The New York Stock Exchange (NYSE) is the second largest stock exchange in the world. It was the biggest exchange until 1996 when its trading volume was exceeded by that of NASDAQ [http://schwert.ssb.rochester.edu/f434/f434nasd.pdf (historic comparison graph)]. The NYSE is now a for-profit business now that it and the fully electronic stock exchange Archipelago merged in late April 2005. New York Stock Exchange, Inc, with its main building located at 18 Broad Street, at the corner of Wall Street, on the south side of Wall Street, in New York, New York, New York, United States ==Quick facts== NYSE is home to some 2,800 companies valued at nearly $20 trillion in global market capitalization. As of July 2004, all but two of the thirty companies in the Dow Jones Industrial Average were listed on the NYSE, the exceptions being Intel and Microsoft. ==Business== NYSE trades, unlike those on electronic exchanges (e.g. NASDAQ), always involve face-to-face communication in a particular physical location. There is one station at each post 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 post where a specialist broker, who is employed by a NYSE member firm (that is, he/she is not an employee of the New York Stock Exchange), acts as an auctioneer in an open outcry auction market environment to bring buyers and sellers together and to manage the actual auction. They do on occasion facilitate the trades by committing their own capital (approximately 10% of the time) and as a matter of course disseminate information to the crowd that helps to bring buyers and sellers together. Most of the time natural buyers and sellers meet in a market that provides price discovery in an auction environment that produces the fairest price for both parties. The human interaction and expert judgement as to order execution differentiates the NYSE from fully electronic markets. The hybrid market structure is constantly in need of improvement and has trouble keeping up with new innovations in trading technology with too many humans on the floor. The frenzied commotion of men in colored smoks has been captured in several movies, including ''Wall Street (movie)''. == 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. [[Image:NYSE opening bell.jpg|left|thumb|213px| U.S. Secretary of Commerce Donald L. Evans rings the opening bell at the NYSE on April 23, 2003. Former chairman Richard Grasso can also be seen in this picture.]] The Exchange was closed shortly after the beginning of World War I (July 1914), but it was re-opened on November 28 of that year in order to help the war effort by trading bonds. The Black Thursday crash of the Exchange on October 24, 1929 and the sell-off panic which started on Black Tuesday, October 29, precipitated the Great Depression. In an effort to try to 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 U.S. 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. Following a 554.26 point drop in the Dow Jones Industrial Average (DJIA) on October 27, 1997, officials at the Exchange for the first time invoked the "circuit breaker" rule to stop trading. This was a very controversial move and prompted a quick change in the rule; trading now halts for an hour, two hours, or the rest of the day when the DJIA drops 10, 20, or 30 percent, respectively. In the afternoon, the 10 and 20% drops will halt trading for a shorter period of time, but a 30% drop will always close the exchange for the day. The rationale behind the trading halt was to give investors a chance to cool off and reevaluate their positions. 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 until September 17, 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. He was replaced as CEO by John Thain, the former President of Goldman Sachs Group Inc. On April 21, 2005, the NYSE announced its plans to acquire Archipelago, in a deal that brought the NYSE public. ==Levels== *Listed companies 2,758 ([http://www.nyse.com/Frameset.html?displayPage=/marketinfo/1022221393893.html]) *Market cap $19.7 trillion ([http://www.nyse.com/Frameset.html?displayPage=/marketinfo/1022963613722.html]) *Members 1,366 ([http://www.nyse.com/about/members/1089312755132.html]) == Related articles == * Stock exchange * List of stock exchanges * NASDAQ * American Stock Exchange (AMEX) * American Stock Markets * Stock index * Dow Jones & Company * Dow Jones Industrial Average == External links == *[http://www.nyse.com New York Stock Exchange website] ===Articles=== *[http://biz.yahoo.com/ap/050421/nyse_archipelago.html?.v=6 NYSE to Merge With Electronic Rival Archipelago, Transform Itself Into For-Profit Enterprise] *[http://www.post-gazette.com/pg/05122/496749.stm All Business: The conflicted roles in NYSE merger] New York City landmarks Manhattan Stock exchanges
Leading sentence in para 2: "NYSE trades, unlike those on some other more "virtual" exchanges (e.g. NASDAQ), always involve face-to-face communication in a particular physical location." NASDAQ is not a 'virtual' exchange, it is a real exchange with read bid and read ask prices. This sentence implies some mock superiority to me. Those that trade on the NYSE do not necessarily do it face-to-face, the technical function of the market isn't necessary toexplain what the market is - perhaps a statement saying the market is technically implemented through a 'specialist', rather than a 'market maker' (like NASDAQ, LSE, etc). Happy to draft a link to 'specialist' v. 'market maker' page (have not found any such article on Wikipedia)... Investopedia explains the difference here (http://www.investopedia.com/university/electronictrading/trading1.asp) ''An event mentioned in this article is a MediaWiki:May 17 selected anniversaries'' ---- :The Dow Jones Industrial Average (DJIA) is the oldest stock price measure in use and is what the NYSE is best known for. Removed. What what sense is the DJIA what "NYSE is best known for"? If this claim has any validity, someone absolutely must explain how it is connected to NYSE. --User:Ryguasu 08:51 Dec 26, 2002 (UTC) ---- It'd be great if someone could explain how people/companies become an "exchange member", what their rights/responsabilities are, and how the trades they make on the floor translate back to how an individual person's trades through a broker translate into action on the trading floor. I don't know enough about it to explain this myself. --User:Ryguasu 19:10 Dec 26, 2002 (UTC) :I can't put this encyclopediacally, but: *There are a couple hundred seats, that are traded just like stocks. You got a spare US$1,500,000 or so and one could be yours, so you can trade NYSE-listed companies with the big boys (and one or two girls). **When I tell my broker to buy me Hasbro, he tells the brokerage's person at NYSE, and he hies himself to the Hasbro specialist broker's booth and buys shares of Hasbro for (he hopes) less than I want to pay for it. *As for a company being listed, I don't think there's a quota, but the company has to meet certain standards of solvency and stability. :This is all off the top of my head, and it's not really my field. [http://www.nyse.com The NYSE Web site] may have more info. --User:Calieber 20:57, Nov 16, 2003 (UTC) ---- Removed: "This is the longest number of consecutive business days the exchange has ever been closed in its two-century history." after Sept 11. According to the NYSE's own website, the stock exchange was closed for 10 days in 1873, among others. User:Djmutex 21:11 2 Jul 2003 (UTC) ---- Since a comprehensive list of companies listed on the NYSE takes up about a dozen columns of tiny print in the ''New York Times'', is it meaningful, useful, or necessary to name a handful here? --User:Calieber 20:57, Nov 16, 2003 (UTC) : I agree, especially as some of the examples seemed to be picked a bit randomly. I've removed them, but added a reference to the DJIA nearer the top that people can link to if they want examples of NYSE listings. Also tried to address Ryguasu's point above about the link between the Dow and the NYSE being tenuous -- the Dow is supposed to be the list of the 30 biggest listed companies in the US, and while almost every big blue-chip company lists on the NYSE they will always be very much associated with each other. User:Bencohen 10:03, 18 Jul 2004 (UTC) == NYSE Controversy == I'm thinking of adding something to this page about the recent criticisms people have been making of the NYSE. The main things I am thinking of are: * the specialist's conflict of interest between maintaining an orderly market and making a profit out of it, including the recent SEC settlement with six big specialist firms * the NYSE's resistance to electronic trading, and Arca and Instinet's claim that the trade-through rule helps maintain the NYSE's monopoly * bit more on Dick Grasso and the compensation committee, plus the board's dual role as regulator and maintainer of a profitable organisation. Oviously a lot of work needs to go into making sure it remains NPOV by giving the NYSE's arguments against all of these criticisms. What I'm not sure about is whether to have a separate section about it recent controversies, or to extend the article as a whole and then drop in the issues where appropriate (e.g. explain who the specialist is and what they do, then bring in the conflict). Possibly blending it in would suggest a more NPOV than a separate section, but then again they are pretty big issues and their resolution could end up changing the way the securities industry operates dramatically. Any thoughts? User:Bencohen 10:19, 18 Jul 2004 (UTC) == Flag == If someone can add notes about when the ginormous flag first appeared, that would be great. I don't remember ever seeing it in TV footage until after September 11, but it might have been used for a special event or something (4th of July, for instance). From what I can tell, it's not usually there today except for special occasions, but I'm halfway across the continent and it's not exactly on my drive to work (even if I ''had'' a job ;-)... User:Mulad —User:Mulad User talk:Mulad 06:02, Mar 2, 2005 (UTC) == Opening and closing bell == Something should be mentioned about what time the NYSE usually opens and closes. --User:AllyUnion User talk:AllyUnion 07:01, 10 Jun 2005 (UTC)
#REDIRECT New York Stock Exchange
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Words begining with New_York_Stock_Exchange:
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New_York_Stock_Exchange
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New York Stock Exchange
The New York Stock Exchange (NYSE) is the second largest stock exchange in the world. It was the biggest exchange until 1996 when its trading volume was exceeded by that of NASDAQ [http://schwert.ssb.rochester.edu/f434/f434nasd.pdf (historic comparison graph)]. The NYSE is now a for-profit business now that it and the fully electronic stock exchange Archipelago merged in late April 2005. New York Stock Exchange, Inc, with its main building located at 18 Broad Street, at the corner of Wall Street, on the south side of Wall Street, in New York, New York, New York, United States ==Quick facts== NYSE is home to some 2,800 companies valued at nearly $20 trillion in global market capitalization. As of July 2004, all but two of the thirty companies in the Dow Jones Industrial Average were listed on the NYSE, the exceptions being Intel and Microsoft. ==Business== NYSE trades, unlike those on electronic exchanges (e.g. NASDAQ), always involve face-to-face communication in a particular physical location. There is one station at each post 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 post where a specialist broker, who is employed by a NYSE member firm (that is, he/she is not an employee of the New York Stock Exchange), acts as an auctioneer in an open outcry auction market environment to bring buyers and sellers together and to manage the actual auction. They do on occasion facilitate the trades by committing their own capital (approximately 10% of the time) and as a matter of course disseminate information to the crowd that helps to bring buyers and sellers together. Most of the time natural buyers and sellers meet in a market that provides price discovery in an auction environment that produces the fairest price for both parties. The human interaction and expert judgement as to order execution differentiates the NYSE from fully electronic markets. The hybrid market structure is constantly in need of improvement and has trouble keeping up with new innovations in trading technology with too many humans on the floor. The frenzied commotion of men in colored smoks has been captured in several movies, including ''Wall Street (movie)''. == 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. [[Image:NYSE opening bell.jpg|left|thumb|213px| U.S. Secretary of Commerce Donald L. Evans rings the opening bell at the NYSE on April 23, 2003. Former chairman Richard Grasso can also be seen in this picture.]] The Exchange was closed shortly after the beginning of World War I (July 1914), but it was re-opened on November 28 of that year in order to help the war effort by trading bonds. The Black Thursday crash of the Exchange on October 24, 1929 and the sell-off panic which started on Black Tuesday, October 29, precipitated the Great Depression. In an effort to try to 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 U.S. 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. Following a 554.26 point drop in the Dow Jones Industrial Average (DJIA) on October 27, 1997, officials at the Exchange for the first time invoked the "circuit breaker" rule to stop trading. This was a very controversial move and prompted a quick change in the rule; trading now halts for an hour, two hours, or the rest of the day when the DJIA drops 10, 20, or 30 percent, respectively. In the afternoon, the 10 and 20% drops will halt trading for a shorter period of time, but a 30% drop will always close the exchange for the day. The rationale behind the trading halt was to give investors a chance to cool off and reevaluate their positions. 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 until September 17, 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. He was replaced as CEO by John Thain, the former President of Goldman Sachs Group Inc. On April 21, 2005, the NYSE announced its plans to acquire Archipelago, in a deal that brought the NYSE public. ==Levels== *Listed companies 2,758 ([http://www.nyse.com/Frameset.html?displayPage=/marketinfo/1022221393893.html]) *Market cap $19.7 trillion ([http://www.nyse.com/Frameset.html?displayPage=/marketinfo/1022963613722.html]) *Members 1,366 ([http://www.nyse.com/about/members/1089312755132.html]) == Related articles == * Stock exchange * List of stock exchanges * NASDAQ * American Stock Exchange (AMEX) * American Stock Markets * Stock index * Dow Jones & Company * Dow Jones Industrial Average == External links == *[http://www.nyse.com New York Stock Exchange website] ===Articles=== *[http://biz.yahoo.com/ap/050421/nyse_archipelago.html?.v=6 NYSE to Merge With Electronic Rival Archipelago, Transform Itself Into For-Profit Enterprise] *[http://www.post-gazette.com/pg/05122/496749.stm All Business: The conflicted roles in NYSE merger] New York City landmarks Manhattan Stock exchanges
New York Stock Exchange
Leading sentence in para 2: "NYSE trades, unlike those on some other more "virtual" exchanges (e.g. NASDAQ), always involve face-to-face communication in a particular physical location." NASDAQ is not a 'virtual' exchange, it is a real exchange with read bid and read ask prices. This sentence implies some mock superiority to me. Those that trade on the NYSE do not necessarily do it face-to-face, the technical function of the market isn't necessary toexplain what the market is - perhaps a statement saying the market is technically implemented through a 'specialist', rather than a 'market maker' (like NASDAQ, LSE, etc). Happy to draft a link to 'specialist' v. 'market maker' page (have not found any such article on Wikipedia)... Investopedia explains the difference here (http://www.investopedia.com/university/electronictrading/trading1.asp) ''An event mentioned in this article is a MediaWiki:May 17 selected anniversaries'' ---- :The Dow Jones Industrial Average (DJIA) is the oldest stock price measure in use and is what the NYSE is best known for. Removed. What what sense is the DJIA what "NYSE is best known for"? If this claim has any validity, someone absolutely must explain how it is connected to NYSE. --User:Ryguasu 08:51 Dec 26, 2002 (UTC) ---- It'd be great if someone could explain how people/companies become an "exchange member", what their rights/responsabilities are, and how the trades they make on the floor translate back to how an individual person's trades through a broker translate into action on the trading floor. I don't know enough about it to explain this myself. --User:Ryguasu 19:10 Dec 26, 2002 (UTC) :I can't put this encyclopediacally, but: *There are a couple hundred seats, that are traded just like stocks. You got a spare US$1,500,000 or so and one could be yours, so you can trade NYSE-listed companies with the big boys (and one or two girls). **When I tell my broker to buy me Hasbro, he tells the brokerage's person at NYSE, and he hies himself to the Hasbro specialist broker's booth and buys shares of Hasbro for (he hopes) less than I want to pay for it. *As for a company being listed, I don't think there's a quota, but the company has to meet certain standards of solvency and stability. :This is all off the top of my head, and it's not really my field. [http://www.nyse.com The NYSE Web site] may have more info. --User:Calieber 20:57, Nov 16, 2003 (UTC) ---- Removed: "This is the longest number of consecutive business days the exchange has ever been closed in its two-century history." after Sept 11. According to the NYSE's own website, the stock exchange was closed for 10 days in 1873, among others. User:Djmutex 21:11 2 Jul 2003 (UTC) ---- Since a comprehensive list of companies listed on the NYSE takes up about a dozen columns of tiny print in the ''New York Times'', is it meaningful, useful, or necessary to name a handful here? --User:Calieber 20:57, Nov 16, 2003 (UTC) : I agree, especially as some of the examples seemed to be picked a bit randomly. I've removed them, but added a reference to the DJIA nearer the top that people can link to if they want examples of NYSE listings. Also tried to address Ryguasu's point above about the link between the Dow and the NYSE being tenuous -- the Dow is supposed to be the list of the 30 biggest listed companies in the US, and while almost every big blue-chip company lists on the NYSE they will always be very much associated with each other. User:Bencohen 10:03, 18 Jul 2004 (UTC) == NYSE Controversy == I'm thinking of adding something to this page about the recent criticisms people have been making of the NYSE. The main things I am thinking of are: * the specialist's conflict of interest between maintaining an orderly market and making a profit out of it, including the recent SEC settlement with six big specialist firms * the NYSE's resistance to electronic trading, and Arca and Instinet's claim that the trade-through rule helps maintain the NYSE's monopoly * bit more on Dick Grasso and the compensation committee, plus the board's dual role as regulator and maintainer of a profitable organisation. Oviously a lot of work needs to go into making sure it remains NPOV by giving the NYSE's arguments against all of these criticisms. What I'm not sure about is whether to have a separate section about it recent controversies, or to extend the article as a whole and then drop in the issues where appropriate (e.g. explain who the specialist is and what they do, then bring in the conflict). Possibly blending it in would suggest a more NPOV than a separate section, but then again they are pretty big issues and their resolution could end up changing the way the securities industry operates dramatically. Any thoughts? User:Bencohen 10:19, 18 Jul 2004 (UTC) == Flag == If someone can add notes about when the ginormous flag first appeared, that would be great. I don't remember ever seeing it in TV footage until after September 11, but it might have been used for a special event or something (4th of July, for instance). From what I can tell, it's not usually there today except for special occasions, but I'm halfway across the continent and it's not exactly on my drive to work (even if I ''had'' a job ;-)... User:Mulad —User:Mulad User talk:Mulad 06:02, Mar 2, 2005 (UTC) == Opening and closing bell == Something should be mentioned about what time the NYSE usually opens and closes. --User:AllyUnion User talk:AllyUnion 07:01, 10 Jun 2005 (UTC)
New York stock exchange
#REDIRECT New York Stock Exchange
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