New York Stock Exchange (June 2003)
The
New York Stock Exchange (NYSE) is one of the largest
stock exchanges in the world. The NYSE is operated by the not-for-profit
corporation[?] New York Stock Exchange, Inc, with its main building located at 18 Broad Street, at the corner of
Wall Street, in
New York City,
New York,
U.S.A.
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.
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.
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 Attack.
See also: Dow Jones & Company, Dow Jones Industrial Average
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