world's biggest stock exchange

New York Stock Exchange (NYSE), one of the world’s largest marketplaces for securities and other exchange-traded investments. The exchange evolved from a meeting of 24 stockbrokers under a buttonwood tree in 1792 on what is now Wall Street in New York City. It was formally constituted as the New York Stock and Exchange Board in 1817. The present name was adopted in 1863. For most of the NYSE’s history, ownership of the exchange was controlled by members—limited (since 1953) to 1,366—and the only means of obtaining a membership was by purchasing (since 1868) a seat from an existing member.

New York Stock Exchange

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Date: 1817 - present

Related People: Carl Icahn

Greater commercial activity in the United States after the War of 1812 and speculation in railroad stocks in the 1830s increased demand for capital and stimulated trading at the exchange. After the Civil War (1861–65), the exchange provided the capital for the accelerating industrialization of the United States.

After the panic of 1837, when many investors suffered heavy losses, the exchange began to demand that companies disclose to the public information about their finances as a condition of offering stock. The stock market crash of 1929, which signaled the start of the Great Depression, led to investigation by the federal government and regulation by the Securities and Exchange Commission (SEC).

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A corporation must meet defined requirements in order to be listed on the NYSE, and it must meet continued listing criteria to maintain its place there. Corporate governance standards that require the listed company boards to have a majority of independent (nonemployee) directors were introduced in 2003; audit, compensation, and nomination committees must be composed entirely of independent directors. A shift from fractional to decimal pricing occurred in 2001.

The ownership structure of the NYSE changed in 2006, when it merged with Archipelago Holdings to form the NYSE Group, Inc., a publicly held company. In anticipation of that change, the last seats on the exchange were sold in December 2005 (some selling for as much as $4 million). All seat holders became shareholders of the NYSE Group. A merger with Euronext N.V., a group of European securities exchanges, created the holding company NYSE Euronext in 2007. In 2008 NYSE Euronext acquired the American Stock Exchange (subsequently renamed NYSE Amex Equities). Four years later NYSE Euronext was acquired by Intercontinental Exchange, an electronic trader of energy commodities, which sold Euronext but retained ownership of the NYSE. In 2017 the NYSE acquired the National Stock Exchange, based in the U.S. state of New Jersey.

 

By the 1980s the record business in New York City was cocooned in the major labels’ midtown Manhattan skyscraper offices, where receptionists were instructed to refuse tapes from artists who did not already have industry connections via a lawyer, a manager, or an accountant. Small labels such as Tommy Boy, Profile, and Def Jam set up offices in more accessible locations, and through their doors walked an army of rappers accompanied by “posses” of friends, bodyguards, and producers.

 

stock exchange, also called stock market or in continental Europe bourse, organized market for the sale and purchase of securities such as shares, stocks, and bonds.

Related Topics: ticker bear market bull market insider trading secondary distribution

In most countries the stock exchange has two important functions. As a ready market for securities, it ensures their liquidity and thus encourages people to channel savings into corporate investment. As a pricing mechanism, it allocates capital among firms by determining prices that reflect the true investment value of a company’s stock. (Ideally, this price represents the present value of the stream of expected income per share.)

…a corporate venture are given stock, representing their ownership interest in the enterprise. The holder...

Membership requirements of stock exchanges vary among countries, mainly with respect to the number of members, the degree of bank participation, the rigour of the eligibility requirements, and the level of government involvement. Trading is done in various ways: it may occur on a continuous auction basis, involve brokers buying from and selling to dealers in certain types of stock, or be conducted through specialists in a particular stock.

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Technological developments have greatly influenced the nature of trading. By the 21st century, increased access to the Internet and the proliferation of electronic communications networks (ECNs) had allowed electronic trading, or e-trading, to alter the investment world. These computerized ECNs made it possible to match the orders of buyers and sellers of securities without the intervention of specialists or market makers. In a traditional full-service or discount brokerage, a customer places an order with a broker member of a stock exchange, who in turn passes it on to a specialist on the floor of the exchange who actually concludes the transaction.

Bombay Stock Exchange

Bombay Stock Exchange

Bombay Stock Exchange.

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The traditional specialist makes a market for a stock on the exchange by matching buy and sell orders in his exclusive “book” and establishing a price for the trade. In the over-the-counter market, market makers establish prices by setting “bid” and “asked” spreads with a commitment to complete trades in a given security. In e-trading the customer enters an order directly online, and specialized software automatically matches orders to achieve the best price available. In effect, the ECN is a stock exchange for off-the-floor trading. As a result, the operations of some stock exchanges, such as NASDAQ, need not be centralized in one location but can be coordinated electronically from a number of locations.

The Editors of Encyclopaedia Britannica

 

Wall Street, street, in the southern section of the borough of Manhattan in New York City, which has been the location of some of the chief financial institutions of the United States. The street is narrow and short and extends only about seven blocks from Broadway to the East River. It was named for an earthen wall built by Dutch settlers in 1653 to repel an expected English invasion. Even before the American Civil War the street was recognized as the financial capital of the nation. The Wall Street district, commonly called the Financial District, contains the New York Stock Exchange, NYSE Amex Equities, and the Federal Reserve Bank of New York. The headquarters of many investment banks, government and municipal securities dealers, trust companies, utilities, insurance companies, and brokerage firms have also been located in the district.

Wall Street: New York Stock Exchange

Wall Street: New York Stock Exchange

The New York Stock Exchange (right) on Wall Street, New York City.

Urban

Wall Street is a worldwide symbol of high finance and investment and, as such, has entered modern mythology. To 19th-century Populists, Wall Street was a symbol of the rapacious robber barons.