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The first U.S. equity exchange was formed in 1790 by merchants who traded War bonds and belonged to the Philadelphia Board of Brokers.
Long before the United States even declared its independence, then-Philadelphia mayor James Hamilton had made provisions in 1746 for the establishment of a stock exchange.
From its debut in the London Coffee House, the Philadelphia Stock Exchange (PHLX) appreciated the importance of trading innovations. Aware of the benefit tied to the information advantage, Philadelphia speculators set up signal relays to quickly get the latest news and rumors from New York, a system that remained in place until the invention of the telegraph in 1846.
From early on as well, investors realized the importance of market data. A stock broker named Samuel Anderson published the first list of stock prices “Price Current of Stocks,” just two years after the PHLX made its debut. The New York Stock and Exchange Board, the ancestor of the Big Board, copied the Philadelphia charter to write its own rules.
In 1870, Philadelphia set up the first U.S. clearing house to settle trades and help delivery and quickly adopted the ticker, when it was created in 1884.
Consolidation was the dominant trend among U.S. exchanges following the market crash of 1929 and World War II. Philadelphia merged with the Baltimore Stock Exchange in 1949 and with the Washington Stock Exchange in 1953.
Technology was another major force affecting markets in the 1970s, which marked NASDAQ’s debut. The PHLX introduced its small order routing and auto-execution system, PACE or Philadelphia Automated Communication and Execution System, in 1975. That same year, Philadelphia entered equity options trading, a market in which the exchange is still an active participant today. In 1982, Philadelphia introduced currency options.
Philadelphia also introduced its Automated Options Market system or AUTOM for electronic delivery and auto-execution for options in 1988.
As competition heats up, Philadelphia is embracing a hybrid model, which combines the benefits of open-outcry and electronic trading. PHLX XL is a new electronic options trading system that seeks to boost liquidity, foster price competition and provides certainty of execution.
The exchange also owns a futures market, the Philadelphia Board of Trade, which recently became active with futures contracts on foreign exchange.