Pacific Exchange
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The Pacific Exchange is a regional stock exchange located in San Francisco, California. Its history begins with the founding of the San Francisco Stock and Bond exchange in 1882. Seven years later, the Los Angeles Oil Exchange was founded. In 1957, the two exchanges merged to form the Pacific Coast Stock Exchange, though trading floors were kept in both cities. A name change to the Pacific Stock Exchange took place in 1973. Options trading began three years later. In 1997, "Stock" was dropped from the exchange's name.
In 1999, the Pacific Exchange was the first US stock exchange to demutualize. In 2001, the Los Angeles trading floor was closed, and the next year the San Francisco trading floor closed as well. Pacific Exchange equities trading now takes place exclusively through the Archipelago Exchange, an Electronic Communications Network.