In the 1980s, the Chicago Stock Exchange made several technological advancements to improve trading. In 1982, the CHX launched the MAX system, which allowed them to be one of the first stock exchanges to provide fully automated order execution. In 1987, the CHX implemented programs to trade Nasdaq securities.
In the 1990s, the Exchange had a rebirth, and in 1993 changed its name back to the Chicago Stock Exchange (after being the Midwest Stock Exchange), reflecting its roots and identity within the Chicago financial community. In June of 1995, securities settlement dates were shortened from five to three business days following trade date and one year later, the CHX extended its trading hours. The Exchange is not open thirty minutes after the primary market closes. In 1997 the Chicago Stock Exchange began trading exchange-traded funds (ETFs).
At the beginning of the new millennium, several major changes occurred. In April 2001, decimal pricing of all stocks was fully implemented. In 2005, the SEC approved a change of the ownership structure of the CHX from a not-for-profit, member-owned company to a for-profit, stockholder-owned corporation. In that same year, the CHX implemented the Electronic Book trading platform; the predecessor technology of the New Trading Model’s Matching System. In 2006 the Exchange announced regulatory and shareholder approval of an investment in CHX by Bank of America Corporation, Bear Stearns, E*TRADE FINANCIAL Corporation, and Goldman, Sachs & Co. Just last year on February 1, the CHX announced that it has completed the migration to the New Trading Model platform.