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PHILADELPHIA STOCK EXCHANGE [PHLX]

 

Philadelphia Stock Exchange [PHLX]

Philadelphia Stock Exchange is the first Stock Exchange in the United States and one of the oldest stock Exchanges established in 1790 known as “Board of Brokers” located at the city Tavern in Philadelphia, is the third largest options market in the U.S and the world's 12th largest derivative platform by volume. In 1834 Board of Brokers moved into Merchants Exchange building followed by a fire damaged the building.  In 1875 Stock Exchanged renamed to Philadelphia Stock Exchange.

 In 1949 Philadelphia stock Exchange merged with the Baltimore Stock Exchange and in 1953 with the Washington Stock Exchange and in 1969 the Pittsburgh Stock Exchange. The company trades stocks, equity options, index options, currency options, and futures in North America. It offers strategy newsletters, including the Philadelphia report, which covers equity options and features market commentary, a strategy and education section, and trading opportunities utilizing point and figure indicators; and the sectors report, which provides market commentary and highlights trading opportunities open to investors through use of its sector index options to securities brokers through email.

 

 

 

PHILADELPHIA STOCK EXCHANGE [PHLX]

In 1975 introduced electronic trading called PACE (Philadelphia Automated Communication and Execution Systems) The PHLX began as a floor-based exchange, trading via an auction market. It has evolved into a hybrid market with the AUTOM--Automated Options Market system which was introduced in 1988. AUTOM, which is still used today, was created to allow electronic delivery of option orders from member firms to the exchange floor, automatic execution of certain orders, and electronic confirmation of orders. The system has been through numerous upgrades and has changed dramatically since 1988, but is still the primary automated execution system used on the floor today. The PHLX no longer has an equities trading floor, which was once adjacent to the options floor. Equities are now traded solely electronically via the exchange. The Philadelphia Stock Exchange will most likely face more changes ahead, In 2005, a number of large financial firms like Morgan Stanley, Citigroup, Credit Suisse First Boston, UBS AG, Merrill Lynch and Citadel Investment Group (who jointly own approximately 45% of the exchange) bought stakes in the Exchange as evade against developing integration of dealing stocks by the New York Stock Exchange and NASDAQ.

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