CHX VOLUME REMAINS STRONG IN SECOND QUARTER
Spurred by a record volume month in April and surging volume in Nasdaq issues, The Chicago Stock Exchange (CHX) today announced a record second quarter in terms of trade and share volume. For the quarter ended June 30, 1999, total trade volume reached 7,029,148, an increase of 82 percent over the second quarter of 1998, while total share volume finished at 3,204,079,992, an increase of 52 percent.
Seat prices continued to rise in the second quarter, as a new record of $228,000 was established on May 4. The last consummated sale of the quarter was for $216,000 on June 11.
"Our strong second quarter performance has kept the CHX on a record pace for 1999," said Bob Forney, CHX president and CEO. "Our ability to provide investors with a one-stop shop for equities, complete with low trading costs and high quality executions, continues to fuel unprecedented growth at the Exchange."
Volume in June reflected the second quarter volume trend. Total trade volume reached 2,107,800, up over 69 percent over last June. Total share volume finished at 998,506,121, up over 43 percent from June 1998.
The CHX's OTC program, under which the exchange trades Nasdaq-listed stocks, continued its explosive growth in the second quarter. Total trade volume in Nasdaq issues reached 1,292,504, up from 52,441 in the second quarter of '98. Total share volume finished at 465,464,334, compared to 68,121,401 in the same period last year. June OTC volume also grew significantly. Trade volume reached 478,258, up from 26,285 last June, while share volume ended at 183,321,038, up from 30,815,327 during the same period last year.
The CHX's OTC program received an additional boost in May, when the CHX received permission from the U.S. Securities and Exchange Commission to trade 500 additional Nasdaq issues, increasing the total number of OTC issues available for trade to 1,000.
The CHX also maintained its lead in extended hours auction market trading in June. The CHX traded 19,150,925 shares in the half-hour after the primary markets closed, comprising 70 percent of the industry total.
The CHX set three significant volume records in the second quarter, each coming in April. On April 19 the Exchange executed 199,946 trades and 80,486,972 shares, shattering the previous single day records of 144,930 trades set on September 1,1998 and 63,750,068 shares on January 6, 1999. Total trade and share volume in April followed suit, breaking marks set in the previous month.
The Chicago Stock Exchange was founded May 15, 1882 and is the second most active stock exchange in terms of share and trade volume. The CHX is also the fastest growing exchange providing the strongest force for competition to all U.S. markets. The CHX trades more than 4,000 NYSE, AMEX, Nasdaq and CHX-exclusive issues, more than any other stock exchange in the world.