... the right of offset. This privilege allows one trader to buy (sell) on one exchange and sell (buy)--offset--on the other exchange. Considering the time differences among Europe, the Far East, and the United States, these linkages between the exchanges allow for a continuous market where trading can effectively take place around the clock. This development is similar to that in the spot market for currencies, for example; here trading takes place 24 hours a day and is similar to the interlisting of common stocks on the various exchanges in the world. One exchange has taken the lead in extending trading hours on the road to 24hour trading. On September 16, 1987, the Philadelphia Stock Exchange became the first U.S. securities exchange to initiate evening trading sessions in foreign currency options. By April 1988, the evening session accounted for "more than $20 billion in underlying trading value." On January 20, 1989, ...

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