Pacific Exchange
From Wikipedia, the free encyclopedia
The Pacific Exchange was a regional stock exchange with locations in both Los Angeles and San Francisco, California, USA. Its history began with the founding of the San Francisco Stock and Bond Exchange in 1882. Seven years later, the Los Angeles Oil Exchange was founded. In 1957, the two exchanges merged to form the Pacific Coast Stock Exchange, though trading floors were kept in both cities. A name change to the Pacific Stock Exchange took place in 1973. Options trading began three years later. In 1997, "Stock" was dropped from the exchange's name.
In 1999, the Pacific Exchange was the first U.S. stock exchange to demutualize. In 2001, the Los Angeles trading floor was closed, and the next year the San Francisco trading floor closed as well. Pacific Exchange equities trading now takes place exclusively through NYSE Arca (formerly known as ArcaEx), an electronic communications network. Its former trading floor on the corner of Sansome and Pine Street in its financial district was sold to private developers and converted into a fitness club. The options trading floor still operates in the Mills Building around the corner from the stock exchange building.
In 2003, the Pacific Exchange launched PCX Plus, an electronic options trading platform.
On September 27, 2005, the Pacific Exchange was bought by the owner of the ArcaEx, Archipelago Holdings, which in turn was bought by the New York Stock Exchange in 2006. The New York Stock Exchange Group, Inc. conducts no business operations under the name Pacific Exchange, essentially ending its separate identity. Pacific Exchange operations now take place under the label NYSE Arca Options.
