NYSE wins approval to challenge options exchanges

The New York Stock Exchange has received approval from the US regulator to launch a new electronic trading system for options to compete with the Chicago Board Options Exchange, which last week pressed ahead with plans to create a new market to trade equities.

The Securities and Exchange Commission said yesterday it had approved NYSE plan to launch a new options trading service based on Arca, the trading system it acquired as part of the Archipelago takeover in March.

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