25-494: PBW may refer to: Philadelphia-Baltimore-Washington Stock Exchange Peanut Butter Wolf , American hip hop record producer Proton beam writing , a lithography process Play by Web, Play-by-post role-playing game Prosopography of the Byzantine World , a prosopographical database project Poincaré-Birkhoff-Witt theorem , a result in mathematics Topics referred to by
50-606: A building at 1411 Walnut Street, now listed on the National Register of Historic Places . In 1951, the exchange moved to the Central Penn Bank Building at 1401 Walnut Street. It stayed there until 1966 when it moved to a newly constructed building (currently the Sofitel Hotel) at 17th and Sansom. The 1700 block of Ionic Street, a narrow thoroughfare just north of this building, was renamed Stock Exchange Place and
75-626: A number of prominent buildings in Washington, D.C. , and Philadelphia for the Federal government. Latrobe led the country's movement toward the Greek Revival style through the late eighteenth century and developed it for future American architects. Among several mentees of Latrobe was William Strickland , the man who was ultimately appointed architect of the Merchants' Exchange Building. Strickland's design
100-489: Is admired to this day for its balance of order and ornamentation, one of the ideals of the Greek Revival style. While the trustees of the Philadelphia Exchange Company chose Strickland for his increasing local popularity, his design of the Merchants' Exchange Building is remembered today not only for its reflection of the Greek Revival style, but also the uniqueness in its design. The plot of land allotted for
125-474: Is different from Wikidata All article disambiguation pages All disambiguation pages Philadelphia-Baltimore-Washington Stock Exchange Philadelphia Stock Exchange ( PHLX ), now known as Nasdaq PHLX , is the first stock exchange established in the United States and the oldest stock exchange in the nation. The exchange is owned by Nasdaq , which acquired it in 2007 for $ 652 million, and
150-861: Is headquartered in Philadelphia . The exchange was founded in 1790 and originally named the Board of Brokers of Philadelphia and sometimes referred to as the Philadelphia Board of Brokers. In 1875, the Board of Brokers changed its name to the Philadelphia Stock Exchange. In 1949, the exchange merged with the Baltimore Stock Exchange and was renamed the Philadelphia-Baltimore Stock Exchange . In 1954, it merged with
175-489: The Jacksonian era reinforced the idea among merchants that there was a need for a centralized exchange building. In 1831, a group of prominent Philadelphians led by Stephen Girard , the nation's wealthiest man at the time, constructed a building for trade, commerce, and post to preside. Thus, they founded the Philadelphia Exchange Company and appointed an architect to begin the introductory stages of creating what later became
200-572: The Philadelphia Exchange [1] ) is an historic building which is located on the triangular site bounded by Dock, 3rd and Walnut Streets in the Old City neighborhood of Philadelphia, Pennsylvania . It was designed by architect William Strickland , in the Greek Revival style, the first national American architectural style and built between 1832 and 1834. It operated as a brokerage house in
225-626: The Washington Stock Exchange and was renamed the Philadelphia-Baltimore-Washington Stock Exchange , often abbreviated PBW. In 1969, the exchange acquired the Pittsburgh Stock Exchange . Over its more than 200 years in existence, the Philadelphia Stock Exchange has had various titles and has been located in various buildings around Philadelphia. Founded in 1790 as the "Board of Brokers," it
250-680: The Board of Brokers changed its name to the Philadelphia Stock Exchange. In 1876, the exchange moved to the rear of the Girard Bank Building, formerly the First Bank of the United States . It stayed there until 1888. From 1888 to 1902, the exchange moved to the Drexel Building which was located near Fifth Street and Chestnut. Between 1902 and 1912, the exchange returned to the Merchants Exchange Building . In 1913, it moved to
275-564: The Greek Revival style through his use of marble Corinthian pillars and elaborate ornamentation. Strickland's use of the Choragic Monument of Lysicrates as inspiration for the building's lantern tower drew the local press to write in a newspaper in 1831 that "Philadelphia is truly the Athens of America." Strickland later went on to be the architect of the Second Bank of the United States and
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#1732883405723300-517: The Merchants' Exchange Building. The Greek Revival movement became particularly attractive for American architects in the late eighteenth century on account of the rising popularity of ancient Greece's democratic principles and the strong desire to recast the nation's image and further distance it from Great Britain. Greek Revival architecture began to gain favor in the United States when Thomas Jefferson appointed Benjamin Henry Latrobe to design
325-698: The PHLX announced plans to temporarily move to all-electronic trading on March 23, 2020, due to the COVID-19 pandemic . Along with the NYSE and the BSE , the PHLX reopened on May 26, 2020. The exchange's normal trading sessions are from 9:30 am to 4:00 pm on all days of the week except Saturdays, Sundays and holidays declared by the exchange in advance. Notes Further reading Merchants%27 Exchange Building (Philadelphia) The Merchants' Exchange Building (also known as
350-673: The Totman Building, to a new home base in Philadelphia. The exchange merged with the Washington Stock Exchange in 1954. The exchange was known as the Philadelphia-Baltimore-Washington Stock Exchange (often abbreviated as PBW) after those mergers. In 1969, the exchange acquired the Pittsburgh Stock Exchange , and maintained an auxiliary trading floor in Pittsburgh until 1974. On October 22, 1981, trading
375-444: The building was one of the few triangle plots that were not a part of William Penn's original grid layout of Philadelphia. Strickland's use of a semicircular facade at the rear of the building is an example of his ingenuity in adapting the design so that the building could naturally flow with the arch of the curved road that borders the property. Although both sides of the building have distinctively different facades, Strickland evoked
400-400: The coffee house. On June 20, 1857, the Board of Brokers of Philadelphia transacted no business in the stock board, as their annual dinner was held that day. As of January 1, 1874, the par price for membership in the Philadelphia Board of Brokers was $ 1,000, with 198 seats, and "not others are attainable under $ 2,000 each." The board represented a market capital of around $ 350,000. In 1875,
425-404: The exchange. On October 20, 2007, The Wall Street Journal reported that the exchange was for sale by a group of its shareholders, and was expected to be sold for about $ 600 million. On November 7, 2007, NASDAQ announced a "definitive agreement" to purchase PHLX for $ 652 million, with the transaction expected to close in early 2008. On July 24, 2008, the acquisition was completed, creating
450-590: The nineteenth century, but by 1875 the Philadelphia Stock Exchange had taken the place of the Merchants' Exchange. The building was declared a National Historic Landmark in 2001. It is the oldest existing stock exchange building in the United States, but is now used as the headquarters of the Independence National Historical Park. The City Tavern , which had been the center of the Philadelphia business community since it
475-402: The same term [REDACTED] This disambiguation page lists articles associated with the title PBW . If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=PBW&oldid=772796767 " Category : Disambiguation pages Hidden categories: Short description
500-566: The tax was illegal, and the PHLX moved its trading floor back to its headquarters in the city. In 1981, the exchange moved to 19th and Market, where it stayed until 2017 when it moved to its current location in the newly built FMC Tower . The exchange merged with the Baltimore Stock Exchange in 1949. The exchange was then named the Philadelphia-Baltimore Stock Exchange. The Baltimore Stock Exchange then migrated out of its Baltimore Stock Exchange Building, later renamed
525-504: The third-largest options market in the U.S. On October 29, 2012, the stock exchange was shut down for two days due to Hurricane Sandy . The last time the stock exchange was closed due to weather for a full two days was on March 12 and 13, 1888. As of 2014, the exchange handles trades for approximately 3,600 equity options, 15 index options, and a number of FX options. The PHLX has more than 16% of United States market share in exchange-listed stock and ETF options trading. In March 2020,
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#1732883405723550-436: Was built in 1773, became increasingly crowded because of the unsuitability of its floor plan to accommodate its growing clientele. At this time, Philadelphia epitomized America's ideal city by maintaining strong economic, political, and architectural advancements. The middle class was strengthening and citizens were becoming more inclined to start their own businesses, so commerce and trade continued to thrive. The economic boom of
575-603: Was halted on both the Chicago Board of Trade and the Philadelphia Stock Exchange after anonymous callers said bombs had been placed in those buildings. In 2005, a number of large financial firms purchased stakes in the exchange as a hedge against growing consolidation of stock trading by the New York Stock Exchange and Nasdaq . These firms— Morgan Stanley , Citigroup , Credit Suisse First Boston , UBS , Merrill Lynch and Citadel LLC —collectively owned about 89% of
600-520: Was located at the Merchants Coffee House, now known as the City Tavern, at the corner of Second and Walnut Streets. In 1831, Stephen Girard’s Bank had formed the "Philadelphia Merchant’s Exchange Company" to erect a new building to house the Board of Brokers and other groups. The Board of Brokers moved into the Merchants Exchange Building at 3rd and Dock Streets in 1834 following a fire at
625-518: Was still signed as such as of 2017. In December 1968, in response to a fiscal crisis, Philadelphia imposed a $ 0.05 per share stock transfer tax for all transactions on the PHLX. On January 2, 1969, the PHLX moved its trading floor to an office building, then known as the Decker Building, just across a street from the city boundaries in Bala Cynwyd to avoid the tax. In February, a court ruled that
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