The Philadelphia Stock Exchange (PHLX or Phil-Ex) was the oldest stock exchange in the United States—older than the New York Stock Exchange. It was third-largest options market in the U.S. and the world's 12th-largest derivatives platform by volume shortly before the Philadelphia Stock Exchange was acquired by NASDAQ in July 2008 in a $687 million cash sale

NASDAQ QMX PLX was formed in July of 2008 when the NASDAQ OMX Group took over the Philadelphia Stock Exchange. Norman Steisel was instrumental in the completion of this transaction.

The Philadelphia Stock Exchange (now Nasdaq OMX Phlx) is one of two platforms owned by Nasdaq that hosts trading of options contracts. ^[5] The other is The NASDAQ Options Market.

From 2003 to 2008, Norman Steisel served as the Executive Vice President, Chief Operating Officer of the Philadelphia Stock Exchange. In that position, he was responsible for overseeing the implementation of the exchange's strategic plan and initiatives in its day-to-day operations.

The strategic plan implemented by Norman Steisel was designed to extract value by leveraging regulatory licenses, enhancing technology assets and offering innovative trading modalities and products. The strategy produced several benefits during his tenure: the organization was restructured from a not-for-profit membership to a for-profit stock corporation, facilitating investments by six bulge bracket firms, increasing its core equity options business' market share from 8% to 15% by deployment of new technology platforms. These activities resulted in an improvement in the P & L from a $1.0 million loss in 2005 to $26 million profit in 2007.

Norman Steisel was a key member of the exchange's strategic management team participating in analyzing opportunities and direct negotiations with several entities interested in purchasing the exchange which was ultimately sold to NASDAQ OMX for $697 million, a thirty-fold increase in 2005 enterprise value.

Norman Steisel was responsible for coordinating PHLX involvement in transition planning and integration activities with NASDAQ OMX.

For more information please contact Norman Steisel at norman@enesscostrategies.com