Longitude LLC (Longitude), a wholly owned subsidiary of International Securities Exchange Holdings, Inc. (ISE Holdings), announced today that it is exploring new business opportunities for its patented technology platform. Longitude’s calculation engine uses parimutuel principles to aggregate liquidity and produce fair and efficient prices for event-driven transactions. The innovative features of this proprietary system enable a broad range of possible applications. Among the business opportunities being considered, Longitude is exploring the introduction of its powerful technology platform to the parimutuel wagering industry, where it can provide increased transparency, improved record keeping, and the efficiencies of a single parimutuel wagering pool.

In connection with these efforts, industry expert Dennis Dowd, who is consulting on behalf of Longitude, gave a public testimony in front of a committee of the New Jersey State Senate on November 8 to describe the benefits of a bill that would allow single pool wagering for horse racing in the state of New Jersey. The approval of this bill would enable technology providers to introduce innovative and efficient new mechanisms that would increase transparency in the industry. Many parties, including horsemen, patrons and multiple operations and technology providers, would have the opportunity to participate in and benefit from single pool wagering. Dennis Dowd’s testimony is available here.

“ISE Holdings is continuously looking for opportunities to grow our business portfolio,” said Gary Katz, President and Chief Executive Officer of ISE Holdings. “Longitude LLC allows us to diversify in an exciting and compelling direction through the introduction of its technology to the parimutuel wagering industry.”

“The New Jersey State Legislature is considering a single pool wagering bill that would introduce greater transparency and efficiency to New Jersey’s horse-racing industry. This represents a critical first step in allowing technology providers such as Longitude to modernize the industry with the benefits of single pool parimutuel wagering,” said Tom Ascher, Managing Director of Longitude LLC and Chief Strategy Officer of ISE.

For more information about Longitude, visit www.longitude.com or send an email to info@longitude.com.

About Longitude LLC

Longitude LLC holds the intellectual property rights for Longitude technology, which uses parimutuel principles to aggregate liquidity and produce fair and efficient prices for applications in a diverse range of industries. The powerful calculation engine that underlies Longitude’s unique technology platform is patented globally.

Longitude LLC is a wholly owned subsidiary of the International Securities Exchange Holdings, Inc. For more information, visit www.longitude.com.

About ISE Holdings

The International Securities Exchange Holdings, Inc. (ISE Holdings) operates a family of fully electronic and innovative technology platforms that deliver the benefits of efficiency and transparency to the financial markets and a diverse range of other industries. ISE Holdings’ business portfolio comprises ISE LLC, operator of a leading U.S. options exchange, and Longitude LLC, owner of a patented parimutuel technology platform. ISE Holdings also has a range of strategic minority investments, including those in Direct Edge, Quadriserv, Ballista, and Hanweck Associates.

ISE Holdings is a wholly owned subsidiary of Eurex, a leading global derivatives exchange. Eurex itself is jointly operated by Deutsche B�rse AG (Ticker: DB1) and SIX Swiss Exchange AG.

Deutsche Boerse (TG:DB1)
Historical Stock Chart
From Oct 2024 to Nov 2024 Click Here for more Deutsche Boerse Charts.
Deutsche Boerse (TG:DB1)
Historical Stock Chart
From Nov 2023 to Nov 2024 Click Here for more Deutsche Boerse Charts.