHICAGO, April 10 /PRNewswire/ -- The Chicago Board Options Exchange and
 the International Securities Exchange have named Interactive Brokers LLC the
 first exchange-approved Linkage Service Provider to implement an interim
 intermarket linkage plan that eventually will link the U.S. options market.
     "At long last, IB is poised to link the entire options industry.  We are
 pleased to make good on our linkage offer to the exchange community," said
 Tom Ascher, IB Executive Vice President.  IB first offered its Best Execution
 and linkage technology to the exchanges in the fall of 1999.  Since then, the
 exchanges have been involved in a series of lengthy negotiations with the
 U.S. Securities & Exchange Commission.  IB's approval as the first, and to
 date only, Linkage Service Provider (LSP) marks the beginning of the "interim
 intermarket linkage plan."  "Now options exchange specialist firms will
 finally be able to use the IB technology employed every day by thousands of
 retail investors and a growing number of retail and institutional brokerage
 firms," observed Ascher.
     "The CBOE DPMs and ISE PMMs have found themselves without a modern tool
 for trade between exchanges.  We are honored to be the first approved to meet
 this need.  IB is committed to putting its technology in place on not only the
 CBOE and ISE, but all of the U.S. options exchanges.  Our offer is to every
 trading unit on each of the options exchanges," added Ascher.  "We are
 prepared to download our proprietary software overnight and have any
 specialist at a participating exchange up and running in a matter of days."
     IB, the industry's premier direct access trading provider, began to
 offer its linkage technology for multiply-listed equity options in 1999 when
 then-SEC Chairman Arthur Levitt first challenged the industry to ensure that
 customers receive best price executions for options.  IB's Best Execution
 technology uses an intelligent order routing algorithm that continuously scans
 competing markets and automatically seeks to route orders directly to the ECN
 or market center displaying the best bid or offer.  In addition to offering
 the dynamic routing of Best Execution, the IB system also provides the user
 the ability to route orders directly to the exchange or market of their
 choice.
     Interactive Brokers LLC, www.interactivebrokers.com , is an affiliate
 of Interactive Brokers Group LLC, a group of electronic brokerage and
 proprietary trading firms operating on most of the world's major exchanges.
 The Interactive Brokers Group now employs approximately 400 traders,
 programmers and support staff located in offices and exchange trading floors
 throughout the world.  Interactive Brokers LLC was formed in 1993 as the
 sophisticated investors' gateway to the world's electronic markets.  It
 provides uninterrupted, direct access and interactive screen trading to
 34 market centers in 17 different countries.  The network is for traders whose
 strategies and profits depend on instantaneous order execution, absolute
 real-time pricing information and low transaction costs.
     Interactive Brokers has direct electronic links to NYSE and Amex listed
 stocks, Nasdaq and seven leading ECN platforms for Nasdaq issues; listed
 equity and index options on five U.S. options exchanges and major futures
 products on four U.S. futures exchanges.  For international markets,
 Interactive Brokers' network has a direct interface to major exchanges in the
 United Kingdom, France, Germany, Belgium, Austria, Switzerland, Sweden,
 Norway, Netherlands, Spain, Italy, Australia and Hong Kong.
 
 SOURCE  Interactive Brokers LLC