The Philadelphia Stock Exchange is the oldest stock exchange in the US, offering trading in index, stock, and currency options. It was sold to NASDAQ OMX in 2008, increasing its size and trading volume. Visitors can take tours of the exchange, and traders must comply with trading floor rules.
The Philadelphia Stock Exchange is a large exchange located in Philadelphia, Pennsylvania that offers trading in index options, stock options, and currency options. Traders and brokers can execute trades on the floor of the exchange, as well as using automated trading systems that communicate electronically. The trading volume on this exchange is high and is among the largest in the United States. Typically, information about trading on this exchange is listed in financial publications and may be included in financial news broadcasts so that people can track trading activity.
Founded as a Board of Brokers in 1790, the Philadelphia Stock Exchange is the oldest stock exchange in the United States. It moved to the Merchant’s Exchange Building in 1834 before becoming known as the Philadelphia Stock Exchange in 1875 and moved several times to new premises, some of which have become national landmarks. As of 2010, the exchange was located at 1900 Market Street in Philadelphia.
Throughout the 20th century, the Philadelphia Stock Exchange merged with several other local exchanges in Pittsburgh, Washington, and Baltimore, increasing its size and trading volume. In 2007, it was announced that the exchange was up for sale and an agreement was completed in 2008 to sell it to NASDAQ OMX. Officially, the Philadelphia Stock Exchange is known as the NASDAQ OMX PHLX or simply PHLX. The sale increased the size and trading volume, as well as providing traders with access to other NASDAQ OMX partners.
More than 2,600 stock options are traded on the PHLX, along with index options by sector, such as semiconductor, oil and silver options. Global currency options are also available for trading. Normal trading hours are 9:30 am to 4:00 pm local time, Monday through Friday, with special closures for holidays. After hours, trading is available through electronic trading systems.
Visitors to Philadelphia can take tours of the Philadelphia Stock Exchange if they are interested in seeing trading in action and learning more about the exchange. Such tours are also available for other exchanges by arrangement. To become a member of the exchange, people can work under the sponsorship of a parent organization or independently apply for membership. Traders are required to pay fees and must comply with trading floor rules while trading. These rules are designed to streamline trading and provide minimum standards of behavior on the part of traders.
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