What is the Philadelphia Stock Exchange?

The Philadelphia Stock Exchange, abbreviated as PHLX, a combination of NASDAQ OMX, was the 1st United States securities exchange. Today, it also lays stress on index options, equity and currency. The NASDAQ OMX Group owns it. Its old name is the Board of Brokers of Philadelphia.

How Does the Philadelphia Stock Exchange Work?

The Philadelphia Stock Exchange was the 1st formal exchange in the United States -- though the NYSE came into existence 2 years earlier. The PHLX is also considered to be the 1st exchange of electronic trading. In 1975, it commenced routing of stock order and an execution system known as Philadelphia Automated Communication & Execution system (PACE). It was used to link computers and made the immediate order execution possible.PHLX proposed currency options in 1982. Within 6 years, their per day trade was four million US dollars in the underlying value.PHLX formed the 1st floor-based exchange in 2004 to move from a seat based to share-based for profit company.The NASDAQ OMX Group purchased the Philadelphia Stock Exchange In 2008. It changed the PHLX name to NASDAQ OMX PHLX. Its focus was the options. Nowadays, it trades in above $2600 settled options, equity options and sector index options. It is also presently the 3rd biggest options market in the US with a seventeen percent share. ThePhiladelphia Stock Exchange has an extensive sector indexes library, including widely used PHLX BKX (KBW Bank Index), the PHLX XAU (Gold or Silver Sector Index), and the PHLX SOX (Semiconductor Sector Index). The investors cannot purchase and sell them. At the exchange, many other indexes tracked. They can be traded through options.PHLX estimates and spreads intraday pricing info on the below-mentioned sector indexes. They have been listed with the ticker symbol and name. These are the root symbols for the related options. BKX (PHLX KBW Bank Index) KIX (PHLX KBW Insurance Index) MFX (PHLX KBW Mortgage Finance Index) KRX (PHLX KBW Regional Banking Index) XCM (PHLX Chemical Sector Index) DFX (PHLX Defense Sector Index) RXS (PHLX Drug Sector Index) XEX (PHLX Europe Sector Index) XAU (PHLX Gold/Silver Sector Index) HGX (PHLX Housing Sector Index) SHX (PHLX Marine Shipping Sector Index) MXZ (PHLX Medical Device Sector Index) OSC (PHLX Oil Service Sector Index) XRE (PHLX Retail Sector Index) SOX (PHLX Semiconductor Sector Index) SXP (PHLX Sports Sector Index) UTY (PHLX Utility Sector Index) SGV (SIG Gaming Index) SCP (SIG KCI Coal Index) EPX (SIG Oil Exploration & Production Index) SRW (SIG Railroad Index) STQ (SIG Steel Producers Index)