Fidelity Joins Electronic Exchange Partnership

Fidelity Investments - the country's leader in mutual fund management - is joining Lehman Brothers, Credit Suisse First Boston and CitiGroup to provide the equity necessary to form Boston Equities Exchange (BeX), a new electronic stock exchange. BeX will be operated by Boston Stock Exchange, a failing exchange that lost almost $2 million in just the past two years.

"This partnership brings together a unique combination of industry expertise and sophisticated technology that will provide our clients with automated tools and a cost structure that will enable us to meet the needs of retail and institutional investors, while managing financial and regulatory risk," said Mike Curran, chairman and CEO of the Boston Stock Exchange.