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Chicago Stock Exchange
USINFO | 2013-07-10 10:53
The Chicago Stock Exchange (CHX) is a stock exchange in Chicago, Illinois, U.S.. The exchange is a national securities exchange and self-regulated organization, which operates under the oversight of the U.S. Securities and Exchange Commission (SEC). The Chicago Stock Exchange is the third most active stock exchange in the United States by volume, and the largest outside New York City. The Chicago Stock Exchange is currently located at 440 South LaSalle Street (One Financial Place).
The Chicago Stock Exchange was founded in a formal meeting on March 21, 1882. At this time, Charles Henrotin was elected the chairman and president. In April that year, a lease was taken out at 115 Dearborn Street for the location of the exchange and during that month 749 memberships were sold.
In July 1914, the Exchange closed as a result of World War I, and remained closed until December 11. In October 1915, the basis of quoting and trading in stocks changed from percent to par value to dollars. On April 26, 1920, the Chicago Stock Exchange Stock Clearing Corporation was established. On October 29, 1929, the stock market crashed, resulting in a very difficult time period for the Chicago Stock Exchange, and the stock market in general.
In the 1980s, the Chicago Stock Exchange made several technological advancements to improve trading. In 1982, the CHX launched the MAX system, which allowed them to be one of the first stock exchanges to provide fully automated order execution. In 1987, the CHX implemented programs to trade Nasdaq securities.
At the beginning of the new millennium, several major changes occurred. In April 2001, decimal pricing of all stocks was fully implemented. In 2005, the SEC approved a change of the ownership structure of the CHX from a not-for-profit, member-owned company to a for-profit, stockholder-owned corporation. In that same year, the CHX implemented the Electronic Book trading platform; the predecessor technology of the New Trading Model’s Matching System. In 2006 the Exchange announced regulatory and shareholder approval of an investment in CHX by Bank of America Corporation, Bear Stearns, E*TRADE FINANCIAL Corporation, and Goldman, Sachs & Co. Just last year on February 1, the CHX announced that it has completed the migration to the New Trading Model platform.
The Chicago Stock Exchange was founded in a formal meeting on March 21, 1882. At this time, Charles Henrotin was elected the chairman and president. In April that year, a lease was taken out at 115 Dearborn Street for the location of the exchange and during that month 749 memberships were sold.
In July 1914, the Exchange closed as a result of World War I, and remained closed until December 11. In October 1915, the basis of quoting and trading in stocks changed from percent to par value to dollars. On April 26, 1920, the Chicago Stock Exchange Stock Clearing Corporation was established. On October 29, 1929, the stock market crashed, resulting in a very difficult time period for the Chicago Stock Exchange, and the stock market in general.
In the 1980s, the Chicago Stock Exchange made several technological advancements to improve trading. In 1982, the CHX launched the MAX system, which allowed them to be one of the first stock exchanges to provide fully automated order execution. In 1987, the CHX implemented programs to trade Nasdaq securities.
At the beginning of the new millennium, several major changes occurred. In April 2001, decimal pricing of all stocks was fully implemented. In 2005, the SEC approved a change of the ownership structure of the CHX from a not-for-profit, member-owned company to a for-profit, stockholder-owned corporation. In that same year, the CHX implemented the Electronic Book trading platform; the predecessor technology of the New Trading Model’s Matching System. In 2006 the Exchange announced regulatory and shareholder approval of an investment in CHX by Bank of America Corporation, Bear Stearns, E*TRADE FINANCIAL Corporation, and Goldman, Sachs & Co. Just last year on February 1, the CHX announced that it has completed the migration to the New Trading Model platform.
