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History

Chicago Stock Exchange Historical Timeline.

1860's-1880's: The Early Years

1864-1882

Chicago brokers, traders and businessmen form exchanges with varying success.

1871

Great Fire of Chicago

March 21, 1882

First formal meeting is held to organize the Chicago Stock Exchange. Charles Henrotin elected chairman and president.

April 1882

A lease is taken out at 115 Dearborn Street for the Chicago Stock Exchange; 749 memberships have been sold.

1885

First skyscraper built

Late 1880s

First case of dual listing occurs when a newly issued stock is quoted on both Chicago and New York Stock Exchanges.

1891

"The El" goes into operation

1893:

World's Columbian Exposition

1900's - 1920's: ...

1900

Flow of Chicago River reversed

July 31, 1914

Exchanges close through December 11th upon declaration of World War.

Oct. 13, 1915

Basis of quoting and trading in stocks changed from percent of par value to dollars.

April 26, 1920

CHX Stock Clearing Corporation established.

Oct. 29, 1929

Stock market "crash."

1929

Shedd Aquarium opens

1930's - 1940's: A Century of Progress

May 27, 1933

Securities Act of 1933 enacted, providing full disclosure to investors to prohibit fraud in connection with the sales of securities.

June 6, 1934

Securities Exchange Act of 1934 enacted, regulating securities trading and establishing the Securities & Exchange Commission (SEC).

1947

Chicago Transit Authority (CTA) formed.

1949

CHX merges with the exchanges of St. Louis, Cleveland and Minneapolis/St. Paul to form the Midwest Stock Exchange.

1950's - 1960's: Consolidation

Sept. 29, 1952

Trading hours change to 10 a.m. - 3:30 p.m. ET; no Saturdays.

1955

Mayor Richard J. Daley elected

1959

New Orleans Stock Exchange becomes part of the Midwest Stock Exchange.

Early 1960s

Midwest Stock Exchange Service Corporation is established to provide centralized accounting for member firms.

1970's: ...

1971

Sears Tower opened

May 11, 1973

Midwest Securities Trust Company (MSTC) is established to provide central depository for securities certificates and to electronically record transfers of stock ownership.

October 1, 1974

Trading hours are extended to 4 p.m., ET.

April 30, 1975

Fixed commission system is abolished

June 16, 1975

Full consolidated tape is introduced, allowing the reporting of all trades from the primary and regional exchanges to be combined onto one tape.

April 17, 1978

Launch of Intermarket Trading System (ITS), a system that allows orders to be sent from one exchange to another to ensure that a customer receives the best execution available.

1980's: Technological Advancement

1982

CHX launches the MAX system, becoming one of the first stock exchanges to provide fully automated order execution.

1983

Mayor Harold Washington elected.

May 1987

CHX implements program to trade NASDAQ NMS securities.

1990's: Rebirth of the CHX

1991

Harold Washington Library Center, largest public library in the world, opens.

July 8, 1993

The Midwest Stock Exchange changes its name back to the Chicago Stock Exchange, reflecting its roots and identity within the Chicago financial community.

June 7, 1995

Securities settlement shortened from five to three business days following trade date (T+3).

June 29, 1996

The CHX extends its trading hours and is now open thirty minutes after the primary market closes.

June 24, 1997

Exchanges begin trading stock in sixteenths.

October 2, 1997

Chicago Stock Exchange begins trading Exchange-Traded Funds (ETFs)

Oct. 27, 1997

The largest drop in the Dow Jones Industrial Average occurs - 554 points - sparking first-time use of circuit breaker rule, halting trading at 3:30 p.m. ET.

2000's: New Corporate Structure and Trading System

April 9, 2001

Decimal pricing of all stocks fully implemented.

February 8, 2005

SEC approves ownership structure change of the CHX from a not-for-profit, member owned company to a for-profit stockholder owned corporation.

June 9, 2005

SEC adopts Regulation NMS and amends the joint industry market data plans.

July 21, 2005

CHX implements the Electronic Book trading platform; the predecessor technology of the New Trading Model's Matching System.

February 2, 2006

CHX files proposed rules with the SEC to implement a new trading model.

July 31, 2006

The Exchange announces regulatory and shareholder approval of an investment in CHX by Bank of America Corporation; Bear Stearns; E*TRADE FINANCIAL Corporation; and Goldman, Sachs & Co.

February 1, 2007

CHX announces that it has completed the migration to the New Trading Model platform.