Peter Tuchman explains and demonstrates how trading works on the NYSE (New York Stock Exchange). He also has some valuable suggestions for would be …
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This timeline for the New York Stock Exchange highlights key events and policies from over more than three centuries of stock exchange history. Filled with fluid, dynamic movement and synchronized “ticker” animations, the Timeline Wall has been installed, at colossal scale, in the Exchange’s Manhattan headquarters, looping the animations through a vivid palette as part of the main entryway.
In our top story Nicole takes us on a tour of the New York Stock Exchange. The NYSE was founded in 1792 and today billions of dollars exchange hands there …
One belongs to New York instantly, one belongs to it as much in five minutes as in five years.
– Thomas Wolfe (1900-1938), American short story writer and novelist.
New York has often been described as the center of world business, and if it be so, theres no questioning what is its throbbing heart – the New York Stock Exchange (NYSE). For some time now, no company can be said to have truly arrived until it was listed on the NYSE. Here then, is a short history of the NYSEs long and illustrious career as the barometer of the nations, indeed the worlds, financial health.
The history of the NYSE can be said to have begun in 1792, when twenty-four prominent brokers and merchants gather on Wall Street to sign the Buttonwood Agreement, agreeing to trade securities on a achievement basis. At that time, Bank of New York became the first company to be listed on the New York Stock & Exchange Board.
The first base of operations was at 40 Wall Street in a rented room, which was eventually destroyed in the Great Fire of New York in 1835. In 1863, the name New York Stock Exchange was adopted, and in 1865, it moved to 10-12 Broad Street. As trading multiplied over the next four decades, a larger building was required, and finally inaugurated on on April 22, 1903.
Over the next few decades, the Garage, the Blue Room, the Extended Blue Room and the Bond Room were added. As electronic trading gained popularity, the NYSE decided to close down many of the rooms that had been added by earlier expansions.
Currently, the NYSE is operated by NYSE Euronext, which was formed by the NYSE’s 2007 merger with the fully electronic stock exchange Euronext. This merger brought together major marketplaces across Europe and the United States with histories stretching back more than four centuries. The combination was by far the largest of its kind and the first to create a truly global marketplace.
Even as the NYSE developed into the marketplace of the world, it wasnt all smooth sailing. One of the first shocks occurred when President Abraham Lincoln was assassinated in 1865, leading to the exchange being closed for around a week. Then, in 1920, a bomb exploded outside the NYSE, killing 33 people and injuring more than 400. The scorch marks are still visible on the building.
October 24, 1929 marked the Black Thursday crash at the NYSE, leading to the the sell-off panic which started on Black Tuesday, October 29 and often considered the initiator of the Great Depression. On October 19, 1987, also known as Black Monday, the benchmark index (Dow Jones Industrial Average) dropped 508 points, a 22.6% loss in a single day.
There was also the Mini-Crash of 1989 on October 13, 1989 when a UAL deal went bust, causing the Dow to fall 190.58 points, or 6.91%. The Asian Financial Crisis led to a 7.18% drop in value (554.26 points) on October 27, 1997. There was a sudden 998 point drop on May 6, 2010 but the markets rebounded immediately.
In spite of these hiccups, the NYSE has progressed on its way as the predominant stock exchange in the world with the market capitalization of its listed companies at totaling $ 11.92 trillion as of Aug 2010.
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Wall Street is the office of New York Stock Exchange and known as the financial market in US. It is situated in the lower area in Midtown Manhattan, New York. For many years, this building remained headquarter of many financial institutions are brokers but many of them moved to their own office in other states.
The name of Wall Street was taken from the Wall that serves as boundary for the Dutch settlement in Manhattan in the 1600s. Wall Street enjoyed a peak time during 1800s to 1900s but after the 9/11 (September 2001) attacks, many of the financial institutes and brokerage houses moved to other parts of the city. Locals know Wall Street as the “House of Morgan” because the largest bank in Wall Street belongs to the JP Morgan.
New York Stock Exchange
With capital around $ 20 trillion dollars, NY Stock Exchange is the world’s biggest stock exchange market. In 1792, 24 brokers and bankers who signed an agreement named as Buttonwood Agreement suggested New York Stock Exchange. It is named on a buttonwood tree that is located near Wall Street. The agreement consisted of buy and sell systems of the stock exchange company which later became the New York Stock Exchange.
The plan to acquire Archipelago was declared on 21st April 2005. The purpose of this acquisition was to make NYSE a public trading company. NYSE changed its name to NYSE Group on March 8, 2006. The group joined European combined stock market (Euronext) after one year. So, the name of NYSE again changed from NYSE Group to NYSE Euronext. The Chief Executive Officer (CEO) of New York Stock Exchange is Marsh Carter.
Visiting Wall Street and the NYSE
Though visitors are not allowed to enter the NYSE trade ground, they can explore the exteriors of the building and the facilities available. The inexpensive way of accessing the NYSE is through bus and subway but you can also take a taxi if in hurry. The rule –not to enter the NYSE trade ground- was decreed after the 9/11 attack.
The Federal Hall National Memorial, which is located in the financial district, is the first capital of US and also President George Washington held the inauguration ceremony here. You will also come across South Street Seaport located at the end of Wall Street. It is a great place for shopping and dining.
Wall Street and NYSE is one of the “do-visit” places in New York and if you are planning to spend some days in NY, you should visit there too. There are more than 3000 companies listed at NYSE. Ranked in top 10 most visited places in New York, NYSE has a visitor-base of over seven hundred thousand people every year. Guided tours are also available for visitors. To know more about the guided tours, please contact NYSE Information Cell.
You might also want to learn about Visit New York United Nations Headquarters and Visit New York Wall Street & Stock Exchange
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10. Deutsche Börse – .71 trillion
The powerful German economy and its firms are largely influenced by what goes on at the Frankfurt stock exchange.
9. Shenzhen Stock Exchange – .91 trillion
The rise of the Chinese economy has allowed the Shanghai-based exchange to penetrate the top ten.
8. TMX Group – .20 trillion
Trading the best Canada has to offer, the Toronto-based TMX Group operates the country’s most important stock exchanges.
7. Shanghai Stock Exchange – .86 trillion
The second Chinese stock market is also located in Shanghai, but is far larger than its counterpart.
6. Hong Kong Stock Exchange – .14 trillion
As one of the largest global trade centers, Hong Kong’s financial growth has been absolutely stunning and continues on the same trajectory.
5. London Stock Exchange Group – .39 trillion
Despite being one of the most important financial centers throughout history, the city is no longer as powerful as it once was.
4. Euronext – .50 trillion
Commanding the economies of the Netherlands, France, Belgium, and Portugal, this exchange not only has several members, but also several headquarters.
3. Japan Exchange Group – .48 trillion
Trading shares of some of the most advanced corporations in the world, the Tokyo-based stock exchange has grown to become one of the world’s biggest.
2. NASDAQ – .68 trillion
The second largest stock exchange in the world is the NASDAQ, located in New York and trading, among others, very lucrative technology stocks.
1. New York Stock Exchange – .77 trillion
By far the most important financial trading grounds in the world today, the New York Stock Exchange is home to some the biggest and most powerful corporations from the United States.
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This video will show you the top 3 mistakes that a newbie in the Philippine stock market makes so you can avoid it. This will also tell you when to buy stocks. I hope this will be very educational for you people who are planning to start investing in stocks.
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Stock exchanges are a part of daily life. Not a day passes without us being bombarded by a constant stream of information on various stock exchanges across the world. While the presence of various stock exchanges for different countries is understandable, multiple stock exchanges within the same country does cause some confusion.
To know the reason behind the existence of multiple stock exchanges like the New York Stock Exchange (NYSE) and the Chicago Stock Exchange (CHX) within the same country, let’s look at the definition of a stock exchange – “an entity that provides “trading” facilities for stock brokers and traders, to trade stocks, bonds, and other securities.”
thus, it is clear that different stock exchanges service different clients. Although this no longer holds true with the advent of online trading, for a long time this was the main reason behind having various stock exchanges. With Chicago and New York being the industrial powerhouses they are, most companies had been based out of these two cities over the last few decades, and it made sense to list their stocks in the local exchanges.
However, with the advancement in electronics and communications, it was no longer required to be physically present at an exchange for the purpose of trading. Moreover, with the blooming importance of New York vis-a-vis Chicago for corporate development, the NYSE has become more significant over the years as compared to CHX. However, CHX is still clearly notable in the American corporate landscape, being the third largest after New york-based NYSE and NASDAQ.
Here’s a brief look at both of these stock exchanges:
New York Stock Exchange (NYSE)
Located at 11 Wall Street in Lower Manhattan, New York, the NYSE is s the world’s largest stock exchange by market capitalization of its listed companies at $ 11.92 trillion as of August 2010. Its origin can be traced back more than 200 years, when 24 stock traders signed the popular Buttonwood Agreement under a buttonwood tree.
It was the epicenter of the Great Depression when the Wall Street Crash occurred in 1929, not fully recovering until war mobilization during WWII. After the market crash in 1987, the NYSE implemented the circuit-breaker, where trading is temporarily stopped in case of huge percentage drops in the Dow Jones Industrial Average, the benchmark index for the exchange.
Presently, the NYSE is open for trading Monday through Friday between 9:30am and 4:00pm Eastern Time, with the exception of early announced holidays. Trades are executed in a constant auction format, where traders can execute stock transactions on behalf of investors. Electronic trading was introduced in 1995, with full automation possible from 2007. The current trading model is a hybrid of electronic and traditional trading.
Chicago Stock Exchange (CHX)
Located at 440 South LaSelle Street in Chicago, the CHX is the third most active stock exchange in the United States by volume, and the largest outside New York City. Founded in 1882, the CHX was merged with the exchanges of St. Louis, Cleveland and Minneapolis/St. Paul to form the Midwest Stock Exchange.
The CHX, in its Midwest Stock Exchange avatar, made the move to automated trading absolutely early. n 1982, it launched the MAX system, which allowed them to be one of the first stock exchanges to provide fully automated order execution.
In 2003, it changed its name back to the Chicago Stock Exchange. Currently, it operates as a direct and wholly owned subsidiary of CHX Holdings, Inc., a Delaware corporation. Publicly traded companies do not need to be listed on the CHX to be traded here. SEC rules allow the CHX to trade stocks listed on other exchanges. Stocks eligible for trading in the CHX Matching System will include NYSE, AMEX and NASDAQ-listed securities.
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