New York Stock ExchangeNew York Stock Exchange 
Stock Exchange
The New York Stock Exchange (NYSE), nicknamed the "Big Board", is a New York City-based stock exchange. It is the largest stock exchange in the world by dollar volume and, with 2,764 listed securities, has the second most securities of all stock exchanges. Its share volume was exceeded by that of NASDAQ during the 1990s. Nontheless, the NYSE constitutes the biggest and crucial financial hub of the world, along with Tokyo Stock Exchange and London Stock Exchange. As of December 31, 2006, the combined capitalization of all New York Stock Exchange listed companies was $25.0 trillion. The NYSE is operated by NYSE Euronext, which was formed by its merger with the fully electronic stock exchange Archipelago Holdings and Euronext. The New York Stock Exchange trading floor is located at 11 Wall Street, and is composed of four rooms used for the facilitation of trading. A fifth trading room, located at 30 Broad Street, was closed in February 2007. The main building, located at 18 Broad Street between the corners of Wall Street and Exchang Place, was designated a National Historic Landmark in 1978. NYSE Group merged with Euronext, and many of its operations (particularly IT and the trading
platform) will be combined with that of the New York Stock Exchange and NYSE Arca.
Business Business
The New York Stock Exchanges provides an efficient method for buyers and sellers to trade shares of stock in companies registered for public trading. The exchange provides price discovery via an auction environment designed to produce the fairest price for both parties. Since September 30, 1985 the NYSE trading hours have been 9:30–4:00 ET. (As of February 9, 2007, the streetTRACKS Gold Share ETF started its trading day on the NYSE at 8:20 AM.)
As of January 24, 2007, all NYSE stocks can be traded via its electronic Hybrid Market (except for a small group of very high priced stocks). Customers can now send orders for immediate electronic execution, or route orders to the floor for trade in the auction market. In excess of 50% of all order flow is now delivered to the floor electronically.
On the trading floor, the NYSE trades in a continuous auction format. Here, the human interaction and expert judgment as to order execution differentiates the NYSE from fully electronic markets. There is one specific location on the trading floor where each listed stock trades. 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 (approximately 10% of the time) facilitate the trades by committing their own capital and as a matter of course disseminate information to the crowd that helps to bring buyers and sellers together. The frenzied commotion of men and women in colored smocks has been captured in several movies, including Wall Street.
In the mid-1960s, the NYSE Composite Index (NYSE: NYA) was created, with a base value of 50 points equal to the 1965 yearly close, to reflect the value of all stocks trading at the exchange instead of just the 30 stocks included in the Dow Jones Industrial Average. To raise the profile of the composite index, in 2003 the NYSE set its new base value of 5,000 points equal to the 2002 yearly close. (Previously, the index had stood just below 500 points, with lifetime highs and lows of 670 points and 33 points, respectively.) The right to directly trade shares on the exchange is conferred upon owners of the 1366 "seats". The term comes from the fact that up until the 1870s NYSE members sat in chairs to trade; this system was eliminated long ago. In 1868, the number of seats was fixed at 533, and this number was increased several times over the years. In 1953, the exchange stopped at 1366 seats. These seats are a sought-after commodity as they confer the ability to directly trade stock on the NYSE. Seat prices have varied widely over the years, generally falling during recessions and rising during economic expansions. The most expensive seat was sold in 1929 for $625,000, which, adjusted for inflation, is over six million in today's dollars. In recent times, seats have sold for as high as $4 million in the late 1990s and $1 million in 2001. In 2005, seat prices shot up to $3.25 million as the exchange was set to merge with Archipelago and become a for-profit, publicly traded company. Seat owners received $500,000 cash per seat and 77,000 shares of the newly formed corporation. The NYSE now sells one-year licenses to trade directly on the exchange.
The New York Stock Exchange (NYSE), nicknamed the "Big Board", is a New York City-based stock exchange. It is the largest stock exchange in the world by dollar volume and, with 2,764 listed securities, has the second most securities of all stock exchanges. Its share volume was exceeded by that of NASDAQ during the 1990s. Nontheless, the NYSE constitutes the biggest and crucial financial hub of the world, along with Tokyo Stock Exchange and London Stock Exchange. As of December 31, 2006, the combined capitalization of all New York Stock Exchange listed companies was $25.0 trillion. The NYSE is operated by NYSE Euronext, which was formed by its merger with the fully electronic stock exchange Archipelago Holdings and Euronext. The New York Stock Exchange trading floor is located at 11 Wall Street, and is composed of four rooms used for the facilitation of trading. A fifth trading room, located at 30 Broad Street, was closed in February 2007. The main building, located at 18 Broad Street between the corners of Wall Street and Exchang Place, was designated a National Historic Landmark in 1978. NYSE Group merged with Euronext, and many of its operations (particularly IT and the trading
platform) will be combined with that of the New York Stock Exchange and NYSE Arca.Business Business
The New York Stock Exchanges provides an efficient method for buyers and sellers to trade shares of stock in companies registered for public trading. The exchange provides price discovery via an auction environment designed to produce the fairest price for both parties. Since September 30, 1985 the NYSE trading hours have been 9:30–4:00 ET. (As of February 9, 2007, the streetTRACKS Gold Share ETF started its trading day on the NYSE at 8:20 AM.)
As of January 24, 2007, all NYSE stocks can be traded via its electronic Hybrid Market (except for a small group of very high priced stocks). Customers can now send orders for immediate electronic execution, or route orders to the floor for trade in the auction market. In excess of 50% of all order flow is now delivered to the floor electronically.
On the trading floor, the NYSE trades in a continuous auction format. Here, the human interaction and expert judgment as to order execution differentiates the NYSE from fully electronic markets. There is one specific location on the trading floor where each listed stock trades. 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 (approximately 10% of the time) facilitate the trades by committing their own capital and as a matter of course disseminate information to the crowd that helps to bring buyers and sellers together. The frenzied commotion of men and women in colored smocks has been captured in several movies, including Wall Street.
In the mid-1960s, the NYSE Composite Index (NYSE: NYA) was created, with a base value of 50 points equal to the 1965 yearly close, to reflect the value of all stocks trading at the exchange instead of just the 30 stocks included in the Dow Jones Industrial Average. To raise the profile of the composite index, in 2003 the NYSE set its new base value of 5,000 points equal to the 2002 yearly close. (Previously, the index had stood just below 500 points, with lifetime highs and lows of 670 points and 33 points, respectively.) The right to directly trade shares on the exchange is conferred upon owners of the 1366 "seats". The term comes from the fact that up until the 1870s NYSE members sat in chairs to trade; this system was eliminated long ago. In 1868, the number of seats was fixed at 533, and this number was increased several times over the years. In 1953, the exchange stopped at 1366 seats. These seats are a sought-after commodity as they confer the ability to directly trade stock on the NYSE. Seat prices have varied widely over the years, generally falling during recessions and rising during economic expansions. The most expensive seat was sold in 1929 for $625,000, which, adjusted for inflation, is over six million in today's dollars. In recent times, seats have sold for as high as $4 million in the late 1990s and $1 million in 2001. In 2005, seat prices shot up to $3.25 million as the exchange was set to merge with Archipelago and become a for-profit, publicly traded company. Seat owners received $500,000 cash per seat and 77,000 shares of the newly formed corporation. The NYSE now sells one-year licenses to trade directly on the exchange.
1 comment:
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