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BUSINESS
October 13, 1996
The Pacific Stock Exchange should have been included in "NYSE, Nasdaq, Amex Contributing $520,000 to Defeat Prop. 211" (Aug. 27), the trial lawyers' initiative allowing unlimited lawsuits against publicly traded companies. We have donated $15,000 to this effort, which is by far the largest commitment ever made by the exchange to a political campaign. Prop. 211 is nothing short of appalling. It is ill-conceived and poorly drafted. If adopted, it would expose directors of California companies to unlimited personal liability for sudden stock market movements over which they have no control.
ARTICLES BY DATE
BUSINESS
September 28, 2005 | From Associated Press and Reuters
The New York Stock Exchange is not interested in selling a stake to private equity firms, the exchange's chief executive said Tuesday after a newspaper reported that the Big Board rejected such a deal over the summer. The New York Post reported Tuesday that the NYSE turned down an offer in June by private equity investors Bain Capital and Blackstone Group, which offered $3.3 million in cash or $4.
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BUSINESS
January 6, 1988 | BILL SING
Herbert G. Kawahara, formerly E. F. Hutton's top executive in Southern California, has been named president of the Pacific Stock Exchange. Kawahara, 58, will assume the post on Monday, replacing James S. Gallagher, whose previously announced resignation takes effect Jan. 19. As president, Kawahara will be responsible for managing the exchange's trading operations at a time of unprecedented technological change in computerized-trading systems.
BUSINESS
April 21, 2005 | Walter Hamilton and Thomas S. Mulligan, Times Staff Writers
The New York Stock Exchange, the citadel of America's financial markets for 212 years, unveiled plans Wednesday for a historic transformation, saying it would buy a rival exchange to usher in a new era of electronic trading. The deal reflects the lightning-fast changes rippling through global financial markets because of increasingly automated stock trading.
BUSINESS
January 14, 1986
Trading at the new facility in the Beaudry Center II building in Los Angeles began with Mayor Tom Bradley ringing the 6:30 a.m. opening bell. The day closed with a volume of 5.34 million shares, which is close to the exchange's 1985 daily average of about 5.7 million shares. The exchange hopes that the new location will lead to higher trading volume than was handled at the exchange's old location at 618 S. Spring St.
NEWS
September 20, 1993 | BURT A. FOLKART, TIMES STAFF WRITER
Thomas P. Phelan, a onetime statistical clerk who melded the Los Angeles and San Francisco markets into a single Pacific Coast Stock Exchange and then became its first president, died Thursday. Claude Wundrow, his son-in-law, said Phelan was 87 when he died in San Rafael. He had moved to Northern California from Orange County last year because of ill health and to be near his children and grandchildren.
BUSINESS
December 19, 1986 | BILL SING
Maurice Mann, vice chairman of Merrill Lynch's investment banking unit and a former thrift industry regulator, on Thursday was named chairman and chief executive of the Pacific Stock Exchange. Mann, 57, will assume his new post at an as-yet undetermined date in late January. The appointment of Mann ends a nearly yearlong search for a replacement for Charles E. Rickershauser Jr.
BUSINESS
December 3, 1988 | United Press International
The Pacific Stock Exchange building, a 74-year-old art deco landmark in the heart of San Francisco's financial district, has been sold for $2 million to an investment group. The Empire Group, a San Francisco-based real estate firm, and two local investors, John Wright and William Dixon, said they had bought the building from the San Francisco Stock & Bond Exchange. The historic 20,000-square-foot building houses the Pacific Stock Exchange, the largest regional stock exchange west of Chicago.
BUSINESS
July 7, 1995
Robert M. Greber, 57, has been elected chairman and chief executive of the Pacific Stock Exchange and will succeed current Chief Executive Leopold Korins on Jan. 25. Greber has been president and chief operating officer of the exchange since 1992; he joined it in 1990 as executive vice president of marketing and strategic planning. "Bob isn't simply the logical candidate for this job, he's the best candidate," Korins said Wednesday as the board of governors announced Greber's election.
BUSINESS
December 11, 1990 | KATHY M. KRISTOF, TIMES STAFF WRITER
The Pacific Stock Exchange said Monday that it will lay off 31 people and significantly cut other operating expenses in an effort to stem losses caused by a steep decline in trading volume. The San Francisco-based exchange said its options volume is 24% below 1989 levels and equities trading volume has fallen 8% this year. Moreover, the value of stocks traded, which is the basis for the exchange's transaction revenue, is down 15%.
BUSINESS
January 5, 2005 | From Bloomberg News
Archipelago Holdings Inc., a publicly traded owner of an electronic stock exchange, said Tuesday that it would move into options trading by acquiring the parent of Pacific Exchange Inc. for $50.7 million. The purchase would diversify Chicago-based Archipelago beyond trading stocks, where volume across markets was little changed last year. Options trading, by contrast, was 27% busier in 2004 than 2003, according to Options Clearing Corp.
BUSINESS
September 25, 2003 | Thomas S. Mulligan, Times Staff Writer
Expanding his agency's corporate governance probe beyond the New York Stock Exchange, Securities and Exchange Commission Chairman William H. Donaldson has written to the other U.S. self-regulating stock markets seeking information about the makeup of their boards and how their executives are paid.
CALIFORNIA | LOCAL
July 21, 2000
Robert Lee Hamic, a former stock exchange director, died Saturday in Orange. He had recently moved to Orange County from Newbury Park. He was 54. He was born on March 3, 1946, in Lynwood. He grew up there and graduated from Dominguez High School where he played football. Hamic began working at McDonnell Douglas in Huntington Beach and then enlisted in the Army. He served in Vietnam and was once part of the NATO Intelligence Corps in Brussels.
CALIFORNIA | LOCAL
March 23, 2000
After more than a century of operation, the Pacific Stock Exchange soon will shut down its trading floors in Los Angeles and San Francisco and move into cyberspace, the new address for electronic commerce. It is the first bricks-and-mortar stock exchange in the United States to convert to fully electronic trading. Other regional exchanges, and even the New York Stock Exchange, are under the same competitive pressure from cheaper, faster electronic markets and may have no choice but to follow.
CALIFORNIA | LOCAL
August 4, 1999
The backers of a massive development featuring a giant, sword-wielding angel have postponed the acquisition of a key piece of property pending an environmental review of the site near downtown Los Angeles. City of Angels Monument Corp. said it has delayed the purchase of the Pacific Stock Exchange building and other property in light of environmental problems at the neighboring site of the new Belmont High School.
BUSINESS
March 10, 1998
A seat on the New York Stock Exchange sold for a record $2 million, more than triple its price a decade ago. The highest bid now for an exchange seat is $1.4 million. The lowest price at which an exchange member is willing to sell is $3 million. * PriCellular Corp., which is 19% owned by AT&T Corp., agreed to be acquired by American Cellular Corp., a new company formed by privately held MLC Industries of Chicago, for $1.4 billion.
BUSINESS
May 5, 1988 | BILL SING, Times Staff Writer
On Oct. 20, the frenzied day after the stock market crashed, the Pacific Stock Exchange's computer system also crashed, overloaded by an unprecedented volume of trades. Today, nearly seven months later, that highly touted order-execution system, called Scorex, is up and better than ever. It now can handle nearly three times more trades than it could before the crash, enough to cope with the heavy volumes seen during the October debacle. The problem now is keeping the system busy enough.
BUSINESS
April 25, 1997 | From Bloomberg News
A seat on the Pacific Exchange is now worth 10% more than a seat on the bigger American Stock Exchange. A seat on the San Francisco-based regional exchange recently sold for a record $275,000, while a seat on the American Stock Exchange, the third biggest U.S. stock market, cost $250,000, according to spokespeople for the two exchanges. That's surprising because seats on exchanges with higher trading volume are usually more expensive. An average of 21.
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