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Pacific Exchange (PCX)

What is 'Pacific Exchange - PCX'

An exchange network that coordinates the trading of stock options between both institutional and individual investors. The PCX was one of four U.S. exchanges to trade equity options and the first to develop and implement an electronic trading system. At one time, the PCX had operations in both Los Angeles and San Francisco, but both closed in early 2000 when the PCX partnered with the Archipelago Exchange. ArcaEx later merged with the New York Stock Exchange and PCX transactions are now conducted on the NYSE Arca platform.

Explaining 'Pacific Exchange - PCX'

PCX was originally formed in San Francisco in 1882 as the Stock and Bond Exchange. It officially got its name in 1957 when the San Francisco and Los Angeles stock exchanges merged. For years, the PCX was a mainstay in San Francisco's financial district, but its open outcry system of trading became archaic with the advent of computers and computer trading. It ceased operations in 2005.


Further Reading


After-hours trading of NYSE stocks on the regional stock exchanges
www.sciencedirect.com [PDF]
… The Pacific Stock Exchange attributed this change to the fact that most of the after-hours order … The Chicago exchange was already trading some stocks from 4 pm to 4:30 pm eastern … These stocks encompass over 95% of the after-hours trading on the regional stock exchanges …

Toward a national market system for US exchange–listed equity optionsToward a national market system for US exchange–listed equity options
onlinelibrary.wiley.com [PDF]
… The Pacific Stock Exchange attributed this change to the fact that most of the after-hours order … The Chicago exchange was already trading some stocks from 4 pm to 4:30 pm eastern … These stocks encompass over 95% of the after-hours trading on the regional stock exchanges …

Post‐Reform Market‐Order Execution Quality: Multidimensional Comparisons Across Market CentersPost‐Reform Market‐Order Execution Quality: Multidimensional Comparisons Across Market Centers
onlinelibrary.wiley.com [PDF]
… The Pacific Stock Exchange attributed this change to the fact that most of the after-hours order … The Chicago exchange was already trading some stocks from 4 pm to 4:30 pm eastern … These stocks encompass over 95% of the after-hours trading on the regional stock exchanges …

Price discovery in the US stock options marketPrice discovery in the US stock options market
jot.pm-research.com [PDF]
… The Pacific Stock Exchange attributed this change to the fact that most of the after-hours order … The Chicago exchange was already trading some stocks from 4 pm to 4:30 pm eastern … These stocks encompass over 95% of the after-hours trading on the regional stock exchanges …

Restructuring institutional block trading an overview of the optimark systemRestructuring institutional block trading an overview of the optimark system
www.tandfonline.com [PDF]
… The Pacific Stock Exchange attributed this change to the fact that most of the after-hours order … The Chicago exchange was already trading some stocks from 4 pm to 4:30 pm eastern … These stocks encompass over 95% of the after-hours trading on the regional stock exchanges …

Order flow distribution, bid–ask spreads, and liquidity costs: Merrill Lynch's decision to cease routinely routing orders to regional stock exchangesOrder flow distribution, bid–ask spreads, and liquidity costs: Merrill Lynch's decision to cease routinely routing orders to regional stock exchanges
www.sciencedirect.com [PDF]
… The Pacific Stock Exchange attributed this change to the fact that most of the after-hours order … The Chicago exchange was already trading some stocks from 4 pm to 4:30 pm eastern … These stocks encompass over 95% of the after-hours trading on the regional stock exchanges …

Equity trading and the allocation of market data revenueEquity trading and the allocation of market data revenue
papers.ssrn.com [PDF]
… The Pacific Stock Exchange attributed this change to the fact that most of the after-hours order … The Chicago exchange was already trading some stocks from 4 pm to 4:30 pm eastern … These stocks encompass over 95% of the after-hours trading on the regional stock exchanges …

Specialist: The firm or the individual?: Empirical evidence from the options marketsSpecialist: The firm or the individual?: Empirical evidence from the options markets
www.sciencedirect.com [PDF]
… The Pacific Stock Exchange attributed this change to the fact that most of the after-hours order … The Chicago exchange was already trading some stocks from 4 pm to 4:30 pm eastern … These stocks encompass over 95% of the after-hours trading on the regional stock exchanges …


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