A regional stock exchange is a term used in the United States to describe stock exchanges that operates outside of the country's main financial center in New York City. A regional stock exchange operates in the trading of listed and over-the-counter (OTC) equities under the SEC's Unlisted Trading Privileges (UTP) rule.
Regional exchanges currently registered with the SEC include:
- Boston Stock Exchange (BSE or BSX), acquired by NASDAQ in 2007
- CBOE Stock Exchange (CBSX)
- Chicago Stock Exchange (CHX)
- National Stock Exchange (NSX)
- Philadelphia Stock Exchange (PHLX), the nation's first stock exchange, acquired by NASDAQ in 2007
- Pacific Stock Exchange (PSE), acquired by NYSE in 2006
The Boston and Philadelphia Stock Exchanges were both acquired by NASDAQ in 2007, and the Pacific Exchange acquired in 2006 by the New York Stock Exchange, thus ending their identities as separate stock exchanges.
There used to be many more such exchanges in the United States. Among those that have become defunct or have merged into the survivors listed above are those of Baltimore, which merged with Philadelphia in 1949; Buffalo, New York, which closed in 1936; Cleveland, which merged with Chicago in 1949; Colorado Springs, which closed in 1966; Detroit, which closed in 1976; Denver, which closed in 1936; Hartford, which closed in 1934; Honolulu, which closed in 1977; Salt Lake City, which closed in 1986; Minneapolis-St. Paul, which merged with Chicago in 1949; Milwaukee, which closed in 1938; Los Angeles and San Francisco, which merged to form the Pacific Exchange in 1957; Louisville, Kentucky, which closed in 1935; New Orleans, which merged with Chicago in 1959; Pittsburgh, which merged with Philadelphia in 1969; Richmond, Virginia, which closed in 1972; Seattle, which closed in 1942; St. Louis, which merged with Chicago in 1949; Spokane, Washington, which closed in 1991; Washington, D.C., which merged with Philadelphia in 1953; and Wheeling, West Virginia, which closed in 1965.
The Cincinnati Stock Exchange moved to Chicago and changed its name to the National Stock Exchange. It moved again to its current location in Jersey City, New Jersey.
Famous quotes containing the words stock and/or exchange:
“All that stock of arguments [the skeptics] produce to depreciate our faculties, and make mankind appear ignorant and low, are drawn principally from this head, to wit, that we are under an invincible blindness as to the true and real nature of things.”
—George Berkeley (1685–1753)
“To coöperate in the highest as well as the lowest sense, means to get our living together. I heard it proposed lately that two young men should travel together over the world, the one without money, earning his means as he went, before the mast and behind the plow, the other carrying a bill of exchange in his pocket. It was easy to see that they could not long be companions or coöperate, since one would not operate at all. They would part at the first interesting crisis in their adventures.”
—Henry David Thoreau (1817–1862)