LOOSE CHANGE

LOOSE CHANGE

Philadelphia Stock Exchange's cross rate currency options contracts probably won't start trading until September, says Joseph Rizzello, senior vice president at the exchange. Although the Options Clearing Corp. sent in the final settlement and clearing details of its proposal to trade the foreign denominated contracts last week (FX Week, July 5), and officials expect regulatory approval in the beginning of August, the PHLX has decided not to launch the three contracts in the middle of the su