Micro Design Services, LLC
Roman Szymansky, President
Phone: 973.402.4334 x101
roman@microdesignservices.com
www.microdesignservices.com
FOR IMMEDIATE RELEASE
9 AM EDT, July 20, 1999
MICRO DESIGN SERVICES, LLC
AND PACIFIC EXCHANGE, INC. HAVE SUCCESSFULLY PUT INTO
FULL PRODUCTION, A WIRELESS HAND-HELD COMPUTER BASED OPTIONS
ON SECURITIES ORDER BOOK MANAGEMENT AND BROKER TRADING
SYSTEM
THE SYSTEM IS FLOOR-WIDE IN
SAN FRANCISCO AND INCORPORATES ALL OF THE TRADED OPTIONS
ISSUES AND SERIES AS WELL AS ALL OF THE 43 AUTOMATED ORDER
ENTRY COMMUNICATIONS CONNECTIONS BETWEEN BROKERAGE FIRMS
AND THE EXCHANGE
The system, which was designed and
developed by MDS in close cooperation with PCX's staff,
accepts orders for securities options from member firm
interfaces through PCX's POETS order processing system
and from member firms' booth terminals on the trading
floor. The System routes the orders, using a sophisticated
MDS developed routing system, over a Proxim spread-spectrum
2.4 GHz wireless LAN to the appropriate executing brokers
in the trading pits. Brokers' trade executions are reported
wirelessly in real-time to the Exchange and to the member
firms for customer notification. All activity in the system
is fully audit-trailed with the date-time of action. The
system is designed to handle up to 150 wireless hand-held
computers and 150 booth computers.
During recent conversations between
MDS and users of the system, some comments were, "Order
sizes have increased from one to two lots to 20 to 40
lots", said one PCX floor broker; "I don't have
to carry around 5 pounds of paper", said another;
and a representative from a large brokerage firm said,
"This is making PCX much more competitive".
PCX is one of the world's leading options
markets and the nation's premier regional stock exchange.
Its two equities floors trade nearly 2,700 securities,
including most of the active issues listed on the New
York and American Stock Exchanges. PCX's options floor
trades more than 1000 stock options with 39,000 options
series and four index options.
MDS is one of the foremost wireless
systems developers and integrators in the country. They
have developed systems for many of the world's largest
securities and futures exchanges.
About
Micro Design Services, LLC
Micro Design Services, LLC (MDS) is an industry
leader in the design and development of sophisticated
software products for the financial industry. MDS provides
its customers with outstanding technology, enabling them
to compete in a rapidly changing environment. The company
created the patented MarketLook™ Information System
(MLIS) , and designed and developed many of the order
m anagement and r outing systems used on leading equities,
options, and futures exchanges in the US. These systems
incorporate the latest in wireless radio technology, and
mobile tablet computer products. Founded in 1990, MDS
is headquartered in Parsippany, New Jersey. For more information,
visit www.microdesignservices.com.
