Philadelphia Stock Exchange

Type: Subsidiary
On the web: http://www.phlx.com
Employees: 300

Is older better than bigger? Nasdaq OMX PHLX (formerly The Philadelphia Stock Exchange and known as the PHLX for short) might think so. Founded in 1790, the exchange claims seniority status over the larger New York Stock Exchange. The PHLX provides electronic and hybrid floor-based trading of equities, options, and futures trading, as well as clearing services. The exchange trades some 7,000 stocks and 2,600 equity options. In 2008 The Nasdaq OMX Group bought the PHLX from a group of investors including Citadel Investment Group, Citigroup, Credit Suisse (USA), Merrill Lynch, Morgan Stanley, and UBS for some $695 million. The exchange is now part of the Nasdaq Transaction Services US Group.

Key numbers for fiscal year ending December, 2008:
Sales: $30.3M

Officers:
Chairman and CEO: Meyer S. (Sandy) Frucher
President; VP Strategy and Futures, NASDAQ OMX US Trading Services: Ben Craig
EVP and COO, Strategic Project Development and Execution: Norman Steisel

Competitors:
ISE
NYSE Amex
NYSE Euronext

The first securities exchange to be formed in the United States.

Investopedia Says:
Created in 1790, the PHLX trades stocks as well as equity, currency, and index options. Their currency options can be either standard or customized.

Founded in 1790 as the first organized stock exchange in the United States, PHLX trades more than 2,000 stocks, 1,703 equity options, 26 proprietary industry sectors index options, a group of Exchange-Traded Funds and currency options and currency futures on its Philadelphia Board of Trade (PBOT) subsidiary. Equity trading is conducted through floor brokers or the electronic order entry and execution system called PACE (Philadelphia Automated Communication and Execution System). In 2005, the Philadelphia Stock Exchange became the first floor-based exchange to trade all of its options and sector indexes electronically using PHLX XL, the exchange's electronic trading platform, the PHLX XL platform allows for market makers to enter quotes and trade from remote locations. In the Sector Index Option marketplace, the PHLX features many widely quoted and recognized industry benchmarks including the PHLX's Gold/Silver Sector (XAU), PHLX's Oil Service Sector (OSX), Semiconductor Sector (SOX), PHLX/KBW Bank Index (BKX) Housing Sector (HGX), and Utility Sector (UTY).

In 2004, the exchange demutualized and is now a share-based corporation. In 1982, PHLX was the first exchange to trade options on currencies and was the first U.S. Securities exchange to open international offices in overseas money centers. The PHLX pioneered evening trading in 1987 and 24-hour trading for currencies in 1990. Trading hours for equities are 9:30 A.M. To 4 P.M. With a post-primary session from 4 P.M. To 4:15 P.M. Equity options: 9:30 A.M. To 4:02 P.M. Index options: 9:30 A.M. To 4:02 P.M. (Narrow-based); 9:30 A.M. To 4:15 P.M. (Broad-based). Currency options: 2:30 A.M. To 2:30 P.M. www.phlx.com. See also Securities and Commodities Exchanges.

Philadelphia Stock Exchange
U.S. National Register of Historic Places
Former logo.
Location:	1409-1411 Walnut St., Philadelphia, Pennsylvania
Coordinates:	39°56′56.73″N 75°9′52.94″W / 39.9490917°N 75.1647056°W / 39.9490917; -75.1647056
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.

Contents 1 History 2 Hours 3 References 4 See also 5 External links

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.

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]

References

1. ^ "National Register Information System". National Register of Historic Places. National Park Service. 2007-01-23. http://www.nr.nps.gov/. 
2. ^ PHLX.COM * PHILADELPHIA STOCK EXCHANGE * The Nation's First Stock Exchange
3. ^ 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. 
4. ^ Market Hours, NASDAQ OMX PHLX via Wikinvest

See also

Philadelphia portal

• Merchants' Exchange Building
• Philadelphia Bourse

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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