
The Philadelphia Stock Exchange received SEC approval in July
to launch trading on its XL platform and has scheduled 10 classes
for conversion in August. Pacific Exchange has begun rolling out
its PCX Plus system, and the American Stock Exchange is devel-
oping its own electronic trading system, ANTE.
No figures are available on the overall ratio of electronic to open
outcry trading, but the trend is clear: an increasing amount of
orders are being matched electronically as each exchange moves
farther along the curve.
The all-electronic ISE has grown steadily since its start in May
2000 and continues to gain market share at