NEW YORK, November 8, 2010 – 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.