The Philadelphia Stock Exchange (PHLX) has confirmed that it is closing its equity trading floor and switching to an all-electronic operation.
The exchange, which is the oldest in the US, confirmed press reports that it is converting from a floor-based equity exchange to a fully electronic model in order to conform with SEC requirements under the proposed Regulation National Market System (Reg NMS).
In a statement, PHLX says: "We are confident that most of our members will be able to make the transition and be able to conduct their business electronically."
Traders will use the PHLX XL electronic dealing system to match buy and sell orders.
The number of dealing firms operating on the floor at PHLX had dwindled to just twelve in recent years as volume shifted to faster electronic systems.