Philadelphia Stock Exchange
From Wikipedia, the free encyclopedia
| Philadelphia Stock Exchange | |
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| U.S. National Register of Historic Places | |
 Former logo.
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| Location: | 1409-1411 Walnut St., Philadelphia, Pennsylvania |
| Coordinates: | 39°56′56.73″N 75°9′52.94″W / 39.9490917°N 75.1647056°W |
| Built/Founded: | 1911 |
| Architect: | Horace Trumbauer |
| Architectural style(s): | Other |
| Governing body: | NASDAQ OMX |
| Added to NRHP: | August 31, 1982 |
| NRHP Reference#: | 82003812[1] |
Philadelphia Stock Exchange (PHLX) was the oldest stock exchange in the United States, founded in 1790. On November 7, 2007, NASDAQ announced a "definitive agreement" to purchase PHLX for $652 million, with the transaction expected to close in early 2008.[2] On July 24, 2008, the acquisition was completed, creating the third-largest options market in the U.S.
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[edit] History
The exchange merged with the Baltimore Stock Exchange in 1949, the Washington Stock Exchange in 1954, and the Pittsburgh Stock Exchange in 1969.
In December 1968, in response to a fiscal crisis, the City of Philadelphia imposed a $0.05-per-share stock transfer tax for all transactions on the PHLX. In response, on January 2, 1969, the PHLX moved its trading floor to an office building—then known as the Decker Building—just outside the city on City Avenue in Bala Cynwyd to avoid the tax. In February, a court ruled that the tax was illegal, and the PHLX moved its trading floor back to its headquarters in the city.
On October 22, 1981, trading was halted on both the Chicago Board of Trade and the Philadelphia Stock Exchange after anonymous callers said bombs had been placed in those buildings.
In 2005, a number of large financial firms purchased stakes in the exchange as a hedge against growing consolidation of stock trading by the New York Stock Exchange and Nasdaq. These firms—Morgan Stanley, Citigroup, Credit Suisse First Boston, UBS, Merrill Lynch and Citadel Investment Group—collectively owned about 45% of the exchange.
As of 2007, the exchange handled trades for approximately 2000 stocks, 1700 equity options, 25 index options, and a number of currency options. It had a 14% United States market share in exchange-listed stock options trading.
On October 20, 2007, The Wall Street Journal reported that the exchange was for sale by a group of its shareholders, and was expected to be sold for about $600 million.[3] It was ultimately purchased by the NASDAQ Stock Exchange on November 7, 2007 for $652 million.
[edit] Hours
The exchange's normal trading sessions are from 9:30 am to 4:00 pm on all days of the week except Saturdays, Sundays and holidays declared by the Exchange in advance.[4]
[edit] References
- ^ "National Register Information System". National Register of Historic Places. National Park Service. 2007-01-23. http://www.nr.nps.gov/.
- ^ PHLX.COM * PHILADELPHIA STOCK EXCHANGE * The Nation's First Stock Exchange
- ^ Lucchetti, Aaron (2007-10-20). "Exchanges, Trading Firms, Consider Bids for Phil-Ex". The Wall Street Journal (Dow Jones & Company): pp. B3. http://online.wsj.com/article/SB119280469300764890.html. Retrieved on 2007-10-22.
- ^ Market Hours, NASDAQ OMX PHLX via Wikinvest
[edit] See also
[edit] External links
- Official site
- Article on PHLX history and sale
- NASDAQ OMX Group to Complete Acquisition of The Philadelphia Stock Exchange
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