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The Pacific Stock Exchange, founded in 1882 as the San Francisco Stock and Bond Exchange, was a regional financial trading house that went public in 1999. After closing its trading floors in Los Angeles and San Francisco, it was fully acquired by the New York Stock Exchange in 2006, but remains a separate entity that trades electronically.
The Pacific Stock Exchange was a financial trading house located in San Francisco, California, in the United States. The exchange began in 1882 when it was founded as the San Francisco Stock and Bond Exchange, and existed as a regional exchange. Although the Pacific Stock Exchange remains a separate entity from the New York Stock Exchange, of which it is now a part, the exchange only trades electronically.
A financial trading house is a place that sells stocks, bonds, and other securities. Many of the original houses in the United States started out as private companies. Their private status often continued well into the 20th century. Pacific Exchange started out as a mutual company, a one-off company owed to select members, but went public in 1999.
For most of its existence, Pacific Exchange functioned as a regional exchange house. The main trading platform for the United States is located in New York City. The New York Stock Exchange has certain benefits that other trading areas do not, in addition to being significantly larger. To keep the areas separate in the minds of investors, the other trading houses are called regional. While there used to be many regional houses in the US, there are only a few now.
After its demutualization in 1999, the Pacific Stock Exchange began to experience significant changes. The first major alteration was the closure of its trading floor opened in Los Angeles in 2001. In 2002, the Pacific Stock Exchange closed the floor in San Francisco. Many historians and stockbrokers heralded the closure of both trading floors as the end of an era. The Pacific Stock Exchange sold most of its holdings in favor of office-based and e-commerce.
The last massive change came in 2006 when the New York Stock Exchange bought the remaining properties and majority control of the Pacific Stock Exchange. While they kept the Pacific Exchange name as a separate financial entity, the actual company no longer exists. It was fully listed on the New York Stock Exchange.
This change actually changed very little in people’s operations. The physical buildings were already gone, so the actual appearance of the company was the same. Since most trades were done via a computer, all that changed for many brokers was the program used to issue trades.
Smart Asset.
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