Polaris Stock Exchange

Polaris Stock Exchange, commonly referred to as the PSX is a stock exchange located at 77 Phillips Avenue, Polaris City, Federal Republic of Polaris and is presently the second-largest stock market in all of Antarctica. The PSX presently has a market capitalization, which is presently $12.92 trillion as of July 2012, and also boasts an average daily trading value of $151.45 billion, only to be bested by the South Pole Stock Exchange, having 2,047 securities listed on the exchange, representing companies from the USA, the AU, Calada, Dorkugal, MAI, UnitedTerra and various other countries. The exchange is the largest within the Federal Republic of Polaris, and represents a vast majority of Polarian companies. The exchange is operated by PSX Torex (PSX: PTX), the result of a merger between the PSX and the Caladian-based fully-electronic stock exchange, Torex in mid-2004.

Trading
The Polaris Stock Exchange provides the trading of shares of publicly-listed companies listed on the exchange. The PSX is open Monday to Friday, from 9:00 AM to 4:15 PM Central Polaris Standard Time, with the exception of statutory holidays or bank holidays declared by the Exchange in advance.

The PSX trading floor presently trades in a continuous auction format, in which traders may execute trades on behalf of investors. A specialist broker employed by a member firm will act as an auctioneer, where traders will gather around a podium, in an open outcry setting. 10% of the time, the auctioneer will commit his own capital, facilitating trades and spreading information to buyers and sellers. By 1993, the open outcry auctions were more automated, integrating the use of mobile computers on the trading floor by traders to easily execute orders via a wireless connection. The usage of paper trading halted on October 3rd, 1993, with the introduction of the mobile computers to traders. All stocks were able to be traded electronically on May 23rd, 2002, with the exception of a group of expensive stocks. In 2009 alone, 88.35% of all trades were executed and sent to the PSX via electronic method.

Prior to 1986, to trade on the open outcry pit, "slots", affixed at a certain number, which in 1986, was 1,357, which permitted each slot holder/owner to trade live stocks inside the trading floor, this making slots a very sought-after commodity on the Stock Exchange. Each slot holder could hold their slot for an unlimited amount of time, but were perjured to sell it, usually by auction. The highest amount ever paid for a slot was in 1952, in which a seat was auctioned off for $1.3 million ($3.86 million in adjusted inflation rate). The removal of the system was approved by the Board of Governors of the Exchange in 1986, citing increased electronic integration, which eliminated the need for the slot system.

There are 4 trading rooms within the trading floor of the Polaris Stock Exchange Tower, a 707 ft., 46 floor tower located in the Polaris City Finance District, in which the trading floors occupy Floors 3-7. The floor opens at 7:30 AM, in which traders are permitted to execute pre-market trades, and futures. The trading floor occupies 125,565 sq. feet, with two rooms, located on two consecutive floors (4-6). Like several stock exchanges, the exchange opens to an opening bell, and closes to a closing bell as well. The exchange floor possesses a central hall, in which a dais containing an opening/closing bell is located, in addition to a large electronic display board. The exchange further possesses a stringent dress code of a suit and tie, dress pants and shoes for men, or a skirt, dress pants, blouse, jacket and dress shoes for women.