Formally established in 1790, the Philadelphia Stock Exchange (PHLX) is the oldest stock exchange in the US. It was also the nation's most important exchange until the 1820s, when the New York Stock Exchange eclipsed it. Since World War II, the Philadelphia exchange has merged with stock exchanges in Baltimore (1949), Washington, DC (1953), and Pittsburgh (1969). As the primary odd-lot market for Government National Mortgage Association securities and as a leading market for oddlot government securities and stock options, PHLX ranks after only the New York and American exchanges in trading volume. PHLX was the first exchange in the US to trade foreign currency options (1982) and the National Over-the-Counter Index (1985). Over 2,600 stocks are traded on the exchange, and over 800 options.
Pennsylvania has 1,870 brokers and dealers organizations doing business in the state through 27,113 employees; investment advisory services are provided by 505 firms. The state provides headquarters for 215 NASDAQ-listed companies, 12 NASDAQ market makers, 28 AMEX-listed companies; and has incorporated 49 NYSE companies, the largest being: Rite Aid, Sunoco, Heinz, PPG Industries, and Mellon Financial Corp.
Sales of securities are regulated by the Pennsylvania Securities Commission, which also licenses all securities dealers, agents, and investment advisors in the state.