Philadelphia Stock Exchange History
Stock Market History
The history of the Philadelphia Stock Exchange. Being the first American stock exchange, the PHLX (pronounced Phil-Ex) holds an important place in
U.S. stock market history.
 
The Exchange, Omnibus Depot, and Part of Dock Street, Philadelphia, 1850s
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The Philadelphia Exchange was founded in 1790 as the Board of Brokers and located at the corner of 2nd and Walnut Streets in Philadelphia, PA.In 1834, a fire forced the exchange to move to 3rd and Dock Streets. Over the next 134 years, the exchange would play musical buildings; moving into and out of 6 different locations around the city. In 1968 the Philadelphia Stock Exchange (the Board of Brokers had changed the name in 1875) moved its trading floor just beyond city limits (by 1 street) into the town of Bala Cynwyd to avoid paying a $0.05 per share tax Philadelphia was levying on stock transfers. A few months later, after a court ruled the tax illegal, the exchange moved its trading floor back into Philadelphia. The PHLX took up residence at its current location at 19th and Market in 1981.
Philadelphia, Pennsylvania, Exterior View of the Exchange and Girard's Bank
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PHLX Mergers
There are three mergers in PHLX history:A merger with the Baltimore Stock Exchange in 1949.Another with the Washington Stock Exchange in 1954.And one with the Pittsburgh Stock Exchange in 1969.By the turn of the century, the balance of trading on the Philadelphia Stock Market had begun to shift away from equities and toward derivatives. In 2005 a group of financial heavyweights (including Morgan Stanley, Citigroup, and UBS) began buying up shares in the exchange in an attempt to prevent
the NASDAQ
and the
NY Stock Exchange
becoming too dominant in the stock and options trading industry. Some of the older shareholders didn't appreciate this and sued. The reached a settlement in 2007 and the way was open for the PHLX to be sold. Despite the efforts of the big banks to stop it, the NASDAQ bought the PHLX Philadelphia Stock Exchange in 2008 forming what is now known as the NASDAQ OMX PHLX--the third largest options market in the United States. Today, the PHLX (still its trading symbol) trades more than 2,600 equity, sector index, and U.S. dollar settled major currency options. The exchange has captured more than 21% of the domestic market share in ETF (exchange traded funds) and stock options trading.
NASDAQ History
NASDAQ history. The NASDAQ acronym stands for National Association of Securities Dealers Automated Quotation. The history of NASDAQ trading begins with the formation of the online stock exchange in 1971.
American Stock Exchange History
American Stock Exchange history. History of the American Stock Exchange (Amex). The role the curb market and curbstone brokers played in Wall Street stock market history.
Securities Exchange Commission
The role of the Securities Exchange Commission in stock market history. The history of SEC regulation and safe investing.
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