National Stock Exchange, the first all-electronic stock exchange in the United States, provides exchange services and serves as a recognized alternative to the primary markets. It developed the National Securities Trading System, which automatically performs all functions of an auction market. In 2003, the NSE changed its name from the Cincinnati Stock Exchange to the National Stock Exchange to more accurately reflect its position within the United States securities industry. The NSE was founded in 1885 and is located in the financial district of Chicago. It is the third largest stock market in the United States.