Chicago Stock Exchange
Chicago Stock Exchange
The rapid expansion of the whole stock market in general can be attributed to the explosion of Online Brokers and the new economy issues. Also in this time of rapid technological expanse the Chicago Stock Exchange has been allowed to become even quicker and more accessible to the individual investor. The most interesting part and the focus of my paper is how the Chicago Stock Exchange was able to become the fastest growing and in some cases largest exchange in the world. An Exchange is simply a marketplace for investors; in this case they trade stocks and issues in different companies. The Chicago Stock Exchange has experienced massive growth because of its flexibility and technology.
The Chicago Stock Exchange first began trading on May 15, 1882 (CHX). "In 1949, The Chicago Stock Exchange merged with the stock exchanges in St. Louis, Cleveland, and Minneapolis-St. Paul to form the Midwest Stock Exchange"(CHX). A few years after the New Orleans Exchange joined in the alliance. The Exchange changed its name back to "Chicago Stock Exchange", from "Midwest Stock Exchange". The Chicago Stock Exchange has moved between several different builds, the most famous of which was the Rookery. Frank Lloyd Wright most recently remodeled the Rookery and it has become a busy tourist attraction. Now the Exchange resides at One Financial Plaza in downtown Chicago. The Chicago Stock Exchange is member-owned, meaning those individuals and firms who buy a seat at the Exchange and become members are also considered owners. Currently, there are 349 members of the Chicago Stock Exchange. Membership is composed of floor brokers, specialists, market makers and off-floor member firms (CHX). The most recent Seat went for a record price of $314,000 on June 16, 2000. Also, a Board of Governors presides over the Exchange and does consist of non-industry member, in essence giving the exchange a wider grasp on the public domain.
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