Chicago Stock Exchange
From MarketsWiki
| Chicago Stock Exchange | |
| |
| Founded | 1882 |
|---|---|
| Headquarters | Chicago |
| Key People | David Herron, CEO; Ellen Neely, President and General Counsel; John Kerin, EVP, COO and CTO; David Whitcomb, EVP, Chief Regulatory Officer; Bruce Mathias, CFO |
| Web site | http://www.chx.com/ |
The Chicago Stock Exchange, located in Chicago, Il., is a stock exchange formed to trade primarily local securities, particularly stocks and bonds of utility, banking, and railroad companies. It's now a national securities exchange and self-regulatory organization which operates with the oversight of the U.S. Securities and Exchange Commission (SEC).
The exchange, which is the third most active stock exchange in the U.S. in terms of volume behind the New York Stock Exchange and NASDAQ, operates as a direct and wholly owned subsidiary of CHX Holdings, Inc., a Delaware corporation. Previously, the exchange had been constituted as a membership organization in which a "seat" on the exchange conferred both a fractional ownership interest as well as the privilege to trade on the floor.
SEC rules allow the CHX to trade stocks listed on other exchanges. Stocks eligible for trading in the CHX Matching System include NYSE, AMEX and Nasdaq-listed securities.
A CHX trading permit provides access to the exchange and its trading systems, as well as to other marketplaces through the Intermarket Trading System and other intermarket connections. A trading permit does not give any ownership rights to the holder.
History
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Established on March 21, 1882, the exchange integrated with the St. Louis, Cleveland and Minneapolis/St. Paul Stock Exchanges in 1949, and came to be known as Midwest Stock Exchange. After 10 years, it took over the New Orleans Stock Exchange. In 1993, the exchange switched its name back to its previous name of the Chicago Stock Exchange (CHX).
On Apr. 26, 1920, the CHX Stock Clearing Corp. was established.
On Feb. 8, 2005, the demutualization plan of the Chicago Stock Exchange, which had already been approved by its members, received approval from the Securities and Exchange Commission. All CHX memberships were extinguished as part of the demutualization transaction, which was effective on Feb. 9, 2005.
On July 31, 2006, the exchange announced regulatory and shareholder approval of an investment in CHX by Bank of America Corp.; Bear Stearns; E*TRADE FINANCIAL Corp.; and Goldman, Sachs & Co.
On Feb. 1, 2007, the exchange completed migration to its New Trading Model (NTM) platform under sanction of the Securities and Exchange Commission.
In May of 2007, CHX launched a new brand identity[1]with a redesigned website, new exchange logo, and the tag of "Trade On." The new brand identity was implemented to reflect CHX's evolution from a member-owned regional securities exchange to a streamlined, national and technology-driven market.
References
- ↑ CHX LAUNCHES NEW BRAND IDENTITY. Chicago Stock Exchange. Retrieved on December 10, 2007.
