The last remnants of the Chicago Stock Exchange are set to fade away, as its owner, the New York Stock Exchange, is rebranding and relocating it to Dallas as NYSE Texas.
Acquired by NYSE in 2018 and rebranded as NYSE Chicago, the exchange has operated solely as an electronic trading platform, far removed from the bustling trading floors that once defined its past, the Chicago Sun Times reported.
It moved to its distinctive five-story building spanning Ida B. Wells Drive in 1985, but it is unclear how much space the exchange actually uses there. The address is 440 South LaSalle Street, a 40-story tower that CIM Group bought in 2016; the exchange’s space is auxiliary to that building. Also known as 425 South Financial, the 955,000-square-foot building is about 36 percent vacant, according to a listing from CBRE.
Founded in 1882, the Chicago Stock Exchange played a vital role in listing industrial firms and railroads, later merging with other exchanges under the Midwest Stock Exchange name, but its influence has since waned.
The exchange’s business has steadily declined due to technological advancements in trading, and it has about 80 employees. Despite a $20 million investment from four banks in 2006, financial struggles persisted. A 2016 attempt to sell a stake to Chinese investors was blocked by federal regulators over concerns about foreign influence. Today, NYSE Chicago accounts for less than 0.5 percent of daily equities trading, primarily serving hedge funds and firms seeking high-speed execution.
NYSE has yet to disclose an exact timeline for regulatory filings but emphasized that the move would not disrupt trading firms’ access.
The decision aims to capitalize on business activity in the Southwest, taking advantage of Texas’ “business-friendly regulatory agenda,” NYSE Group President Lynn Martin said.
Texas Gov. Greg Abbott welcomed the move, calling Texas “the most powerful economy in the nation” and positioning it as America’s new financial hub.
The relocation gives competition to the Texas Stock Exchange, which is seeking regulatory approval to launch in Dallas. The Uptown neighborhood of Dallas is becoming a hub for the financial industry, dubbed “Y’all Street.”
Meanwhile, NYSE’s parent company, Atlanta-based Intercontinental Exchange, will maintain a Chicago office at 353 North Clark Street.
—Rachel Stone
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