The American Stock Exchange says it is making progress in the new listings, but losing market share in the options business.

The Amex ended the first half of 2005 with 49 new company listings; roughly equal to the first half of 2004. It saw nine initial public offerings taking place in the first half, as compared to 10 during all of 2004. The average market capitalization of new listings rose by 12% in the first half of 2005. The exchange also listed 20 new ETFs, and 67 structured products in the first half of 2005.

“By following our detailed strategic vision, the Amex has made significant progress in all areas,” said Neal Wolkoff, the exchange’s recently-appointed chairman and CEO. “We have an enviable business model that includes four distinct lines of business: equities, ETFs, options and structured products. While there is much to accomplish in the second half of 2005, I am confident that our strengths as an innovator for new product development and a premier venue for listings will be recognized by our customers.”

Wolkoff was elected Amex chairman and CEO in April 2005 after serving as acting CEO since January. “This is an exciting time at the Amex and I am proud to be leading the exchange during this period of extraordinary change. We are working with a clear focus to make sure that the Amex is on a growth path and I am committed to making it the highest quality marketplace,” added Wolkoff.

The American Stock Exchange Composite Index finished the first half of 2005 at 1544.41, an 8% increase since the start of the year and up 24% from the same time in 2004.

“We are pleased with the Amex’s first half results, in light of the challenges facing the broader marketplace,” said John McGonegal, senior vice president of equities at the Amex. “We are optimistic that, given the pace of new business, the exchange will finish the year equaling or exceeding last year’s listing numbers. We are well positioned for the future.”

The Amex concedes that it options business continued to face challenges. During the first six months of the year, Amex’s equity options market share was 15.6%, compared to 18.5% during the same period in 2004. Amex options volume during the first half of the year was 786,017 contracts per day versus 810,046 during the first half of 2004. But it’s working to enhance its technological capabilities to improve its ability to compete for order flow. Currently, the Amex is developing a system of remote quoting and a price improvement auction.

The exchange’s new trading platform, known as the Alternative Trading System, is still scheduled to launch in the first quarter of 2006 with trading in equities and ETFs, it said.