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Paris, Thursday, November 12, 1998</I></div><H2>Wall Street Edges Closer to Electronic Trading</H2><HR NOSHADE SIZE="e&1"e&><B>By Ianthe Jeanne Dugan </B><I> Washington Post Service</I><HR NOSHADE SIZE="e&1"e&><B>NEW YORK
</B> - Wall Street has taken another step toward electronic trading with a plan by a consortium of brokerages for a cyberspace-based exchange that will handle trading in options and eventually in stocks too.<P>
The new venture, called the International Securities Exchange, is the brainchild of William Porter, founder of E-Trade Group Inc., who enlisted Compaq Computer Corp. and a number of brokerage firms to participate. The business, which was outlined Tuesday, is to begin trading 600 stock options in January 2000 and eventually expand into a full-fledged equities exchange.<P>
''The millennium is here, but in many ways Wall Street is very archaic,'' said David Krell, a former New York Stock Exchange executive who is the International Securities Exchange's chief executive. ''We're creating an exchange that is far more efficient.''<P>
The venture is part of a broader move on Wall Street away from a people-intensive system - a trend already transforming markets in Europe.<P>
Quotes - offers to buy or sell an option at a specific price - will be entered into the electronic system by market makers. Individual investors will place orders on-line to their brokers, who will execute the trades, bypassing floor brokers found <P>
at the traditional exchange. The main conduit for options - contracts to buy and sell stocks for a set price at a later date - has been the Chicago Board Options Exchange, which was formed in 1973. The American and Pacific exchanges also trade options.<P>
But some brokers and dealers have complained about the high costs of transactions, and over the past two years they have banded together to increase competition. At least two other ventures similar to the International Securities Exchange are expected by the industry to be announced soon.<P>
The International Securities Exchange is promising faster and cheaper transactions and says it has agreements with brokers who handle 120,000 options contracts a day. ''This will lower everyone's costs,'' said Michael Schwartz, chief options strategist for CIBC Oppenheimer & Co.<P>
The Chicago Board Options Exchange says it has within its massive granite building more computer screens under one roof than anywhere else in the world and more than 4,000 telephone lines.<P>
That exchange has been preparing for the competition, giving customers the ability to buy and sell via their home computers, and it said it would increase its own electronic trading from 25 percent to 40 percent of its orders.<P>
William Brodsky, chairman of the Chicago Board Options Exchange, responding to the announcement in New York, told his members: ''This signals new and intensified competition on the technological front. It is a battle we take seriously - and one we intend to win.''<P>
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