The Boston Stock Exchange (BSE), a mutual organisation that manages and regulates multiple ventures, announced yesterday that it has discontinued the operations of its electronic equities trading platform the Boston Equities Exchange (BeX), launched in August 2005.
BeX is one of several ventures launched by the BSE over the past three years. While this venture struggled to gain market share, BSE says its other ventures have continued to be successful. LeveL, the firm's dark-book alternative trading system, is growing and plans to expand its operations.
“We are disappointed that BeX was not able to become competitive in today’s marketplace and perform as well as other ventures of the Boston Stock Exchange, but we want to emphasise that the BSE remains a committed member of the national market system,” comments BSE chairman and CEO, Michael Curran.
The BSE and the various ventures in which it participates, has a total of approximately 100 employees. This cessation will affect approximately forty employees, who will either be reassigned to other ventures or have their positions eliminated and receive severance packages.
“I would like to personally thank all the employees who worked so diligently on this venture over the past two years,” remarks C. Thomas Richardson, president of BeX. “Their dedication, teamwork and spirit of entrepreneurship is greatly appreciated," he continues.