Philadelphia Stock Exchange facts for kids
Quick facts for kids |
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Philadelphia Stock Exchange Building
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One of the former locations of The Philadelphia Stock Exchange at 1411 Walnut Street
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 Location in Philadelphia
Location in Pennsylvania
Location in the United States
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| Location | 1409–11 Walnut St., Philadelphia, Pennsylvania, U.S. |
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| Built | 1911 |
| Architect | Horace Trumbauer |
| NRHP reference No. | 82003812 |
| Added to NRHP | August 31, 1982 |
The Philadelphia Stock Exchange (PHLX), now called Nasdaq PHLX, is a very important place in American financial history. It was the first stock exchange ever started in the United States. A stock exchange is a place where people buy and sell parts of companies, called stocks, and other investments.
This exchange was founded way back in 1790. It was first known as the Board of Brokers of Philadelphia. Later, in 1875, its name changed to the Philadelphia Stock Exchange.
Over the years, the exchange joined with other exchanges. In 1949, it merged with the Baltimore Stock Exchange. Then, in 1954, it joined with the Washington Stock Exchange. After these mergers, it was often called PBW. In 1969, it also acquired the Pittsburgh Stock Exchange.
Today, the Nasdaq company owns the Philadelphia Stock Exchange. Nasdaq bought it in 2007. The exchange's main office is still in Philadelphia.
Contents
History of the Philadelphia Stock Exchange
Early Days: The Board of Brokers (1790–1875)
The Philadelphia Stock Exchange has a long and interesting history, lasting over 200 years. It has had different names and moved to many buildings in Philadelphia.
It began in 1790 as the "Board of Brokers." Its first home was at the Merchants Coffee House. This building is now known as the City Tavern. It was located at the corner of Second and Walnut Streets.
In 1834, the Board of Brokers moved to the Merchants Exchange Building. This move happened after a fire at the coffee house. The Merchants Exchange Building was at 3rd and Dock Streets.
Becoming the Philadelphia Stock Exchange (1875–1949)
In 1875, the Board of Brokers officially changed its name. It became the Philadelphia Stock Exchange.
The exchange moved several times during these years. In 1876, it moved behind the Girard Bank Building. This building used to be the First Bank of the United States.
Later, from 1888 to 1902, the exchange was in the Drexel Building. It then returned to the Merchants Exchange Building from 1902 to 1912. In 1913, it moved to a building at 1411 Walnut Street. This building is now a historic landmark.
In 1951, the exchange moved to the Central Penn Bank Building. This was at 1401 Walnut Street. It stayed there until 1966. Then, it moved to a new building at 17th and Sansom.
In 1969, the exchange briefly moved its trading floor outside the city. This was to avoid a new city tax. However, a court soon ruled the tax was illegal. The exchange then moved its trading floor back to its headquarters in the city.
In 1981, the exchange moved to 19th and Market Streets. It stayed there for many years. In 2017, it moved to its current location in the FMC Tower.
Joining Forces: Mergers and Modern Times (1949–Present)
The Philadelphia Stock Exchange grew by merging with other exchanges. In 1949, it joined with the Baltimore Stock Exchange. After this, it was called the Philadelphia-Baltimore Stock Exchange. The Baltimore exchange then moved its operations to Philadelphia.
In 1954, it merged with the Washington Stock Exchange. This created the Philadelphia-Baltimore-Washington Stock Exchange, or PBW. In 1969, it also acquired the Pittsburgh Stock Exchange. It kept a trading floor in Pittsburgh until 1974.
In 2005, several large financial companies bought parts of the exchange. These companies included Morgan Stanley and Citigroup. They did this to protect themselves as other stock markets were growing.
In 2007, the financial news reported that the exchange was for sale. Later that year, NASDAQ announced it would buy the PHLX. The purchase was completed in 2008. This made Nasdaq PHLX the third-largest options market in the U.S.
On October 29, 2012, the stock exchange had to close for two days. This was because of a big storm called Hurricane Sandy. The last time it closed for two full days due to weather was in 1888.
As of 2014, the exchange handles many types of trades. These include options for stocks and other investments. It has a large share of the market for these types of trades in the United States.
In March 2020, the PHLX temporarily moved to all-electronic trading. This was due to the COVID-19 pandemic. It reopened for in-person trading on May 26, 2020.
Where the Exchange Has Been
The Philadelphia Stock Exchange has had many homes over its long history:
- 1790-1834 – Merchants Coffee House (City Tavern), 138 South 2nd Street
- 1834-1876 – Merchants' Exchange Building, 143 South 3rd Streets
- 1876-1888 – Girard Bank Building, 120 South 3rd Street
- 1888-1902 – Drexel Building, near Chestnut and South 5th Streets
- 1902-1912 – Merchants' Exchange Building, 143 South 3rd Streets
- 1913-1951 – 1411 Walnut Street
- 1951-1966 – Central Penn Bank Building, 1401 Walnut Street
- 1966-1981 – 120 South 17th Street
- Jan-Feb 1969 – Drecker Building, Bala Cynwyd, Pennsylvania (trading floor only)
- 1981-2017 – Market and South 19th Streets
- 2017-now – FMC Tower at Cira Centre South, 2929 Walnut Street
Trading Hours
The exchange is usually open for trading from 9:30 AM to 4:00 PM. It is open on weekdays. It is closed on Saturdays, Sundays, and holidays announced by the exchange.
See also
- Merchants' Exchange Building
- Philadelphia Bourse
- List of stock exchanges
- List of stock exchanges in the Americas
- List of stock exchange mergers in the Americas
