The NYSE is a National Historical Landmark
NYSE stands for the New York Stock Exchange, the largest and most liquid of the stock exchanges. The NYSE has changed greatly since its birth in lower Manhattan in 1817. Today, the building is not only a part of the National Historic Landmark, but it is a center of U.S. and world commerce.
Function
The NYSE provides a venue for stockbrokers to buy and sell stocks for their investors. In practice, stockbrokers will gather around a stock seller and will bid for the shares the stock seller is selling. Stockbrokers need to purchase a seat in order to be a part of the auction. The price of seats has varied over the years but has sold for as high as $3.25 million. Today, most stocks are sold electronically.
History
The NYSE dates back to March 8th, 1817 when 24 stockbrokers signed a set of rules to establish the New York Stock & Exchange Board. In the following years the stocks that were traded increased greatly and so did the number of stockbrokers. This necessitated moving into a larger building in 1922, which is the current location of the NYSE.
Location
The NYSE is located in 11 Wall Street on the lower east side of Manhattan. The NYSE building acts as the center of the New York City financial district. The building today has been designated a National Historical Landmark. The NYSE is open for trading Monday to Friday from 9:30 a.m. to 4 p.m. It is closed on certain holidays.
Organization
The original NYSE began with 24 stockbrokers. Today, the organization is controlled by a board of anywhere from six to 12 directors. Directors are meant to be independent to the trading on the floor and do not interfere with trading procedure. Their role is to ensure that all regulations are being met on the floor.
Size
The NYSE is the largest securities exchange in the world. It trades approximately 1.46 billion shares each day and trades stocks for 2,800 companies. Before it can trade on the NYSE, each company is screened for its ability to trade high quality securities.
NYSE Euronet
In 2007, the NYSE merged with Euronet, an entirely electronic stock exchange to form the NYSE Euronet. Today the NYSE Euronet is the largest and most liquid securities exchange group. It functions across the United States and Europe.
