Watch CBS News

Philadelphia Stock Exchange Moves To New Location

PHILADELPHIA (CBS) -- The Philadelphia Stock Exchange, the nation's oldest, has moved into new space.

Nasdaq's options trading market at 1900 Market Street is now in the FMC Tower at 30th and Walnut Streets.

They don't exactly bark out trade orders and elbow each other, like we see on TV, at the Nasdaq PHLX trading floor.

Senior vice president at Nasdaq, Kevin Kennedy runs the US options side at PHLX. He says they provide equity, index, and currency options, through high-speed electronic trading.

"For large investment banks, large traders, and pension funds," said Kennedy.

Philadelphia Stock Exchange PHILX
Market maker John Orr (L) and Nasdaq executive Kevin Kennedy (R). (credit: Steve Tawa)

He says PHLX runs 42% of the nation's options market share.

One of the Market Makers at the exchange, John Orr, helped a portfolio manager handle risk by trading 3M, the company that makes scotch tape.

"His customer wanted to buy put options and stock at the same time," Orr explained.

The Philadelphia Stock Exchange was founded in 1790, two years before the New York Stock Exchange. It began at Merchants Coffee House, now the City Tavern, at 2nd and Walnut Streets.

It moved as exchanges merged, winding up in the 1980's in a basement trading floor at 19th and Market Streets.

The exchange was acquired from members and investors in 2008 by the Nasdaq market group, which took over the Philadelphia Stock Exchange.

View CBS News In
CBS News App Open
Chrome Safari Continue
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.