The Early Years
||Chicago brokers, traders
and businessmen form exchanges with varying success.
|March 21, 1882
||First formal meeting is
held to organize the Chicago Stock Exchange. Charles Henrotin
elected chairman and president.
||A lease is taken out at
115 Dearborn Street for the Chicago Stock Exchange; 749 memberships
have been sold.
||First case of dual listing
occurs when a newly issued stock is quoted on both Chicago and
New York Stock Exchanges.
goes into operation
- 1920's: ...
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
|Oct. 29, 1929
||Stock market "crash."
- 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).
||Chicago Transit Authority
CHX merges with the exchanges
of St. Louis, Cleveland and Minneapolis/St. Paul to form the
Midwest Stock Exchange.
- 1960's: Consolidation
|Sept. 29, 1952
||Trading hours change to
10 a.m. - 3:30 p.m. ET; no Saturdays.
J. Daley elected
||New Orleans Stock Exchange
becomes part of the Midwest Stock Exchange.
Midwest Stock Exchange
Service Corporation is established to provide centralized accounting
for member firms.
|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
|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.
||CHX launches the MAX system,
becoming one of the first stock exchanges to provide fully automated
CHX implements program
to trade Nasdaq NMS securities.
Rebirth of the CHX
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
shortened from five to three business days following trade date
|June 29, 1996
||The CHX extends its trading
hours and is now open thirty minutes after the primary market
|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.
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.