FX Week

Phlx Board Ponders Response To Cboe Buyout Proposal

EXCHANGES

The Philadelphia Stock Exchange (Phlx) may take as long as three months to reply to an initiative by the Chicago Board Options Exchange (Cboe) to buy the Phlx's operations (FX Week, October 25). Exchange chairman John Wallace says the proposal involves moving most of the Phlx's trading to Chicago.

"It will take us time to look at their proposals," says the exchange's president, Nicholas Giordano. If the board of directors approves, it would only then be submitted to a vote by the Phlx's 505 m