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Exchanges to SEC: Penny Pilot is Bad for Business.

Traders,  January, 2008  by Chapman, Peter

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Three of the options industry's six exchanges are calling on the Securities and Exchange Commission to halt the progress of the ongoing penny pilot.

The International Securities Exchange, the Chicago Board Options Exchange and the American Stock Exchange, which collectively handle two-thirds of industry volume, maintain that the pilot is damaging the industry and should be restructured.

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"ISE remains very concerned about the dramatic decrease in available liquidity and the impact this contraction is having on institutional participation in the options market," the ...

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