The Arizona Stock Exchanged was closed in October 2001, primarily due to a lack of volume.
Founded by Steve Wunsch in 1990 as Wunsch Auction Systems, the Arizona Stock Exchange (AZX) is an electronically enabled stock exchange. Its main function is that of carrying out eTrading after stock market house. Just two years after it was founded, the company headquarters were moved to Phoenix, Arizona and Wunsch Auction Systems was recast as the Arizona Stock Exchange. Those making use of this facility can conduct screen based trades from the comfort of their own home through their own Internet connection. However, use of this service was restricted to institutionally users only. Since it was operated under a de minimus exemption, it did not have to be registered or regulated as a stock exchange normally would.
The whole idea behind the AZX was that of allowing buyers and sellers of equities to trade directly with each other. This would mean that there would be no need for intermediation by a broker or dealer. In facilitating such direct trade, the AZX reduced costs and made price more stable and more fair. Unfortunately the concepts behind the AZX were a bit ahead of their time and other, better established and more successful electronic communication networks achieved better success in this regard in later years. The AZX closed down in 2001 due to lack of volume. Fortunately the state of Arizona has not suffered much from this loss.
Many known Arizona as a place of sand and cacti. While the state definitely dies enjoy a dessert landscape, it is not parched financially. The gross state product for 2004 was $187 billion and the state is currently listed as having the 21st largest economy in the United States. At one point in the state’s history, Arizona was the largest producer of cotton in the country. It also relies on copper mining, cattle ranching, citrus farming and tourism for economic growth. Each of these industries are still very much in force and are contributing to the states economy on a fairly large scale. The majority of people are employed by the state government though Wal-Mart is the state’s largest private employer.
