The Pacific Exchange is a regional stock exchange located in San Francisco, California. Its history begins with the founding of the San Francisco Stock and Bond exchange in 1882. Seven years later, the Los Angeles Oil Exchange was founded. In 1957, the two exchanges merged to form the Pacific Coast Stock Exchange, though trading floors were kept in both cities. A name change to the Pacific Stock Exchange took place in 1973. Options trading began three years later. In 1997, "Stock" was dropped from the exchange's name.
In 1999, the Pacific Exchange was the first US stock exchange to demutualize. In 2001, the Los Angeles trading floor was closed, and the next year the San Francisco trading floor closed as well. Pacific Exchange equities trading now takes place exclusively through the Archipelago Exchange, an Electronic Communications Network.
A qualified intermediary is a person who is not the Taxpayer or a related party and who acts to facilitate a deferred exchange by entering into an exchange agreement with the taxpayer for the exchange of properties.
Funds are held by Intermediary and invested according to the Exchange Agreement or other agreements made between the Taxpayer and the Intermediary until such time as the Taxpayer directs the Intermediary to proceed with the close of the Taxpayer's Replacement Property.
For reporting purposes the Deferred Exchange is considered opened o the date of the close of the Relinquished Property (Parcel I - or the close of the first Parcel I) and closed on the day of the close of the Replacement Property (Parcel II - or the close of the last Parcel II).
Share your thoughts, questions and commentary here
Want to know more? Search encyclopedia, statistics and forums:
Press Releases |
The Wikipedia article included on this page is licensed under the
Images may be subject to relevant owners' copyright.
All other elements are (c) copyright NationMaster.com 2003-5. All Rights Reserved.
Usage implies agreement with terms, 1022, m