Moneyzine
/Investment Guides /Philadelphia Stock Exchange (PHLX)

Philadelphia Stock Exchange (PHLX)

Moneyzine Editor
Author: 
Moneyzine Editor
2 mins
September 20th, 2023
Advertiser Disclosure

While the New York Stock Exchange was founded back in 1792, it's not the oldest stock exchange in the United States. That title belongs to the Philadelphia Stock Exchange, which was founded back in 1790.

Philadelphia Board of Brokers

The Philadelphia Stock Exchange was originally known as the Board of Brokers of Philadelphia. The firm's members, and the companies they were to finance, played an important role in the eventual development of the United States and helped to spur the country's westward expansion. Originally located in the Merchants Coffee House, the exchange moved in 1834 to the Merchants' Exchange Building following a fire. After changing its name to the Philadelphia Stock Exchange (PHLX) in 1875, the exchange would move to the Girard Bank Building the following year. Eventually, the exchange would locate to 1411 Walnut Street, which served as both the city's financial center as well as a post office. In 2001, the Merchants' Exchange Building was designated a National Historical Landmark.

Consolidations and Mergers

In 1949, the PHLX merged with the Baltimore Stock Exchange and was renamed the Philadelphia-Baltimore Stock Exchange. Consolidation would occur again in 1954, when the exchange would become known as the Philadelphia-Baltimore-Washington Stock Exchange following a merger with the Washington Stock Exchange.

The exchange began offering currency options in 1982, and soon specialized in the trading of options, reaching volumes as high as $4 billion per day in terms of underlying asset value. Eventually, the exchange would merge with the Pittsburgh Stock Exchange before finally being sold to the NASDAQ in 2008. Today, the NASDAQ PHLXSM (PHLX(r)) provides one of the most versatile options trading marketplaces in the world. The PHLX trades more than 3,000 symbols including significant contract volumes in top equity, index, and exchange traded funds (EFTs) option series, along with products such as and foreign exchange (FX) options.


About the Author - Philadelphia Stock Exchange (PHLX)


Explore Investing Further

Related Content

  • What Can Help You Meet Your Budget While Shopping for Important Items?
    Budgeting while ensuring you don't compromise on quality can seem daunting. Whether filling your pantry, updating your wardrobe, or keeping up with the latest tech, smart shopping strategies are crucial for keeping your finances in check.
    April 2nd, 2024
  • How to Make a Million Dollars in 10 Years
    Truthfully, this title should actually be “How to Make a Million Dollars in 10 Years Without Going Into Debt", but that is just getting a little too winded for my liking. It’s true though!
    March 26th, 2024
  • How to Apply Maslow’s Hierarchy to Your Money This Year
    You might vaguely remember your psychology teacher talking about Maslow. He pointed at a picture of a triangle as you nodded off in the back of the school room.
    March 27th, 2024
  • How to Tackle Multiple Savings Goals
    When there’s only so much money to go around, there are often multiple savings goals competing for your money. Think of the young professional who’d like to get a more reliable car, buy a house, and save for retirement. Or consider the young family that’s saving for college, retirement, and a bigger house.
    March 22nd, 2024
  • The Countdown to Early Retirement: 10 Expenses to Eliminate
    Dreaming of waving goodbye to the daily grind five years ahead of schedule? The road to early retirement is paved with more than good intentions; it requires a meticulously crafted strategy with surprising twists. It's not solely about what you should be doing—like diligently saving a portion of your income or investing wisely—but also about what you need to stop doing.
    March 22nd, 2024

Contributors

Moneyzine 2024. All Rights Reserved.