Stock Exchanges Special Edition PHLX

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● World Stock Exchanges Map, p.4-5 ● Philadelphia Stock Exchange, from past to present, p.6
Stock Exchanges
SPECIAL EDITION
Monthly Edition ⎥ Volume I ⎥ Issue 3
November 2018 ⎥ Distributed Freely
TIMELINE Quick Facts
PHLX the oldest
stock exchange
in the U.S.
1790
‣ The Philadelphia Stock Exchange (PHLX), the
earliest stock exchange in the United States, was
established. It was originally named the Board of
Brokers of Philadelphia, also referred to as the
Philadelphia Board of Brokers.
1870
‣ PHLX established the first clearing house in the
U.S. The function of the clearing house was to settle
purchases and sales and assist delivery of securities.
1949-1969
‣ PHLX merged with the Baltimore Stock Exchange
in 1949 and was named the Philadelphia-Baltimore
Stock Exchange. It merged with the Washington
Stock Exchange in 1954, becoming known as the
Philadelphia-Baltimore-Washington Stock Exchange.
In 1969, the Exchange acquired the Pittsburgh
Stock Exchange.
1975
‣ PHLX was one of the first exchanges to embrace
electronic trading, introducing a stock order routing
and execution system called PACE (Philadelphia
Automated Communication and Execution system).
This system linked computers and allowed
for instant electronic order execution.
2004
‣ The Exchange became the first floor-based stock
exchange to transform from that of a seat-based,
cooperative to a share-based for-profit company.
2007
‣ NASDAQ OMX Group purchased PHLX for
$652 million in order to diversify by acquiring an
options platform. On July 24, 2008, the acquisition
was completed, creating the third-largest options
market in the U.S.
2014
‣ NASDAQ PHLX handled approximately 14 percent
of derivative trades in the U.S., chiefly stock,
currency, and index options.
2017
‣ The Exchange moved to a newlocation. Nasdaq’s
options trading market at 1900 Market Street is
now in the FMC Tower at 30th and Walnut Streets.
As of 2017, NASDAQ PHLX run 42 percent of the
nation’s options market share.
2018
‣ NASDAQ celebrated the 10-Year anniversary of
the Philadelphia Stock Exchange acquisition.
PHLX 2008-2018
Brokers on the trading floor of the Philadelphia Stock Exchange
(Photo: Souvenir history, Philadelphia Stock Exchange: album of
members; gallery of men of affairs, 1903)
The first stock exchange
in the U.S. was
born in Philadelphia
O
riginally known as the Board of
Brokers, the Philadelphia Stock Exchange
(PHLX) was the first formal
securities exchange in the U.S.,
founded in 1790, two years before the
New York Stock Exchange. The PHLX originated
in 1746 when Mayor James Hamilton
donated £150 in startup funds.
“James Hamilton, Esq., Mayor, represented to
the board that as it had been customary for the
mayors of this city, at the going out of their office,
to give an entertainment to the gentlemen
of the corporation, he intended in lieu thereof, to
give a sum of money equal at least to the sum
usually expended on such occasions, to be laid
out in something permanently useful to the city
and proposed the sum of one hundred and fifty
Pounds toward erecting an exchange or other
public building” reads an extract from the minutes
of an October 7, 1746 meeting of the
Philadelphia Board of Aldermen. Other mayors
On 7th November 2007, Nasdaq announced that it had entered into a definitive agreement to acquire
The Philadelphia Stock Exchange (PHLX) for $652 million cash. This resulted in its becoming
the largest electronic stock market, listing over 3,000 firms, and the third largest options market
domestically. As part of the transaction, which closed in July 2008,
Nasdaq also acquired a futures market operated by the Philadelphia Board of Trade, an equities
business, and the Stock Clearing Corporation of Philadelphia. Celebrating the 10-year anniversary
of the acquisition of PHLX, Nasdaq CEO Adena Friedman said that it “represented a critical step
forward in Nasdaq’s transformation as a global cash equities and derivatives exchange, and significantly
diversified Nasdaq’s product portfolio by providing us with one of the premier options
trading platforms in the United States.” PHLX is also expanding Nasdaq’s foothold in machine
intelligence, mobile technology, and the cloud, providing innovative toolkits to investors.
Research and writing by Kyriaki I. Balkoudi
followed Hamilton’s lead, but the funds ultimately
went to build a new city hall. In 1754
Robert Morris (1734-1806) the “Financier of the
American Revolution”, and local businessmen
raised £348 to finance the opening of the London
Coffee House, which soon became the center
of Philadelphia’s business and political life
attracting merchants, slave traders, and enterprise
owners. When the British occupied
Philadelphia, the London Coffee House remained
closed and the City Tavern, replaced it
as the epicenter of business.
The City Tavern, later named the Merchants Coffee
House, became Philadelphia’s exchange. The
first president of the Exchange was Matthew
McConnell who had served in the French and Indian
War and in the Revolution. Other members
included James Glentworth, Clement Biddle,
Andrew Summers, Jr., Thomas McEwen, George
Eddy, Thomas Orr, William W. Biddle, Thomas
Newman and James McCaragh.
10 Years of PHLX as a part of the Nasdaq
PHLX
Two centuries
of trading on
the PHLX
T
he Philadelphia Stock Exchange
(PHLX) played an influential role in
America’s financial and economic
development. In its early days, the
legal concept of a limited-liability corporation
had not yet achieved wide acceptance.
So it was not corporate stocks, but rather
government and semigovernment instruments,
such as bonds, notes, and bills that
traded on the Exchange.
In 1796, a more-restrictive exchange debuted,
setting an entrance fee for brokers.
As of January 1, 1874, the par price for
membership in the Philadelphia Board of
Brokers was $1,000, with 198 seats, and
“not others are attainable under $2,000
each.” The board represented a market capital
of around $350,000 according to the article
“The Philadelphia Stock Board”
published in The New York Times on 1st
January in 1874.
During the
nineteenth century,
the Exchange
and its
members invested
in making
Philadelphia
the center of industrial
America,
raising capital for public works projects
such as the Philadelphia and Lancaster
Turnpike Company- America’ first turnpike-
railroads and coal mines that connected
cities to one another and built a fossil
fuel-based economy.
The Exchange also handled bank and insurance
stocks, permitting firms to acquire
much needed financial capital. These included
The First Bank of the United States,
the Pennsylvania Bank, and the Philadelphia
Bank, as well as The Pennsylvania
Company for Insurance on Lives and
Granted Annuities, and The Insurance Company
of North America.
At the turn of the twentieth century, stagnation
of the Exchange contributed to
Philadelphia’s loss of power in the national
and world economy. However, in the 1920s,
the volume of trading on the PHLX, as on
many other regional exchanges, increased
dramatically. Between 1930 and 1960 when
most of the regional exchanges saw a fairly
consistent decline in their market share, the
PHLX managed to survive.
Trading on the PHLX boomed between the
early 1960s and 1972.Over most of the
1980s and 1990s, the PHLX saw the volume
of its equity trading grow, as did all
stock exchanges in the generally booming
markets. In September, 1990, the PHLX became
the first exchange in the world to offer
around-the-clock trading by bridging the
gap between the night session and the early
morning hours. In the twenty first century
PHLX introduced Exchange Traded Funds
(ETF’s), NASDAQ listed stocks and making
order flow arrangements with Electronic
Communication Networks (ECN’s).

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World Stock Exchanges
4 November 2018
1AMERICAS
2
EUROPE
NORTH AMERICA
0. BAHAMAS Nassau BISX
1. BARBADOS Saint Michael BSE
2. BERMUDA Hamilton BSX
3. CANADA Toronto TSX
4. CAYMAN ISLANDS Grand Cayman SXE
5. DOMINICAN REP. S.Domingo BVRD
6. EL SALVADOR San Salvador BVES
7. GUATEMALA Guatemala City BNV
8. JAMAICA Kingston JSE
9. MEXICO Mexico City BMV
10. MEXICO Mexico City BIVA
11. NICARAGUA Managua BVDN
12. PANAMA Panama City BVP
13. SAINT KITTS & NEVIS Basseterre ECSE
14. TRINIDAD & TOBAGO P. of Spain TTSE
15. UNITED STATES Chicago CHX
16. UNITED STATES New York NASDAQ
17. UNITED STATES New York NYSE
SOUTH AMERICA
18. ARGENTINA Buenos Aires BCBA
19. BRAZIL Sao Paulo BOVESPA
20. CHILE Santiago SSE
21. COLOMBIA Bogota BVC
22. .EQUADOR Quito BVQ
23. .HONDURAS Tagucigalpa BVC
24. PARAGUAY Asuncion BVPASA
25. PERU Lima BVL
26. URUGUAY Montevideo BVM
27. VENEZUELA Caracas BVC
46
28. ALBANIA Tirana ALSE
29. AUSTRIA Vienna WIENER BORSE
30. BELARUS Minsk BCSE
31. BELGIUM Brussels EURONEXT
32. BOSNIA-HERZEG.Banja Luka BLSE
32a.BOSNIA-HERZEG. Sarajevo SASE
33. BULGARIA Sofia BSE
34. CHANNEL ISLANDS Guernsey TISE
35. CROATIA Zagreb ZSE
36. CYPRUS Nicosia CSE
37. CZECH REPUBLIC Prague PSE
15
NEW YORK CITY
Nasaq PHLX
PHILADELPHIA
16
16 A
TORONTO
17
2
3
NEW YORK CITY
LONDON
MADRID
58
47
ZURICH
102
34
43
AMSTERDAM
65
70
41
86
STOCKHOLM
56
66
38
55 42
FRANKFU
31 42a 37 57
51
29 63 67 64 45
67a
48 35 5462
32a
32
5
28
114
53
98
0
10
*
9
7
6
11
23
12
4 5 13
8
1
21
27
14
24
26
89
*
*
*
91
*
*
95
*
105
*
106
90
**
**
World
Stock
Exchanges
Map
This map shows the stock exchanges around the
world. The 20 largest by market capitalization of listed
companies are marked with their logo, the city they are
located and a bold number in a circle. All are presented
in alphabetical order by continent, country and
city. As of August 2018, the NYSE ranked as the largest
by market capitalisation with a value of tradable
shares amounting to 24.23 trillion U.S. dollars.
WORLD STOCK EXCHANGES
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Bl.1, Sc.A, 2nd fl., Ap.7,
04255 District 4, Bucharest,
Romania
Commerce Registry Code: J40/12206/2016
Tel.+40 314.228.321
www.investopress.com
22
25
20
18
19
SAO PAULO
5
AFRICA
84. SOUTH SUDAN Juba To be launched
85. ETHIOPIA Addis Ababa ECX
86. ALGERIA Algiers IL BOURSA
87. ANGOLA Luanda BOVIDA
88. BOTSWANA Gaborone BSE
89. CAPE VERDE Mindelo BVC
90. CAMEROON Duala DSX
91. COTE D'IVOIRE Abidjan BRVM *
92. EGYPT Alexandria EGX
93. EGYPT Cairo EGX
94. GABONE Libreville BVMAC **
95. GHANA Accra GSE
96. KENYA Nairobi NSE
97 LESOTHO Maseru MSM
98. LIBYA Tripoli LSM
99. MADAGASCAR Antananarivo MEX
100. MALAWI Blantyre MSE
101. MAURITIUS Port Louis SEM
102. MOROCCO Casablanca CASA SE
103. MOZAMBIQUE Maputo BVM
104. NAMIBIA Windhoek NSX
105. NIGERIA Abuja ASCE
106. NIGERIA Lagos NSE
107. RWANDA Kigali RSE
108. SEYCHELLES Victoria SSE
109. SOMALIA Mogadishu SSE
110. SOUTH AFRICA Johannesburg JSE
111. SUDAN Khartoum KSE
112. SWAZILAND Mbabane SSX
113. TANZANIA Dar Es Salaam DSE
114. TUNISIA Tunis BVMT
115. UGANDA Kampala USE
116. UGANDA Kampala ALTX
117. ZAMBIA Lusaka LUSE
118. ZIMBABWE Harare ZSE
**
94
**
87
104
110
AFRICA
*
o
t
s
*
d
v
C
G

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November 2018 World Stock Exchanges
5
3
EURASIA
E
SE
E
SE
LM
**
38. DENMARK Copenhagen NASDAQ
39. ESTONIA Tallinn NASDAQ
40. FINLAND Helsinki NASDAQ
41. FRANCE Paris EURONEXT
42. GERMANY Frankfurt FWB
42a.GERMANY Hamburg BOERSE
43. GIBRALTAR Europort GSX
44. GREECE Athens ATHEX
45. HUNGARY Budapest BSE
46 ICELAND Reykjavik NASDAQ
47. IRELAND Dublin EURONEXT
40
61
39
50 60
30
NKFURT
57
69
3
45
62 59
32
a 33
52
28
68
44
36 78
76 75
80 73 74
92
77
93
72
82 81
83
111
71
69 70
79
48. ITALY Milan BORSA ITALIANA
49. LATVIA Riga NASDAQ
50. LITHUANIA Vilnius NASDAQ
51. LUXEMBOURG Lux/urg City LUXSE
52. MACEDONIA Skopje MSE
53. MALTA Valletta MSE
54. MONTENEGRO Podgorica MNSE
55. NETHERLANDS AmsterdamEuRONEXT
56. NORWAY Oslo OSLO BORS
57. POLAND Warsaw GPW
58. PORTUGAL Lisbon EURONEXT
133
152
142
143
134
150
144
127
128
141
MUMBAI
MUMBAI
120
138
122
121
139
59. ROMANIA Bucharest BVB
60. RUSSIA Moscow MOEX
61. RUSSIA Saint Petersburg SPB
62. SERBIA Belgrade BSE
63. SLOVAKIA Bratislava BSSE
64. SLOVENIA Ljubljana LJSE
65. SPAIN Madrid BME
66. SWEDEN Stockholm NASDAQ
67. SWITZERLAND Zurich SIX
67a. SWITZERLAND Bern BX SWISS
69. TURKEY Istanbul BORSA ISTANBUL
SHENZHEN
SHANGHAI
135
151
123
125 147
153
124
126
BUSAN
149
136
130
131
132
HONG KONG
TAIPEI
4
69. ARMENIA Yerevan NASDAQ
70. AZERBAIJAN Baku BSE
71. GEORGIA Tbilisi GSE
MIDDLE EAST
72. BAHRAIN Manama BHB
73. JORDAN Amman ASE
74. IRAN Tehran TSE
75. IRAQ Baghdad ISX
76. ISRAEL Tel Aviv TASE
77. KUWAIT Kuwait City BK
78. LEBANON Beirut BSE
79. OMAN Muscat MSM
80. PALESTINE Ramallah PEX
81. QATAR Doha QSE
82. SAUDI ARABIA Riyadh TADAWUL
83. UAE Abu Dhabi ADX
TOKYO
**
**
88
117
97
84
107
118
116
115
100
103
112
113
JOHANNESBURG
85
96
99
109
108
101
* The Bourse Régionale des Valeurs Mobilières,
or BRVM, located in Abidjan, Cote d'Ivoire serves
the countries of Benin, Burkina Faso, Guinea Bissau,
Côte d'Ivoire, Mali, Niger, Senegal and Togo.
** The Bourse Régionale des Valeurs Mobilières
d'Afrique Centrale, orBVMAC, located in Libreville,
Gabon serves the Central African Republic,
Chad, Democratic Republic of Congo, Equatorial
Guinea and Gabon.
6
137
148
ASIA PACIFIC
119. AUSTRALIA Sydney ASX
120. BANGLADESH Dhaka DSE
121. BANGLADESH Chittagong CSE
122. BHUTAN Thimphu RSEBL
123. CAMBODIA Phom Penh CSX
124. CHINA Shanghai SSE
125. CHINA Shenzhen SZSE
126. HONG KONG Hong Kong HKEX
127. INDIA Mumbai NSE
128. INDIA Mumbai BSE
129. INDONESIA Jakarta IDX
130. JAPAN Fukuoka FSE
131. JAPAN Nagoya NSE
132. JAPAN Tokyo TSE
133. KAZAKHSTAN Almaty KASE
134. KYRGYZSTAN Bishkek KSE
135. LAOS Vientiane LSX
136. MALAYSIA Kuala Lumpur BM
137. MALDIVES Male MSE
138. MONGOLIA Ulaanbaatar MSE
139. MYANMAR Vientiane LSX
140. NEW ZEALAND Wellington NZX
141. NEPAL Kathmandu NEPSE
142. PAKISTAN Karachi PSE
143. PAKISTAN Lahore PSE
144. PAKISTAN Islamabad PSE
145. PHILIPPINES Manila PSE
146. SINGAPORE Singapore SGX
147. SOUTH KOREA Busan KREX
148. SRI LANKA Colombo CSE
149. TAIWAN Taipei TPEX
150. TAJIKISTAN Dushanbe CASE
151. THAILAND Bangkong SET
152. UZBEKISTAN Tashkent UZSE
153. VIETNAM Ho Chi Minh City HOSE
145
146
129
SYDNEY
119
140
For any corrections regarding the
stock exchanges on this map contact:
editorial@investopress.com

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LAST PAGE
November 2018
HEADQUARTERS
Locations of the
Philadelphia
Stock Exchange
From the Merchants' Coffee
House to the FMC Tower
Over its 228 years the Philadephia Stock Exchange
(PHLX) has had a variety of names
and office locations.
At its founding in 1790, the Board of Brokers was located
in the City Tavern- a place frequented by the
Founding Fathers of the United States and other distinctive
people- at the corner of Second and Walnut
Streets. Members of the Philadelphia Exchange met
at City Tavern so frequently it was often referred to
as the Merchants' Coffee House. This building was
severely damaged by a fire in 1834, but fortunately,
in 1831, Stephen Girard (1750-1831), the nation's
wealthiest man at the time, formed the Philadelphia
Merchants’ Exchange Company with the intention of
erecting a new building to house the Board of Brokers
and other groups.
In 1832, the Exchange began to build its headquarters
based on drawings by architect William Strickland .
The Board of Brokers moved into the Merchants Exchange
Building at 3rd and Dock Streets in 1834 following
the fire at the Merchants Coffee House. Built
between 1832 and 1834, the Merchants’ Exchange
Building has been declared a National Historic Landmark.
In 1876, the Philadelphia Stock Exchange
moved to the rear of the Girard Bank Building, formerly
the First Bank of the U.S.where it stayed until
1888. In 1888, the Exchange moved to the Drexel
Building which was demolished in 1959 to make way
for the new Library Hall. Between 1902 and 1912, the
Exchange returned to the Merchants Exchange
Building.
In 1913, it moved to a building at 1411 Walnut St. In
1951, it moved to the Central Penn Bank Building at
1401 Walnut Street. It stayed there until 1966 when it
moved to a newly constructed building at 17th and
Sansom. In December 1968, the City of Philadelphia
faced a fiscal crisis, resulting in a a 5-cent-per-share
stock-transfer tax imposed on every transaction on the
PHLX. In reply, on 2nd January 1969, the Exchange
moved its trading floor to Bala
Cynwyd, just outside Philadelphia’s
border to avoid the tax.
Three months later, a state
court ruled that the tax was illegal,
and the PHLX returned
to Philadelphia. In
1981, the PHLX moved to
a location at an office
building at Market and
Nineteenth Streets in
Center City where it
stayed until 2017
when it moved to its
current location.
Photo:
FMC Tower,
PHLX Nasdaq
headquarters
WORLD MARKETS
The rich history
of the first U.S.
securities exchange
❥ As the financial community continues to evolve,
PHLX continues to hold its proud place in the
capital markets
T
he Philadelphia Stock Exchange
(PHLX) dates its founding to 1790,
making it the oldest organised stock exchange
in the U.S. and the third-oldest
globally, after the Amsterdam Exchange
(1602) and Paris Bourse (1724). In fact, the earliest
known record of securities quotations in the
United States is the "Price Current of Stocks,"
printed on three-by-six inch paper and signed by
Samuel Anderson, Stock Broker, at Number 104
Chestnut Street, Philadelphia. It is dated April 10,
1792. The Exchange provided an efficient source
of capital for needed public works, such as the
Pennsylvania Railroad and the Philadelphia Railway,
utility systems, canals and real estate development.
It also helped the nation raise funds
to establish new commercial banks and insurance
companies.
Starting in 1846, the telegraph allowed investors
to have quick access to stock quotes and news,
bringing a new openness to the business of the
Exchange. PHLX closed for four months in 1914
because of World War I market turmoil. It also
closed during the 1933 Bank Holiday. Following
World War II, the Exchange began to reach out
beyond Philadelphia, growing through mergers.
Philadelphia merged with the Baltimore Stock
Exchange in 1949, and with the Washington
(D.C.) Stock Exchange in 1953. Through associate
membership agreements, Philadelphia expanded
its trading base to Pittsburgh, Boston, and
Montreal. From 1953- 1976 the exchange was
called the Philadelphia-Baltimore-Washington
Stock Exchange (PBW).
A
n increasing use of computers during the
1960's and 1970's changed every business,
and Philadelphia was among the
first exchanges to engage in electronic
trading. In 1975, PHLX introduced a
computerized order-handling and execution system
called PACE (Philadelphia Automated Communication
and Execution System). PACE would
NASDAQ PHLX on the cutting
edge of technology
provide electronic execution of stock orders instantly.
In the same year the PHLX began to trade
options on equities, the third exchange doing so,
after the Chicago Board Options Exchange
(CBOE) and the American Stock Exchange
(AMEX). In 1976, its Board of Governors restored
its original name, the Philadelphia Stock
Exchange. On 27th February 1976 exchange vice
president Gordon Yocum explained to the
Philadelphia Inquirer, “While the acronym
[PBW] suited us, the board felt we needed a
name more appropriate for our...history.”
I
In December 1982, the PHLX opened its
currency options trading floor. By 1988,
currency options were trading in volumes
as high as $4 billion per day in underlying
value. The introduction of Sector Index
Options in the 1990s, consisting of indexes such
as the Gold/Silver Sector (XAU), KBW Bank
Index (BKX), Utility Sector (UTY), and Insurance
Index (KIX), made PHLX an industry
leader in sectors index options trading by allowing
investors to use options trading for diverse industries
and commodities. The exchange grew
even more through the creation of UCOM
(United Currency Options Market) in November
1994. UCOM was the first market in the world
to offer customisable currency options in an exchange
environment.
In the twenty first century PHLX introduced Exchange
Traded Funds (ETF's), NASDAQ listed
stocks and making order flow arrangements with
Electronic Communication Networks (ECN's).
In a major move in 2006, the exchange halted the
traditional floor trading that started in 1790.
During its more than 200 years of history, PHLX,
as one of North America’s primary marketplaces
has held on to its determination to provide an efficient
and transparent service to its listed companies,
brokers and investors, encompassing new
ideas and solutions.
■ NASDAQ PHLX, Inc. trades on equity
options, index options, and U.S. dollarsettled
currency options. It offers equity
options; various derivatives offerings,
including FX options
providing retail and institutional
traders with the opportunity to
trade options on major foreign
currencies; and sector index
options. The company also
distributes market data products,
including futures
trading market data and
sector index spot and settlement
values data. It provides electronic
and floor-based trade.
■ NASDAQ PHLX, Inc. operates
as a subsidiary of Nasdaq Inc., the
creator of the world's first electronic
stock market. Its technology
powers more than 70
marketplaces in 50 countries, and 1
in 10 of the world's securities transactions.
Nasdaq is home to more than
3,600 listed companies with a market
value of approximately $9.6 trillion.
References: ● John P. Caskey, “The Evolution of the Philadelphia Stock Exchange: 1964-
2002,” Federal Reserve Bank of Philadelphia Working Paper 03-21, August 2003. ● Domenic Vitiello
with George E. Thomas, “The Philadelphia Stock Exchange and the City It Made”, University
of Pennsylvania Press, 2010 ● Philadelphia Stock Exchange Papers (1746-2005), Collection 3070,
The Historical Society of Pennsylvania, 2006 ● E.P. Goodman, "History of the Philadelphia Stock
Exchange", Press of the Northern Printing House, 1903.
PHOTO-Archive
PHLX,
from past to
present
The Philadelphia Stock Exchange, an occasionally
mobile institution, migrated among the
First Bank of the United States, the Sofitel
tower and other landmarks since its founding at
City Tavern.
London Coffee House
Lithograph by Kennedy & Lucas depicting the
London Coffee House, the centre of Philadelphia’s
business life, as it stood in 1830.
Merchants' Exchange
Building (A)
Employing mainly marble, architect William
Strickland (1788-1854), based the design on
classical Greek models.
Merchants' Exchange
Building (B)
The front of the Merchants’ Exchange Building,
located on the triangular site bounded by Dock
Street, Third Street, and Walnut Street.
Board Room
The Board Room of the Merchants' Exchange
Building. Pictures from Souvenir History
Philadelphia Stock Exchange