New York Stock Exchange
NYSE trades, unlike those on some other more "virtual" exchanges (e.g. Nasdaq), always involve face-to-face communication in a particular physical location. There is one podium/desk on the trading floor for each of the exchange's stocks. Exchange members interested in buying and selling a particular stock on behalf of investors gather around the appropriate podium/desk, where a NYSE employee facilitates the negotiations between buyers and sellers. This buying and selling creates a good deal of hustle and bustle, which has been captured in several movies, including Wall Street.
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2 Companies traded at NYSE include 3 External links |
History
The origin of the NYSE can be traced to May 17, 1792 when the Buttonwood Agreement was signed by twenty-four stock brokers outside of 68 Wall Street in New York under a buttonwood tree. On March 8, 1817 the organization drafted a constitution and renamed itself the "New York Stock & Exchange Board". This name was shortened to its current form in 1863.
The crash of the exchange on October 24, 1929 (see Black Thursday) and the sell-off panic which started on October 29 (see Black Tuesday), precipitated the Great Depression. In an effort to try restore investor confidence, the Exchange unveiled a fifteen-point program aimed to upgrade protection for the investing public on October 31, 1938.
On October 1, 1934, the exchange was registered as a national securities exchange with the US Securities and Exchange Commission, with a president and a thirty-three member board. On February 18, 1971 the not-for-profit corporation was formed, and the number of board members was reduced to twenty-five.
The first central location of the NYSE was a room rented for $200 a month at 40 Wall Street in 1817.
The NYSE was closed from September 11 to September 14, 2001 as a result of the September 11, 2001 Terrorist Attacks.
On September 17, 2003, NYSE chairman and chief executive Richard Grasso stepped down as a result of controversy concerning the size of his deferred compensation package.
Companies traded at NYSE include
External links
