Exchanges Discuss Merger: The Philadelphia and American...

Exchanges Discuss Merger: The Philadelphia and American stock exchanges are discussing either a full or partial merger, the New York Times reported in today’s editions. Under the plans, which are in the preliminary stages, either the exchanges would be combined outright or they would merge their options-trading operations, the newspaper reported, quoting unidentified sources. The merger discussions are fueled by a recent rule adopted by the Securities and Exchange Commission regarding the trading of equity options, the sources said. Under the rule, which will be phased in over the next few years, multiple exchanges would be able to trade an equity option, unlike the current system in which each option is allotted exclusively to an exchange.