The evolution of the Philadelphia Stock Exchange.

From: Business Review (Federal Reserve Bank ofPhiladelphia) | Date: June 22, 2004| Author: Caskey, John P. | Copyright information

The Philadelphia Stock Exchange (PHLX), the nations oldest, has survived alongside much larger and more liquid securities markets. How has it managed to do so? In this article, John Caskey explains some of the factors that account for the PHLX's long life and how their importance has varied over time. Although Caskey focuses on the evolution of the PHLX, he also profiles some seismic shifts in U.S. securities markets in recent decades and illuminates the role of the largely overloo...

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