San Francisco Curb Exchange
The San Francisco Curb Exchange was a short-lived San Francisco securities market established in 1928 for trading securities that did not meet the listing arrangements of the city's principal stock exchange.
Last updated August 25, 2026
AI crawler reads
No AI crawler has read this profile since Oct 28, 2026.
Overview
The San Francisco Curb Exchange was a historical securities market in San Francisco, California, created during a late-1920s reorganization of the city's exchange system. It emerged from negotiations between the San Francisco Stock and Bond Exchange and the San Francisco Stock Exchange, mining, over how the city's securities business should be divided between a formal listed market and a separate curb market for securities that were not admitted to the main listing board. The restructuring discussions were under way by April 1927. The proposed arrangement envisioned the San Francisco Stock and Bond Exchange becoming a primarily listed market, while the mining-oriented exchange would be reorganized as a curb exchange. The parties also discussed names and ownership of the “San Francisco Stock Exchange” designation in order to avoid confusion between the reorganized institutions. Under the contemplated rules, companies whose securities were on the unlisted board of the San Francisco Stock and Bond Exchange would receive a limited period to satisfy listing requirements. Securities that did not qualify could be transferred to the new curb board, where issuers would receive an additional probationary period to meet the less formal curb-market requirements. Those requirements were described as being broadly comparable to those of the New York Curb Market. In December 1927, the Stock and Bond Exchange approved the reorganization and division of business. Reports at the time indicated that the new San Francisco Curb Exchange would begin operating shortly after the start of 1928 and would become the third securities market in the city. It commenced activities on January 2, 1928. The exchange took over the former San Francisco Mining Exchange premises at 350 Bush Street, including the building's established trading facilities. Its initial business consisted of unlisted securities formerly handled on the San Francisco Stock and Bond Exchange. The institutional arrangement also gave members of the San Francisco Stock and Bond Exchange memberships in both the reorganized Stock Exchange and the new curb exchange. The Curb Exchange was authorized to have 100 charter members, with 67 coming from the Stock and Bond Exchange and the remaining memberships available for sale. The exchange did not remain independent for a long period. In 1938, it left the Bush Street premises and was absorbed by the San Francisco Stock Exchange. The absorption ended the San Francisco Curb Exchange as a separate market and made it part of the broader consolidation of San Francisco's historical securities institutions. The exchange's former building later acquired a separate preservation history. After the premises stood empty from 1979, a redevelopment project opened a new 19-story office building behind the retained historic front facade in August 2018. The original structure behind the facade was demolished, while a reconstruction of the former trading hall was incorporated into the development. Visitors pass through that reconstructed space to reach the office tower. This later architectural reuse preserves a physical reminder of the exchange even though the institution itself has been defunct since its absorption in 1938.
History
The San Francisco Curb Exchange was established as part of a reorganization of San Francisco's securities markets in the late 1920s. By April 1927, the San Francisco Stock and Bond Exchange and the San Francisco Stock Exchange, mining, were negotiating an arrangement under which one institution would operate primarily as a listed market and the other would function as a curb exchange. The negotiations addressed both institutional responsibilities and the use of exchange names. The parties sought to prevent confusion between the reorganized markets and discussed transferring control of the “San Francisco Stock Exchange” name to the Stock and Bond Exchange. The proposed business division created a distinction between securities that met formal listing standards and those that did not. Companies whose securities were traded on the unlisted board of the San Francisco Stock and Bond Exchange would be given a period to satisfy listing requirements. Securities that failed to qualify could instead be transferred to the new curb board, where they would have another probationary period under requirements expected to be broadly similar to those of the New York Curb Market. The arrangement reflected the role traditionally associated with curb markets: providing a venue for securities outside the main exchange's formal listing structure. In December 1927, the Stock and Bond Exchange voted to reorganize and divide its business. Contemporary reports described the new San Francisco Curb Exchange as a forthcoming third securities market in the city. Operations began on January 2, 1928. The exchange occupied the former San Francisco Mining Exchange building at 350 Bush Street and used the established facilities there. Its opening business consisted of unlisted securities previously handled by the San Francisco Stock and Bond Exchange. Membership was also structured through the reorganization. Members of the San Francisco Stock and Bond Exchange received memberships in both the new Stock Exchange and the Curb Exchange. The curb market was authorized to have 100 charter members. Sixty-seven were drawn from the Stock and Bond Exchange, while the balance were made available for sale. This arrangement connected the new institution closely to the existing exchange community rather than creating it as an entirely separate market from the beginning. The exchange's independent life was relatively brief. In 1938, it left the 350 Bush Street premises and was absorbed by the San Francisco Stock Exchange. That transaction ended the San Francisco Curb Exchange as a distinct institution. Its history forms part of the development and consolidation of regional securities markets in the United States, particularly the evolution of separate listed, mining, and curb-market venues in the same metropolitan financial center. The former exchange building survived in altered form as a historic architectural reference. It stood vacant after 1979. In 2018, a new 19-story office tower opened behind the retained front facade, which was preserved to meet historic-conservation requirements. The structure behind the facade was removed, and a reconstruction of the old trading hall was created as part of the redevelopment. Although the exchange no longer operates, the preserved facade and reconstructed hall maintain a physical connection with its former location and role in San Francisco's financial history.
- 2018
Historic facade reused in office development
[1]A 19-story office building opened behind the preserved front facade, with a reconstructed trading hall incorporated into the project.
- 1979
Former building becomes vacant
[1]The former Curb Exchange building was reported as standing empty from this period.
- 1938
Absorption by the San Francisco Stock Exchange
[1]The Curb Exchange left its Bush Street premises and was absorbed by the San Francisco Stock Exchange.
- 1928
Operations commence at 350 Bush Street
[1]The Curb Exchange began operations on January 2 in the former San Francisco Mining Exchange building.
- 1927
Reorganization negotiations begin
[1]The San Francisco Stock and Bond Exchange and the San Francisco Stock Exchange, mining, negotiated a division between a formal listed market and a new curb market.
- 1927
Creation of the new curb market approved
[1]In December, the Stock and Bond Exchange voted for the reorganization that produced the San Francisco Curb Exchange.
Products and positioning
A regional curb market positioned between a formal listed stock exchange and less formal over-the-counter dealing, with a role in handling securities that had not met the principal exchange's listing requirements.
Securities-market service · 1928
Unlisted securities trading
The exchange's principal function was to provide a market for securities that had previously appeared on the unlisted board of the San Francisco Stock and Bond Exchange or that did not satisfy the principal exchange's listing requirements. Issuers could use the curb board as an alternative venue and were described as receiving an additional period in which to meet the exchange's requirements.
Stock-exchange trading · 1928
Regional curb-market trading
The San Francisco Curb Exchange operated as a regional curb market rather than as the city's primary formal listed exchange. Its expected standards were described as substantially comparable to those of the New York Curb Market, while its business was tied to San Francisco issuers, brokers, and securities institutions.
Brand decisions
1938
Absorption into the San Francisco Stock ExchangeM&ABackground
The independent curb-market arrangement did not continue beyond the 1930s.
Action taken
The San Francisco Curb Exchange was absorbed by the San Francisco Stock Exchange.
Aftermath
The Curb Exchange ceased to exist as a separate exchange and left its former Bush Street premises.
1927
Divide listed and curb-market businessStrategyBackground
San Francisco's securities institutions sought to clarify the relationship between the formal listed market, the mining-oriented exchange, and securities on the unlisted board.
Action taken
The parties approved a reorganization under which a new San Francisco Curb Exchange would handle qualifying unlisted securities and operate separately from the principal listed market.
Aftermath
The Curb Exchange began operating in January 1928 as a third securities market in San Francisco.
Recent events
- 2018
Historic Curb Exchange facade incorporated into office redevelopment[1]
Other
A 19-story office development opened behind the retained facade of the former Curb Exchange building. The project also included a reconstruction of the historic trading hall.
- 1938
San Francisco Curb Exchange absorbed by the San Francisco Stock Exchange[1]
M&A · Other
The curb exchange left its Bush Street building and was absorbed by the San Francisco Stock Exchange, ending its existence as an independent exchange.
- 1928
San Francisco Curb Exchange begins operations[1]
Product launch · Other
The new exchange began activity on January 2, 1928, using the former Mining Exchange premises at 350 Bush Street and handling securities previously traded on the unlisted board of the San Francisco Stock and Bond Exchange.
- 1927
Reorganization planned for a new San Francisco curb market[1]
Other
The San Francisco Stock and Bond Exchange and the San Francisco Stock Exchange, mining, pursued an agreement to divide listed and unlisted securities business and establish a new curb exchange.
Sources1 sources
Cite this profile: Cite the canonical profile. /brand-wiki/san-francisco-curb-exchange · Editorial policy · How profiles are compiled