Chicago Stock ExchangeFinancial Dictionary -> Investing -> Chicago Stock Exchange
The CHX (its abbreviated form) is a self regulated exchange that trades in national financial securities, and unlike other large exchanges, companies do not have to be listed on the CHX to actually undertake trades. Companies listed on other exchanges, such as the NYSE, AMEX and NASDAQ are allowed to utilize this system and trade their securities on the CHX.
The Chicago Stock Exchange uses a very efficient electronic matching system that allows for a fully electronic trading platform with automatic matching. This system allows access to a fair and fast open market during two sessions of the day; firstly from 8:30am to 3pm, and a late session from 3pm to 4pm. To make things even more appealing the exchange utilizes a middle ground communication service so traders can route orders to any location that is part of the CHXConnect system. This is a great step forward in helping the over the counter market and those that don't want to use in house services.
First opened in 1882, the Chicago Stock Exchange has remained strong and at the forefront of technology every since. In the 80s it was one of the first exchanges to implement an automated electronic system that could automate orders comparable to today's standards. It also adopted decimal pricing of stocks in 2001. It currently operates in a 12 man board of directors system and is owned by CHX Holdings, Inc, who's shareholders elect the board each year.