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Philadelphia Stock Exchange (PHLX)

Philadelphia Stock Exchange (PHLX)
InvestingMarketsStock Markets

What Is the Philadelphia Stock Exchange (PHLX)?

The Philadelphia Stock Exchange (PHLX), situated in Philadelphia, Pennsylvania, was the primary official U.S. securities exchange, framed in 1790. Be that as it may, it presently centers around equity, currency, and index options instead of stock trading.

Understanding the Philadelphia Stock Exchange (PHLX)

Initially known as the Board of Brokers, the PHLX was the principal formal securities exchange in the U.S. also, pre-dates its a lot bigger cousin, the New York Stock Exchange (NYSE), by two years. It was likewise perhaps the earliest exchange to embrace electronic trading, when, in 1975, it presented a stock order routing and execution system called PACE (Philadelphia Automated Communication and Execution system). This system linked PCs and considered instant electronic order execution.

In 1982, the PHLX offered currency options and in no less than six years they traded as much as $4 billion every day in underlying value.

In 2004, the exchange turned into the principal floor-based stock exchange to transform from that of a seat-based, cooperative to a share-based for-benefit company.

In 2008, the Nasdaq OMX Group, presently Nasdaq Inc., bought the PHLX and changed the stock exchange's name to the Nasdaq OMX PHLX, presently Nasdaq PHLX, and its concentration to options. It at present trades in excess of 2600 U.S. dollar-settled options, sector index options, and equity options. Likewise, it is right now the third-biggest options market in the United States with a 17% share.

The PHLX keeps a broad library of sector indexes, including the widely followed PHLX KBW Bank Index (BKX), the PHLX Gold/Silver Sector Index (XAU) and the PHLX Semiconductor Sector Index (SOX). While investors can't buy and sell these, and the many different indexes followed at the exchange, they can trade them by means of options.

The exchange works out and spreads intraday pricing data on the accompanying sector indexes, listed by name and ticker symbol. These symbols additionally act as the root symbols for their separate options.

  • PHLX KBW Bank Index (BKX)
  • PHLX KBW Insurance Index (KIX)
  • PHLX KBW Mortgage Finance Index (MFX)
  • PHLX KBW Regional Banking Index (KRX)
  • PHLX Chemical Sector Index (XCM)
  • PHLX Defense Sector Index (DFX)
  • PHLX Drug Sector Index (RXS)
  • PHLX Europe Sector Index (XEX)
  • PHLX Gold/Silver Sector Index (XAU)
  • PHLX Housing Sector Index (HGX)
  • PHLX Marine Shipping Sector Index (SHX)
  • PHLX Medical Device Sector Index (MXZ)
  • PHLX Oil Service Sector Index (OSX)
  • PHLX Retail Sector Index (XRE)
  • PHLX Semiconductor Sector Index (SOX)
  • PHLX Sports Sector Index (SXP)
  • PHLX Utility Sector Index (UTY)
  • SIG Gaming Index (SGV)
  • SIG KCI Coal Index (SCP)
  • SIG Oil Exploration and Production Index (EPX)
  • SIG Railroad Index (SRW)
  • SIG Steel Producers Index (STQ)

Features

  • Today, the exchange centers around equity, currency, and index options instead of stock trading.
  • It was perhaps the earliest exchange to embrace electronic trading, when, in 1975, it presented a stock order routing and execution system called PACE
  • The Philadelphia Stock Exchange (PHLX), officially known as the Board of Brokers, was the main official U.S. securities exchange, shaped in 1790.