Arizona Stock Exchange

Arizona Stock Exchange

The Arizona Stock Exchange (AZX), an electronically enabled stock exchange for carrying out eTrading after usual stock market hours, was founded by Steve Wunsch, a former Kidder Peabody Vice President. Founded in 1990 as Wunsch Auction Systems, the headquarters of the company was based in New York. The technology trading center was originally based in Minnesota and built and run by a group of former Cray Research Supercomputer technologists that included Christopher Moran, Gray Lorig, Kerry Yndestad and Paul Sustman.

In early 1992 the company was recast as AZX or the Arizona Stock Exchange and both the headquarters and technology trading center were moved to Phoenix, Arizona.

Restricted to use by large institutional users only, participants could conduct screen based trades of equity and other products through either direct dial-up or internet access. The Arizona Stock Exchange was structured as a proprietary "Single Price" electronic call market. Unique to the Arizona Stock Exchange was the ability to discover the best or "single" price for a stock during the auction based upon supply and demand utilizing both an open book and reserve book of equity orders. Operating under a "de minimis" exemption, it was not required to be registered or regulated as a stock exchange with the U.S. Securities and Exchange Commission (SEC).

The general philosophy behind the Arizona Stock Exchange was to let natural buyers and sellers of equities trade directly with one another without intermediation by a broker or dealer. The AZX sought to reduce transaction costs for its participants, remove volatility from the market and determine more robust and fair pricing for equities traded.

While the idea behind AZX was ahead of its time in the 1990's and anticipated the more successful electronic communication networks such as Archipelago, it had to close down in October 2001, due to lack of volume.

See also

*List of stock exchanges

External links

* [http://www.stevewunsch.com/ Steve Wunsch]


Wikimedia Foundation. 2010.

Игры ⚽ Нужна курсовая?

Look at other dictionaries:

  • Arizona Stock Exchange — A single price auction exchange for equity trading that allows anonymous buyers and sellers to trade at low transaction costs. Bloomberg Financial Dictionary …   Financial and business terms

  • Companies listed on the New York Stock Exchange (N) — New York Stock Exchange listed stocks: 0 9 A B C D E F G H I J K L M N O P Q R S T U V W …   Wikipedia

  • Stock exchanges — Formal organizations, approved and regulated by the Securities and Exchange Commission ( SEC), that are made up of members that use the facilities to exchange certain common stocks. The two major national stock exchanges are the New York Stock… …   Financial and business terms

  • stock exchanges — Formal organizations, approved and regulated by the Securities and Exchange Commission ( SEC), that are made up of members who use the facilities to exchange certain common stocks. The two major national stock exchanges are the New York Stock… …   Financial and business terms

  • Arizona Public Service — Company is the largest electric utility in Arizona and the principal subsidiary of publicly traded S P 500 member Pinnacle West Capital Corporation (nyse|PNW), which in turn had been formerly named AZP Group, when Arizona Public Service… …   Wikipedia

  • List of stock exchanges — This is an active list of stock exchanges. Those futures exchanges that also offer trading in securities besides trading in futures contracts are listed both here and the list of futures exchanges.Africa: see List of African stock exchanges for… …   Wikipedia

  • Arizona Territory — For the Confederate territory, see Arizona Territory (Confederate States of America). Territory of Arizona Organized incorporated territory of the United States …   Wikipedia

  • Merchants' Exchange Building (Philadelphia) — Merchants Exchange Building U.S. National Register of Historic Places U.S. National Historic Landmark …   Wikipedia

  • Microcap stock fraud — The night singer of shares sold stock on the streets during the South Sea Bubble. Amsterdam, 1720. Microcap stock fraud is a form of securities fraud involving stocks of microcap companies, generally defined in the United States as those with a… …   Wikipedia

  • Union Stock Yard Gate — Old Stone Gate, Chicago Union Stockyards U.S. National Register of Historic Places U.S. National Historic Landmark …   Wikipedia

Share the article and excerpts

Direct link
… Do a right-click on the link above
and select “Copy Link”