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Welcome to "AEMI Facts & FAQs". This section of the AEMI website seeks to outline pieces of functionality and give working examples, where appropriate, to help market participants better understand how Amex will operate in the new hybrid environment. We will update the sections based on feedback and add to the Frequently Asked Questions section as we receive questions from you.
The functionality outlined is contained in our Proposed Rule Filing: SR Amex 2005-104 which comprises our proposed rules. If and when we make amendments to this rule filing, we will update AEMI Facts & FAQs as well as the Regulation section of the AEMI website.
What is AEMI?
The Auction and Electronic Market Integration (AEMI) platform is Amex's new, state-of-the-art trading platform that will launch in the fourth quarter of 2006 to coincide with the implementation of the Order Protection Rule as part of Regulation NMS. AEMI will support Amex's hybrid market structure, that provides for both a single, electronic market place as well as floor based trading. By implementing AEMI, Amex expects to qualify as an Automated Trading Center under Regulation NMS. The hybrid platform will give the speed and certainty of execution underpinned by reliability and availability of systems, as well as the auction market capabilities that are required in times of order imbalances, complex trades, or when natural liquidity cannot be found.
With AEMI, Amex customers will have additional trading features plus the speed and flexibility they have come to expect. AEMI will permit Amex to establish a differentiated market model that positions Amex competitively in an evolving market place. It will provide a market of choice, facilitate growth, and ensure the competitiveness and quality demanded by market participants.
For more information, please see the Contacts page.
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