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CHICAGO RE-DEDICATES STOCK EXCHANGE; TODAY MARKS NEW NAME AND CITY'S RISE AS WORLD MARKET CENTER

 /ADVANCE/CHICAGO, July 7 /PRNewswire/ -- Having outgrown Carl Sandburg's description as "hog butcher to the world," Chicago is emerging as the world's number one financial market center. Today's re- dedication of "The Chicago Stock Exchange" (formerly the Midwest Stock Exchange) in the city's downtown financial district underscores this fact once again by placing Chicago squarely in the world's financial spotlight.
 "The world over, `Chicago' means open, honest, fair public markets," said Homer Livingston, president and chief executive officer of The Chicago Stock Exchange. "We are part of that community and beginning today our name says it all."
 The Chicago Stock Exchange is the second largest exchange in the U.S. in terms of the dollar value of shares traded. It is the second oldest exchange in Chicago, which boasts the world's oldest and most active commodities exchange -- the Chicago Board of Trade -- the world's first and largest stock options mart -- the Chicago Board Options Exchange -- and the world's largest and most highly valued derivatives market -- the Chicago Mercantile Exchange.
 In 1992, the total estimated dollar value of shares and contracts traded on Chicago's four principal exchanges was more than $101 trillion, which is 25 times the same measure of business transacted on New York City's seven stock and futures exchanges.
 "Chicago lives and breathes the markets," and Livingston, a Chicago native and veteran of its financial community. "The community has a reputation for innovative and vital product development, leading-edge technology applied to markets, and a keen focus on putting customers first. That has put us first," he said.
 Founded in 1882 as "The Chicago Stock Exchange," the name was changed to the "Midwest Stock Exchange" in 1949 after combining with exchanges from Cleveland, St. Louis, Minneapolis-St. Paul and later New Orleans. The re-dedication as "The Chicago Stock Exchange" was approved by exchange members and directors earlier this year and becomes official at a series of events here today.
 The exchange lists for trading many Chicago-area companies, as well as the stocks of national companies traded on other exchanges. Nearly one in 10 of all New York Stock Exchange-listed company shares, in fact, are actually traded on The Chicago Stock Exchange.
 On June 3, 1993, the exchange set a new daily record by trading 55.4 million shares. The previous record was 26.48 million shares traded on Dec. 3, 1992. In 1992, the exchange's volume exceeded 5.8 million trades, the highest yearly total in exchange history.
 The Chicago Stock Exchange and its wholly owned subsidiaries (which will retain their current names) provide a variety of services to the securities industry. The Midwest Clearing Corp. provides clearing and settlement services, and the Midwest Securities Trust Co. is the second largest depository for equities, corporate debt, and municipal debt securities in the United States. The MBS Clearing Corp. is the nation's only registered clearinghouse dedicated to mortgage-backed securities.
 -0- 7/7/93
 /CONTACT: Chris Gronkiewicz, 312-663-2618, Pam Tvrdy, 312-663-2968, or Ian Colley, 312-684-4440, all of the Chicago Stock Exchange/


CO: Chicago Stock Exchange; Midwest Stock Exchange ST: Illinois IN: FIN SU:

LR -- NY062 -- 5917 07/07/93 15:51 EDT
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Publication:PR Newswire
Date:Jul 7, 1993
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