Philadelphia Stock Exchange

Infobox_nrhp | name =Philadelphia Stock Exchange
nrhp_type =


caption =
location= 1409-1411 Walnut St., Philadelphia, Pennsylvania
lat_degrees = 39
lat_minutes = 56
lat_seconds = 56.73
lat_direction = N
long_degrees = 75
long_minutes = 9
long_seconds = 52.94
long_direction = W
locmapin = Pennsylvania
area =
built =1911
architect= Horace Trumbauer
architecture= Other
added = August 31, 1982
governing_body = Private
refnum=82003812cite web|url=http://www.nr.nps.gov/|title=National Register Information System|date=2007-01-23|work=National Register of Historic Places|publisher=National Park Service]

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. [ [http://www.phlx.com PHLX.COM * PHILADELPHIA STOCK EXCHANGE * The Nation's First Stock Exchange ] ] On July 24, 2008, the acquisition was completed, creating the third-largest options market in the U.S.

Located in Philadelphia, Pennsylvania, 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 AG, 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% U.S. 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.cite news
last =Lucchetti
first =Aaron
coauthors =
title =Exchanges, Trading Firms, Consider Bids for Phil-Ex
work =The Wall Street Journal
pages =B3
language =
publisher =Dow Jones & Company
date =2007-10-20
url =http://online.wsj.com/article/SB119280469300764890.html
accessdate =2007-10-22] 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 08:00am to 04:00pm on all days of the week except Saturdays, Sundays and holidays declared by the Exchange in advance. []

ee also

*Merchants' Exchange Building

References

External links

* [http://www.phlx.com PHLX Official Website]
* [http://meirrinde.com Article on PHLX history and sale]
* [http://ir.nasdaq.com/releasedetail.cfm?ReleaseID=324143 NASDAQ OMX Group to Complete Acquisition of The Philadelphia Stock Exchange]