The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American
stock exchange
A stock exchange, securities exchange, or bourse is an exchange where stockbrokers and traders can buy and sell securities, such as shares of stock, bonds and other financial instruments. Stock exchanges may also provide facilities for th ...
in the
Financial District
A financial district is usually a central area in a city where financial services firms such as banks, insurance companies and other related finance corporations have their head offices. In major cities, financial districts are often home to s ...
of
Lower Manhattan
Lower Manhattan (also known as Downtown Manhattan or Downtown New York) is the southernmost part of Manhattan, the central borough for business, culture, and government in New York City, which is the most populated city in the United States with ...
in
New York City
New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...
. It is by far the
world's largest stock exchange by
market capitalization
Market capitalization, sometimes referred to as market cap, is the total value of a publicly traded company's outstanding common shares owned by stockholders.
Market capitalization is equal to the market price per common share multiplied by t ...
of its listed companies at US$30.1 trillion as of February 2018.
The average daily trading value was approximately 169 billion in 2013. The NYSE
trading floor
Open outcry is a method of communication between professionals on a stock exchange or futures exchange, typically on a trading floor. It involves shouting and the use of hand signals to transfer information primarily about buy and sell orde ...
is at the
New York Stock Exchange Building
The New York Stock Exchange Building (also the NYSE Building), in the Financial District of Lower Manhattan in New York City, serves as the headquarters of the New York Stock Exchange (NYSE). It is composed of two connected structures occupying ...
on 11
Wall Street
Wall Street is an eight-block-long street in the Financial District of Lower Manhattan in New York City. It runs between Broadway in the west to South Street and the East River in the east. The term "Wall Street" has become a metonym for t ...
and 18
Broad Street and is a
National Historic Landmark
A National Historic Landmark (NHL) is a building, district, object, site, or structure that is officially recognized by the United States government for its outstanding historical significance. Only some 2,500 (~3%) of over 90,000 places listed ...
. An additional trading room, at
30 Broad Street
The Continental Bank Building is a 50-story skyscraper at 30 Broad Street in the Financial District of Manhattan, New York City. It was completed in 1932 in the Art Deco style. It is next to the New York Stock Exchange Building.
History Origin ...
, was closed in February 2007.
The NYSE is owned by
Intercontinental Exchange
Intercontinental Exchange, Inc. (ICE) is an American company formed in 2000 that operates global financial exchanges and clearing houses and provides mortgage technology, data and listing services. Listed on the Fortune 500, S&P 500, and Russell ...
, an American holding company that it also lists (). Previously, it was part of NYSE Euronext (NYX), which was formed by the NYSE's 2007 merger with
Euronext
Euronext N.V. (short for European New Exchange Technology) is a pan-European bourse that offers various trading and post-trade services.
Traded assets include regulated equities, exchange-traded funds (ETF), warrants and certificates, bonds, de ...
.
History
![New York Stock Exchange 1882](https://upload.wikimedia.org/wikipedia/commons/b/b8/New_York_Stock_Exchange_1882.jpg)
The earliest recorded organization of
securities
A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any for ...
trading in New York among
broker
A broker is a person or firm who arranges transactions between a buyer and a seller for a commission when the deal is executed. A broker who also acts as a seller or as a buyer becomes a principal party to the deal. Neither role should be confu ...
s directly dealing with each other can be traced to the
Buttonwood Agreement
The Buttonwood Agreement is the founding document of what is now New York Stock Exchange and is one of the most important financial documents in U.S. history. The agreement organized securities trading in New York City and was signed on May 17 ...
. Previously, securities exchange had been intermediated by the
auction
An auction is usually a process of buying and selling goods or services by offering them up for bids, taking bids, and then selling the item to the highest bidder or buying the item from the lowest bidder. Some exceptions to this definition ex ...
eers, who also conducted more mundane auctions of
commodities
In economics, a commodity is an economic good, usually a resource, that has full or substantial fungibility: that is, the market treats instances of the good as equivalent or nearly so with no regard to who produced them.
The price of a comm ...
such as wheat and tobacco.
[ OCRed document unreable] On May 17, 1792, twenty-four brokers signed the Buttonwood Agreement, which set a floor commission rate charged to clients and bound the signers to give preference to the other signers in securities sales. The earliest securities traded were mostly governmental securities such as War Bonds from the Revolutionary War and
First Bank of the United States
First or 1st is the ordinal form of the number one (#1).
First or 1st may also refer to:
*World record, specifically the first instance of a particular achievement
Arts and media Music
* 1$T, American rapper, singer-songwriter, DJ, and rec ...
stock,
although
Bank of New York
The Bank of New York Mellon Corporation, commonly known as BNY Mellon, is an American investment banking services holding company headquartered in New York City. BNY Mellon was formed from the merger of The Bank of New York and the Mellon Financ ...
stock was a non-governmental security traded in the early days. The
Bank of North America
The Bank of North America was the first chartered bank in the United States, and served as the country's first ''de facto'' central bank. Chartered by the Congress of the Confederation on May 26, 1781, and opened in Philadelphia on January 7, 17 ...
, along with the First Bank of the United States and the Bank of New York, were the first shares traded on the New York Stock Exchange.
In 1817, the stockbrokers of New York, operating under the
Buttonwood Agreement
The Buttonwood Agreement is the founding document of what is now New York Stock Exchange and is one of the most important financial documents in U.S. history. The agreement organized securities trading in New York City and was signed on May 17 ...
, instituted new reforms and reorganized. After sending a delegation to
Philadelphia
Philadelphia, often called Philly, is the largest city in the Commonwealth of Pennsylvania, the sixth-largest city in the U.S., the second-largest city in both the Northeast megalopolis and Mid-Atlantic regions after New York City. Sinc ...
to observe the organization of their board of brokers, restrictions on manipulative trading were adopted, as well as formal organs of governance.
After re-forming as the New York Stock and Exchange Board, the broker organization began renting out space exclusively for securities trading, which previously had been taking place at the
Tontine Coffee House
The Tontine Coffee House was a coffeehouse in Manhattan, New York City, established in early 1793. Situated at 82 Wall Street, on the north-west corner of Water Street,Nathans, p. 133 it was built by a group of stockbrokers to serve as a meeting p ...
. Several locations were used between 1817 and 1865, when the present location was adopted.
The invention of the
electrical telegraph
Electrical telegraphs were point-to-point text messaging systems, primarily used from the 1840s until the late 20th century. It was the first electrical telecommunications system and the most widely used of a number of early messaging systems ...
consolidated markets and New York's market rose to dominance over Philadelphia after weathering some market panics better than other alternatives.
The
Open Board of Stock Brokers
The Open Board of Stock Brokers was an early regional stock exchange in the United States. It was established in 1864, "to profit from the economic and investment boom sparked by the Civil War."
The old Open Board of Stock Brokers was located at ...
was established in 1864 as a competitor to the NYSE. With 354 members, the Open Board of Stock Brokers rivaled the NYSE in membership (which had 533) "because it used a more modern, continuous trading system superior to the NYSE’s twice-daily call sessions". The Open Board of Stock Brokers merged with the NYSE in 1869. Robert Wright of ''Bloomberg'' writes that the merger increased the NYSE's members as well as trading volume, as "several dozen regional exchanges were also competing with the NYSE for customers. Buyers, sellers and dealers all wanted to complete transactions as quickly and cheaply as technologically possible and that meant finding the markets with the most trading, or the greatest liquidity in today’s parlance. Minimizing competition was essential to keep a large number of orders flowing, and the merger helped the NYSE maintain its reputation for providing superior liquidity."
The
Civil War
A civil war or intrastate war is a war between organized groups within the same state (or country).
The aim of one side may be to take control of the country or a region, to achieve independence for a region, or to change government policies ...
greatly stimulated speculative securities trading in New York. By 1869, membership had to be capped, and has been sporadically increased since. The latter half of the nineteenth century saw rapid growth in securities trading.
Securities trade in the latter nineteenth and early twentieth centuries was prone to panics and crashes. Government regulation of securities trading was eventually seen as necessary, with arguably the most dramatic changes occurring in the 1930s after a major stock market crash precipitated the
Great Depression
The Great Depression (19291939) was an economic shock that impacted most countries across the world. It was a period of economic depression that became evident after a major fall in stock prices in the United States. The economic contagio ...
. The NYSE has also imposed additional rules in response to shareholder protection controls, e.g. in 2012, the NYSE imposed rules restricting brokers from voting uninstructed shares.
The
Stock Exchange Luncheon Club was situated on the seventh floor from 1898 until its closure in 2006.
![Stockexchange](https://upload.wikimedia.org/wikipedia/commons/a/a6/Stockexchange.jpg)
On April 21, 2005, the NYSE announced its plans to merge with
Archipelago
An archipelago ( ), sometimes called an island group or island chain, is a chain, cluster, or collection of islands, or sometimes a sea containing a small number of scattered islands.
Examples of archipelagos include: the Indonesian Archi ...
in a deal intended to reorganize the NYSE as a publicly traded company. NYSE's governing board voted to merge with rival Archipelago on December 6, 2005, and became a for-profit, public company. It began trading under the name NYSE Group on March 8, 2006. On April 4, 2007, the NYSE Group completed its merger with Euronext, the European combined stock market, thus forming
NYSE Euronext
NYSE Euronext, Inc. was a transatlantic multinational financial services corporation that operated multiple securities exchanges, including the New York Stock Exchange, Euronext and NYSE Arca (formerly known as ArcaEx). NYSE merged with Archip ...
, the first transatlantic stock exchange.
Wall Street is the leading U.S. money center for international financial activities and the foremost U.S. location for the conduct of wholesale financial services. "It comprises a matrix of wholesale financial sectors, financial markets, financial institutions, and financial industry firms" (Robert, 2002). The principal sectors are securities industry, commercial banking, asset management, and insurance.
Prior to the acquisition of NYSE Euronext by the ICE in 2013, Marsh Carter was the Chairman of the NYSE and the CEO was
Duncan Niederauer
Duncan L. Niederauer is an American businessman. He served as the chief executive officer of the New York Stock Exchange until September 2014.Barbara BrooksDuncan L. Niederauer ’81 is named 2013 commencement speaker ''Colgate News'', January 28 ...
. Currently, the chairman is Jeffrey Sprecher. In 2016, NYSE owner Intercontinental Exchange Inc. earned $419 million in listings-related revenues.
Notable events
20th century
The exchange was closed shortly after the beginning of World War I (July 31, 1914), but it partially re-opened on November 28 of that year in order to help the war effort by trading
bonds, and completely reopened for stock trading in mid-December.
On September 16, 1920, the
Wall Street bombing
The Wall Street bombing occurred at 12:01 pm on Thursday, September 16, 1920, in the Financial District of Manhattan, New York City. The blast killed thirty people immediately, and another ten died later of wounds sustained in the blast. T ...
occurred outside the building, killing thirty-eight people and injuring hundreds more.
The
Black Thursday
Black Thursday is a term used to refer to typically negative, notable events that have occurred on a Thursday. It has been used in the following cases:
*6 February 1851, bushfires in Victoria, Australia.
*18 September 1873, during the Panic of ...
crash of the Exchange on October 24, 1929, and the sell-off panic which started on
Black Tuesday
The Wall Street Crash of 1929, also known as the Great Crash, was a major American stock market crash that occurred in the autumn of 1929. It started in September and ended late in October, when share prices on the New York Stock Exchange colla ...
, October 29, are often blamed for precipitating the
Great Depression
The Great Depression (19291939) was an economic shock that impacted most countries across the world. It was a period of economic depression that became evident after a major fall in stock prices in the United States. The economic contagio ...
. In an effort 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
The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market ...
, with a president and a thirty-three-member board. On February 18, 1971, the non-profit corporation was formed, and the number of board members was reduced to twenty-five.
One of
Abbie Hoffman
Abbot Howard "Abbie" Hoffman (November 30, 1936 – April 12, 1989) was an American political and social activist who co-founded the Youth International Party ("Yippies") and was a member of the Chicago Seven. He was also a leading proponen ...
's well-known publicity stunts took place in 1967, when he led members of the
Yippie
The Youth International Party (YIP), whose members were commonly called Yippies, was an American youth-oriented radical and countercultural revolutionary offshoot of the free speech and anti-war movements of the late 1960s. It was founded on D ...
movement to the Exchange's gallery. The provocateurs hurled fistfuls of dollars toward the trading floor below. Some traders booed, and some laughed and waved. Three months later the stock exchange enclosed the gallery with bulletproof glass. Hoffman wrote a decade later, "We didn't call the press; at that time we really had no notion of anything called a media event."
![NY stock exchange traders floor LC-U9-10548-6](https://upload.wikimedia.org/wikipedia/commons/e/ea/NY_stock_exchange_traders_floor_LC-U9-10548-6.jpg)
On October 19, 1987, the
Dow Jones Industrial Average
The Dow Jones Industrial Average (DJIA), Dow Jones, or simply the Dow (), is a stock market index of 30 prominent companies listed on stock exchanges in the United States.
The DJIA is one of the oldest and most commonly followed equity inde ...
(DJIA) dropped 508 points, a 22.6% loss in a single day, the second-biggest one-day drop the exchange had experienced.
Black Monday
Black Monday refers to specific Mondays when undesirable or turbulent events have occurred. It has been used to designate massacres, military battles, and stock market crashes.
Historic events
*1209, Dublin – when a group of 500 recently arriv ...
was followed by Terrible Tuesday, a day in which the Exchange's systems did not perform well and some people had difficulty completing their trades.
Subsequently, there was another major drop for the Dow on October 13, 1989—the
Mini-Crash of 1989. The crash was apparently caused by a reaction to a news story of a $6.75 billion leveraged buyout deal for UAL Corporation, the parent company of
United Airlines
United Airlines, Inc. (commonly referred to as United), is a major American airline headquartered at the Willis Tower in Chicago, Illinois. , which broke down. When the UAL deal fell through, it helped trigger the collapse of the
junk bond
In finance, a high-yield bond (non-investment-grade bond, speculative-grade bond, or junk bond) is a bond that is rated below investment grade by credit rating agencies. These bonds have a higher risk of default or other adverse credit events, ...
market causing the Dow to fall 190.58 points, or 6.91 percent.
Similarly, there was a panic in the financial world during the year of 1997; the
Asian Financial Crisis
The Asian financial crisis was a period of financial crisis that gripped much of East Asia and Southeast Asia beginning in July 1997 and raised fears of a worldwide economic meltdown due to financial contagion. However, the recovery in 1998–1 ...
. Like the fall of many foreign markets, the Dow suffered a 7.18% drop in value (554.26 points) on October 27, 1997, in what later became known as the
1997 Mini-Crash but from which the DJIA recovered quickly. This was the first time that the "
circuit breaker
A circuit breaker is an electrical safety device designed to protect an electrical circuit from damage caused by an overcurrent or short circuit. Its basic function is to interrupt current flow to protect equipment and to prevent the risk ...
" rule had operated.
21st century
On January 26, 2000, an altercation during filming of the music video for
Rage Against the Machine
Rage Against the Machine (often abbreviated as RATM or shortened to simply Rage) is an American rock band from Los Angeles, California. Formed in 1991, the group consists of vocalist Zack de la Rocha, bassist and backing vocalist Tim Commerfor ...
's "
Sleep Now in the Fire
"Sleep Now in the Fire" is a song by American rock band Rage Against the Machine from their 1999 album ''The Battle of Los Angeles''.
At the end of the song, a short sample of Korean artist Uhm Jung-hwa's 1998 song "Poison" can be heard — it ...
", directed by
Michael Moore
Michael Francis Moore (born April 23, 1954) is an American filmmaker, author and left-wing activist. His works frequently address the topics of globalization and capitalism.
Moore won the 2002 Academy Award for Best Documentary Feature for ' ...
, caused the doors of the exchange to be closed and the band to be escorted from the site by security
after the members attempted to gain entry into the exchange.
In the
aftermath of the September 11 attacks
The September 11 attacks transformed the first term of President George W. Bush and led to what he has called the war on terror. The accuracy of describing it as a "war" and its political motivations and consequences are the topic of strenuous ...
, the NYSE was closed for four trading sessions, resuming on Monday, September 17, one of the rare times the NYSE was closed for more than one session and only the third time since March 1933. On the first day, the NYSE suffered a 7.1% drop in value (684 points); after a week, it dropped by 14% (1,370 points). An estimated $1.4 trillion was lost within five days of trading. The NYSE was only 5 blocks from
Ground Zero
In relation to nuclear explosions and other large bombs, ground zero (also called surface zero) is the point on the Earth's surface closest to a detonation. In the case of an explosion above the ground, ''ground zero'' is the point on the ground ...
.
On May 6, 2010, the Dow Jones Industrial Average posted its largest intraday percentage drop since the crash on October 19, 1987, with a 998-point loss later being called the
2010 Flash Crash (as the drop occurred in minutes before rebounding). The SEC and CFTC published a report on the event, although it did not come to a conclusion as to the cause. The regulators found no evidence that the fall was caused by erroneous ("fat finger") orders.
On October 29, 2012, the stock exchange was shut down for two days due to
Hurricane Sandy
Hurricane Sandy (unofficially referred to as ''Superstorm Sandy'') was an extremely destructive and strong Atlantic hurricane, as well as the largest Atlantic hurricane on record as measured by diameter, with tropical-storm-force winds spann ...
. The last time the stock exchange was closed due to weather for a full two days was on March 12 and 13, 1888.
On May 1, 2014, the stock exchange was fined $4.5 million by the Securities and Exchange Commission to settle charges that it had violated market rules.
On August 14, 2014,
Berkshire Hathaway
Berkshire Hathaway Inc. () is an American Multinational corporation, multinational conglomerate (company), conglomerate holding company headquartered in Omaha, Nebraska, United States. Its main business and source of capital is insurance, from ...
's A Class shares, the highest priced shares on the NYSE, hit $200,000 a share for the first time.
On July 8, 2015, technical issues affected the stock exchange, halting trading at 11:32 am ET. The NYSE reassured stock traders that the outage was "not a result of a cyber breach", and the
Department of Homeland Security
The United States Department of Homeland Security (DHS) is the U.S. federal executive department responsible for public security, roughly comparable to the interior or home ministries of other countries. Its stated missions involve anti-terr ...
confirmed that there was "no sign of malicious activity". Trading eventually resumed at 3:10 pm ET the same day.
On May 25, 2018,
Stacey Cunningham, the NYSE's chief operating officer, became the Big Board's 67th president, succeeding Thomas Farley. She is the first female leader in the exchange's 226-year history.
In March 2020, the NYSE announced plans to temporarily move to all-electronic trading on March 23, 2020, due to the
COVID-19 pandemic
The COVID-19 pandemic, also known as the coronavirus pandemic, is an ongoing global pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The novel virus was first identif ...
. Along with the
PHLX and the
BSE
BSE may refer to:
Medicine
* Bovine spongiform encephalopathy, also known as mad cow disease, a neurodegenerative disease of cattle
* Breast self-examination
Stock exchanges
* Bahrain Stock Exchange, Bahrain
* Baku Stock Exchange, Azerbaijan
* B ...
, the NYSE reopened on May 26, 2020.
Building
![NewYorkStockExchangeWallStreetManhattan](https://upload.wikimedia.org/wikipedia/commons/5/51/NewYorkStockExchangeWallStreetManhattan.jpg)
The main
New York Stock Exchange Building
The New York Stock Exchange Building (also the NYSE Building), in the Financial District of Lower Manhattan in New York City, serves as the headquarters of the New York Stock Exchange (NYSE). It is composed of two connected structures occupying ...
, built in 1903, is at 18 Broad Street, between the corners of Wall Street and Exchange Place, and was designed in the
Beaux Arts style by
George B. Post
George Browne Post (December 15, 1837 – November 28, 1913) was an American architect trained in the Beaux-Arts tradition. He was recognized as a master of modern American architecture as well as being instrumental in the birth of the skyscra ...
.
The adjacent structure at 11 Wall Street, completed in 1922, was designed in a similar style by
Trowbridge & Livingston
Trowbridge & Livingston was an architectural practice based in New York City in the early 20th-century. The firm's partners were Samuel Beck Parkman Trowbridge and Goodhue Livingston.
Often commissioned by well-heeled clients, much of the fir ...
. The buildings were both designated a
National Historic Landmark
A National Historic Landmark (NHL) is a building, district, object, site, or structure that is officially recognized by the United States government for its outstanding historical significance. Only some 2,500 (~3%) of over 90,000 places listed ...
in 1978.
18 Broad Street is also a
New York City designated landmark
The New York City Landmarks Preservation Commission (LPC) is the New York City agency charged with administering the city's Landmarks Preservation Law. The LPC is responsible for protecting New York City's architecturally, historically, and cu ...
.
Official holidays
The New York Stock Exchange is closed on
New Year's Day
New Year's Day is a festival observed in most of the world on 1 January, the first day of the year in the modern Gregorian calendar. 1 January is also New Year's Day on the Julian calendar, but this is not the same day as the Gregorian one. Wh ...
,
Martin Luther King Jr. Day
Martin Luther King Jr. Day (officially Birthday of Martin Luther King, Jr., and sometimes referred to as MLK Day) is a federal holiday in the United States marking the birthday of Martin Luther King Jr. It is observed on the third Mond ...
,
Washington's Birthday
Presidents' Day, also called Washington's Birthday at the federal governmental level, is a holiday in the United States celebrated on the third Monday of February to honor all persons who served as presidents of the United States and, since 1879 ...
,
Good Friday
Good Friday is a Christian holiday commemorating the crucifixion of Jesus and his death at Calvary. It is observed during Holy Week as part of the Paschal Triduum. It is also known as Holy Friday, Great Friday, Great and Holy Friday (also Hol ...
,
Memorial Day
Memorial Day (originally known as Decoration Day) is a federal holiday in the United States for mourning the U.S. military personnel who have fought and died while serving in the United States armed forces. It is observed on the last Monda ...
,
Juneteenth National Independence Day
Juneteenth is a federal holiday in the United States commemorating the emancipation of enslaved African Americans. Deriving its name from combining "June" and "nineteenth", it is celebrated on the anniversary of General Order No. 3, ...
,
Independence Day
An independence day is an annual event commemorating the anniversary of a nation's independence or statehood, usually after ceasing to be a group or part of another nation or state, or more rarely after the end of a military occupation. Man ...
,
Labor Day
Labor Day is a federal holiday in the United States celebrated on the first Monday in September to honor and recognize the American labor movement and the works and contributions of laborers to the development and achievements of the United St ...
,
Thanksgiving
Thanksgiving is a national holiday celebrated on various dates in the United States, Canada, Grenada, Saint Lucia, Liberia, and unofficially in countries like Brazil and Philippines. It is also observed in the Netherlander town of Leiden and ...
, and
Christmas
Christmas is an annual festival commemorating Nativity of Jesus, the birth of Jesus, Jesus Christ, observed primarily on December 25 as a religious and cultural celebration among billions of people Observance of Christmas by country, around t ...
. When those holidays occur on a weekend, the holiday is observed on the closest weekday. In addition, the Stock Exchange closes early on the day before Independence Day, the day after Thanksgiving, and Christmas Eve.
The NYSE averages about 253
trading day
In business, the trading day or regular trading hours (RTH) is the time span that a stock exchange is open, as opposed to Electronic trading hours, electronic or extended trading hours (ETH). For example, the New York Stock Exchange is, as of 2020 ...
s per year.
Trading
The New York Stock Exchange (sometimes referred to as "The Big Board") provides a means for buyers and sellers to
trade
Trade involves the transfer of goods and services from one person or entity to another, often in exchange for money. Economists refer to a system or network that allows trade as a market.
An early form of trade, barter, saw the direct excha ...
shares
In financial markets, a share is a unit of equity ownership in the capital stock of a corporation, and can refer to units of mutual funds, limited partnerships, and real estate investment trusts. Share capital refers to all of the shares of an ...
of
stock
In finance, stock (also capital stock) consists of all the shares by which ownership of a corporation or company is divided.Longman Business English Dictionary: "stock - ''especially AmE'' one of the shares into which ownership of a company ...
in companies registered for public trading. The NYSE is open for trading Monday through Friday from 9:30 am – 4:00 pm
ET, with the exception of holidays declared by the Exchange in advance.
The NYSE trades in a continuous auction format, where traders can execute stock transactions on behalf of investors. They will gather around the appropriate post where a specialist broker, who is employed by a NYSE member firm (that is, they are not an employee of the New York Stock Exchange), acts as an auctioneer in an
open outcry
Open outcry is a method of communication between professionals on a stock exchange or futures exchange, typically on a trading floor. It involves shouting and the use of hand signals to transfer information primarily about buy and sell order ...
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 auction process moved toward automation in 1995 through the use of wireless handheld computers (HHC). The system enabled traders to receive and execute orders electronically via wireless transmission. On September 25, 1995, NYSE member Michael Einersen, who designed and developed this system, executed 1000 shares of IBM through this HHC ending a 203-year process of paper transactions and ushering in an era of automated trading.
Electronic
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 the first three months of 2007, in excess of 82% of all order volume was delivered to the floor electronically. NYSE works with US regulators such as the
SEC and
CFTC to coordinate risk management measures in the electronic trading environment through the implementation of mechanisms like circuit breakers and liquidity replenishment points.
Until 2005, the right to directly trade shares on the exchange was conferred upon owners of the 1,366 "seats". The term comes from the fact that up until the 1870s NYSE members sat in chairs to trade. In 1868, the number of seats was fixed at 533, and this number was increased several times over the years. In 1953, the number of seats was set at 1,366. These seats were a sought-after commodity as they conferred the ability to directly trade stock on the NYSE, and seat holders were commonly referred to as members of the NYSE. The Barnes family is the only known lineage to have five generations of NYSE members: Winthrop H. Barnes (admitted 1894), Richard W.P. Barnes (admitted 1926), Richard S. Barnes (admitted 1951), Robert H. Barnes (admitted 1972), Derek J. Barnes (admitted 2003). Seat prices varied widely over the years, generally falling during recessions and rising during economic expansions. The most expensive inflation-adjusted seat was sold in 1929 for $625,000, which, today, would be over six million dollars. In recent times, seats have sold for as high as $4 million in the late 1990s and as low as $1 million in 2001. In 2005, seat prices shot up to $3.25 million as the exchange entered into an agreement to merge with Archipelago and became a for-profit, publicly traded company. Seat owners received $500,000 in 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. Licenses for floor trading are available for $40,000 and a license for bond trading is available for as little as $1,000 as of 2010.
Neither are resell-able, but may be transferable during a change of ownership of a corporation holding a trading license.
![Gaming-Wall-Street BTS Prodigium-266](https://upload.wikimedia.org/wikipedia/commons/2/26/Gaming-Wall-Street_BTS_Prodigium-266.jpg)
Following the
Black Monday
Black Monday refers to specific Mondays when undesirable or turbulent events have occurred. It has been used to designate massacres, military battles, and stock market crashes.
Historic events
*1209, Dublin – when a group of 500 recently arriv ...
market crash in 1987, NYSE imposed
trading curb
A trading curb (typically known as a circuit breaker in Wall Street parlance) is a financial regulatory instrument that is in place to prevent stock market crashes from occurring, and is implemented by the relevant stock exchange organization. Si ...
s to reduce market volatility and massive panic sell-offs. Following the 2011 rule change, at the start of each trading day, the NYSE sets three circuit breaker levels at levels of 7% (Level 1), 13% (Level 2), and 20% (Level 3) of the average closing price of the
S&P 500
The Standard and Poor's 500, or simply the S&P 500, is a stock market index tracking the stock performance of 500 large companies listed on stock exchanges in the United States. It is one of the most commonly followed equity indices. As of D ...
for the preceding trading day. Level 1 and Level 2 declines result in a 15-minute trading halt unless they occur after 3:25 pm, when no trading halts apply. A Level 3 decline results in trading being suspended for the remainder of the day. (The biggest one-day decline in the S&P 500 since 1987 was the 11.98% drop on
March 16, 2020.)
NYSE Composite Index
In the mid-1960s, the
NYSE Composite The NYSE Composite (^NYA) is a stock market index covering all common stock listed on the New York Stock Exchange, including American depositary receipts, real estate investment trusts, tracking stocks, and foreign listings. It includes corporations ...
Index
Index (or its plural form indices) may refer to:
Arts, entertainment, and media Fictional entities
* Index (''A Certain Magical Index''), a character in the light novel series ''A Certain Magical Index''
* The Index, an item on a Halo megastru ...
(NYSE: NYA) was created, with a base value of 50 points equal to the 1965 yearly close. This was done to reflect the value of all stocks trading at the exchange instead of just the 30 stocks included in the
Dow Jones Industrial Average
The Dow Jones Industrial Average (DJIA), Dow Jones, or simply the Dow (), is a stock market index of 30 prominent companies listed on stock exchanges in the United States.
The DJIA is one of the oldest and most commonly followed equity inde ...
. 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. Its close at the end of 2013 was 10,400.32.
Timeline
*In 1792, NYSE acquires its first traded securities.
*In 1817, the constitution of the New York Stock and Exchange Board is adopted. It had also been established by the New York brokers as a formal organization.
*In 1863, the name changed to the New York Stock Exchange.
*In 1865, the
New York Gold Exchange
The New York Gold Exchange was an exchange formed shortly after the beginning of the American Civil War for the purpose of creating an open market for transactions involving gold and the government-created paper currency, the greenback. Establish ...
was acquired by the NYSE.
[George Winslow, "New York Gold Market" in '']The Encyclopedia of New York City
''The Encyclopedia of New York City'' is a reference book on New York City, New York. Edited by Columbia University history professor Kenneth T. Jackson, the book was first published in 1995 by the New-York Historical Society and Yale Universit ...
'' (2d ed.: eds. Kenneth T. Jackson, Lisa Keller & Nancy Flood).
*In 1867, stock tickers were first introduced.
*In 1885, the 400 NYSE members in the
Consolidated Stock Exchange
The Consolidated Stock Exchange of New York, also known as the ''New York Consolidated Stock Exchange'' or ''Consolidated'',See ''Brooklyn Daily Eagle'', Saturday, January 13, 1912, p. 18 was a stock exchange in New York City, New York in direct ...
withdraw from Consolidated over disagreements on exchange trade areas.
*In 1896, the
Dow Jones Industrial Average (DJIA) is first published in ''
The Wall Street Journal
''The Wall Street Journal'' is an American business-focused, international daily newspaper based in New York City, with international editions also available in Chinese and Japanese. The ''Journal'', along with its Asian editions, is published ...
''.
*In 1903, the NYSE moves into new quarters at 18
Broad Street.
*In 1906, the DJIA exceeds 100 on January 12.
*In 1907,
Panic of 1907
The Panic of 1907, also known as the 1907 Bankers' Panic or Knickerbocker Crisis, was a financial crisis that took place in the United States over a three-week period starting in mid-October, when the New York Stock Exchange fell almost 50% from ...
.
*In 1909, trading in bonds begins.
*In 1915, basis of quoting and trading in stocks changes from percent of par value to dollars.
*In 1920, a
bomb exploded on Wall Street outside the NYSE building. Thirty-eight killed and hundreds injured.
*In 1923, Poor's Publishing introduced their "Composite Index", today referred to as the
S&P 500
The Standard and Poor's 500, or simply the S&P 500, is a stock market index tracking the stock performance of 500 large companies listed on stock exchanges in the United States. It is one of the most commonly followed equity indices. As of D ...
, which tracked a small number of companies on the NYSE.
*In 1929, the central quote system was established;
Black Thursday
Black Thursday is a term used to refer to typically negative, notable events that have occurred on a Thursday. It has been used in the following cases:
*6 February 1851, bushfires in Victoria, Australia.
*18 September 1873, during the Panic of ...
, October 24 and
Black Tuesday
The Wall Street Crash of 1929, also known as the Great Crash, was a major American stock market crash that occurred in the autumn of 1929. It started in September and ended late in October, when share prices on the New York Stock Exchange colla ...
, October 29 signal the end of the
Roaring Twenties
The Roaring Twenties, sometimes stylized as Roaring '20s, refers to the 1920s decade in music and fashion, as it happened in Western society and Western culture. It was a period of economic prosperity with a distinctive cultural edge in the U ...
bull market.
*In 1938, NYSE names its first president.
*In 1943, the trading floor is opened to women while men were serving in
WWII
World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the vast majority of the world's countries—including all of the great powers—forming two opposin ...
.
*In 1949, the third longest (eight-year)
bull market
A market trend is a perceived tendency of financial markets to move in a particular direction over time. Analysts classify these trends as ''secular'' for long time-frames, ''primary'' for medium time-frames, and ''secondary'' for short time-fram ...
begins.
*In 1954, the DJIA surpasses its 1929 peak in
inflation-adjusted
In economics, nominal value is measured in terms of money, whereas real value is measured against goods or services. A real value is one which has been adjusted for inflation, enabling comparison of quantities as if the prices of goods had not c ...
dollars.
*In 1956, the DJIA closes above 500 for the first time on March 12.
*In 1957, after Poor's Publishing merged with the Standard Statistics Bureau, the Standard & Poors composite index grew to track 500 companies on the NYSE, becoming known as the S&P 500.
*In 1966, NYSE begins a composite index of all listed common stocks. This is referred to as the "Common Stock Index" and is transmitted daily. The starting point of the index is 50. It is later renamed the NYSE Composite Index.
*In 1967,
Muriel Siebert
Muriel Faye Siebert (September 12, 1928 – August 24, 2013) was an American businesswoman who was the first woman to own a seat on the New York Stock Exchange, and the first woman to head one of the NYSE's member firms. She joined the 1,365 mal ...
becomes the first female member of the New York Stock Exchange.
*In 1967, protesters led by
Abbie Hoffman
Abbot Howard "Abbie" Hoffman (November 30, 1936 – April 12, 1989) was an American political and social activist who co-founded the Youth International Party ("Yippies") and was a member of the Chicago Seven. He was also a leading proponen ...
throw mostly fake dollar bills at traders from gallery, leading to the installation of bullet-proof glass.
*In 1970, the
Securities Investor Protection Corporation
The Securities Investor Protection Corporation (SIPC ) is a federally mandated, non-profit, member-funded, United States corporation created under the Securities Investor Protection Act (SIPA) of 1970 that mandates membership of most US-registere ...
was established.
*In 1971, NYSE incorporated and recognized as Not-for-Profit organization.
*In 1971, the
NASDAQ
The Nasdaq Stock Market () (National Association of Securities Dealers Automated Quotations Stock Market) is an American stock exchange based in New York City. It is the most active stock trading venue in the US by volume, and ranked second ...
was founded and competes with the NYSE as the world's first electronic stock market. To date, the NASDAQ is the second-largest exchange in the world by market capitalization, behind only the NYSE.
*In 1972, the DJIA closes above 1,000 for the first time on November 14.
*In 1977, foreign brokers are admitted to NYSE.
*In 1980, the
New York Futures Exchange was established.
*In 1987,
Black Monday
Black Monday refers to specific Mondays when undesirable or turbulent events have occurred. It has been used to designate massacres, military battles, and stock market crashes.
Historic events
*1209, Dublin – when a group of 500 recently arriv ...
, October 19, sees the second-largest one-day DJIA percentage drop (22.6%, or 508 points) in history.
*In 1987, membership in the NYSE reaches a record price of $1.5 million.
*In 1989, On September 14, seven members of
ACT-UP
AIDS Coalition to Unleash Power (ACT UP) is an international, grassroots political group working to end the AIDS pandemic. The group works to improve the lives of people with AIDS through direct action, medical research, treatment and advocacy, ...
, The AIDS Coalition to Unleash Power, entered the NYSE and protested by chaining themselves to the balcony overlooking the trading floor and unfurling a banner, "SELL WELCOME," in reference to drug manufacturer Burroughs Wellcome. Following the protest,
Burroughs Wellcome
GSK plc, formerly GlaxoSmithKline plc, is a British multinational pharmaceutical and biotechnology company with global headquarters in London, England. Established in 2000 by a merger of Glaxo Wellcome and SmithKline Beecham. GSK is the tent ...
reduced the price of
AZT
Zidovudine (ZDV), also known as azidothymidine (AZT), is an antiretroviral medication used to prevent and treat HIV/AIDS. It is generally recommended for use in combination with other antiretrovirals. It may be used to prevent mother-to-child ...
(a drug used by people with living with HIV and AIDS) by over 30%.
*In 1990, the longest (ten-year)
bull market
A market trend is a perceived tendency of financial markets to move in a particular direction over time. Analysts classify these trends as ''secular'' for long time-frames, ''primary'' for medium time-frames, and ''secondary'' for short time-fram ...
begins.
*In 1991, the DJIA exceeds 3,000.
*In 1995, the DJIA exceeds 5,000.
*In 1996, real-time ticker introduced.
*In 1997, on October 27, a sell-off in Asia's stock markets hurts the U.S. markets as well; DJIA sees the largest one-day ''point'' drop of 554 (or 7.18%) in history.
*In 1999, the DJIA exceeds 10,000 on March 29.
*In 2000, the DJIA peaks at 11,722.98 on January 14; first NYSE global index is launched under the ticker NYIID.
![NYSESecurity](https://upload.wikimedia.org/wikipedia/commons/2/25/NYSESecurity.JPG)
*In 2001, trading in fractions () ends, replaced by decimals (increments of $0.01, see
Decimalization
Decimalisation or decimalization (see spelling differences) is the conversion of a system of currency or of weights and measures to units related by powers of 10.
Most countries have decimalised their currencies, converting them from non-decimal ...
);
September 11 attacks
The September 11 attacks, commonly known as 9/11, were four coordinated suicide terrorist attacks carried out by al-Qaeda against the United States on Tuesday, September 11, 2001. That morning, nineteen terrorists hijacked four commercia ...
occur causing NYSE to close for four sessions.
*In 2003,
NYSE Composite The NYSE Composite (^NYA) is a stock market index covering all common stock listed on the New York Stock Exchange, including American depositary receipts, real estate investment trusts, tracking stocks, and foreign listings. It includes corporations ...
Index relaunched and value set equal to 5,000 points.
*In 2006, NYSE and
ArcaEx
NYSE Arca, previously known as ArcaEx, an abbreviation of Archipelago Exchange, is an exchange on which both stocks and options are traded. It was owned by Intercontinental Exchange. It merged with the New York Stock Exchange in 2006 and now op ...
merge, creating
NYSE Arca
NYSE Arca, previously known as ArcaEx, an abbreviation of Archipelago Exchange, is an exchange on which both stocks and options are traded. It was owned by Intercontinental Exchange. It merged with the New York Stock Exchange in 2006 and now ope ...
and forming the publicly owned, for-profit NYSE Group, Inc.; in turn, NYSE Group merges with
Euronext
Euronext N.V. (short for European New Exchange Technology) is a pan-European bourse that offers various trading and post-trade services.
Traded assets include regulated equities, exchange-traded funds (ETF), warrants and certificates, bonds, de ...
, creating the first trans-Atlantic stock exchange group; DJIA tops 12,000 on October 19.
*In 2007, US President
George W. Bush
George Walker Bush (born July 6, 1946) is an American politician who served as the 43rd president of the United States from 2001 to 2009. A member of the Republican Party, Bush family, and son of the 41st president George H. W. Bush, he ...
shows up unannounced to the Floor about an hour and a half before a
Federal Open Market Committee
The Federal Open Market Committee (FOMC), a committee within the Federal Reserve System (the Fed), is charged under United States law with overseeing the nation's open market operations (e.g., the Fed's buying and selling of United States Treasur ...
interest-rate decision on January 31; NYSE announces its merger with the
American Stock Exchange
NYSE American, formerly known as the American Stock Exchange (AMEX), and more recently as NYSE MKT, is an American stock exchange situated in New York City. AMEX was previously a mutual organization, owned by its members. Until 1953, it was known ...
; NYSE Composite closes above 10,000 on June 1;
DJIA
The Dow Jones Industrial Average (DJIA), Dow Jones, or simply the Dow (), is a stock market index of 30 prominent companies listed on stock exchanges in the United States.
The DJIA is one of the oldest and most commonly followed equity indexe ...
exceeds 14,000 on July 19 and closes at a peak of 14,164.53 on October 9.
*In 2008, the DJIA loses more than 500 points on September 15 amid fears of bank failures, resulting in a permanent prohibition of
naked short selling
Naked short selling, or naked shorting, is the practice of short-selling a tradable asset of any kind without first borrowing the asset from someone else or ensuring that it can be borrowed. When the seller does not obtain the asset and deliv ...
and a three-week temporary ban on all
short selling
In finance, being short in an asset means investing in such a way that the investor will profit if the value of the asset falls. This is the opposite of a more conventional "long" position, where the investor will profit if the value of the a ...
of financial stocks; in spite of this, record volatility continues for the next two months, culminating at -year market lows.
*In 2009, the second longest and current
bull market
A market trend is a perceived tendency of financial markets to move in a particular direction over time. Analysts classify these trends as ''secular'' for long time-frames, ''primary'' for medium time-frames, and ''secondary'' for short time-fram ...
begins on March 9 after the
DJIA
The Dow Jones Industrial Average (DJIA), Dow Jones, or simply the Dow (), is a stock market index of 30 prominent companies listed on stock exchanges in the United States.
The DJIA is one of the oldest and most commonly followed equity indexe ...
closes at 6,547.05 reaching a 12-year low; DJIA returns to 10,015.86 on October 14.
*In 2013, the DJIA closes above 2007 highs on March 5; DJIA closes above 16,500 to end the year.
*In 2014, the DJIA closes above 17,000 on July 3 and above 18,000 on December 23.
*In 2015, the DJIA achieved an all-time high of 18,351.36 on May 19.
*In 2015, the DJIA dropped over 1,000 points to 15,370.33 soon after open on August 24, 2015, before bouncing back and closing at 15,795.72, a drop of over 669 points.
*In 2016, the DJIA hits an all-time high of 18,873.6.
*In 2017, the DJIA reaches 20,000 for the first time (on January 25).
*In 2018, the DJIA reaches 25,000 for the first time (on January 4). On February 5, the DJIA dropped 1,175 points, making it the largest point drop in history.
*In 2020, the NYSE temporarily transitioned to electronic trading due to the
COVID-19
Coronavirus disease 2019 (COVID-19) is a contagious disease caused by a virus, the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The first known case was COVID-19 pandemic in Hubei, identified in Wuhan, China, in December ...
pandemic.
Merger, acquisition, and control
In October 2008,
NYSE Euronext
NYSE Euronext, Inc. was a transatlantic multinational financial services corporation that operated multiple securities exchanges, including the New York Stock Exchange, Euronext and NYSE Arca (formerly known as ArcaEx). NYSE merged with Archip ...
completed acquisition of the
American Stock Exchange
NYSE American, formerly known as the American Stock Exchange (AMEX), and more recently as NYSE MKT, is an American stock exchange situated in New York City. AMEX was previously a mutual organization, owned by its members. Until 1953, it was known ...
(AMEX) for $260 million in stock.
On February 15, 2011, NYSE and
Deutsche Börse
Deutsche Börse AG () or the Deutsche Börse Group, is a German company offering marketplace organizing for the trading of shares and other securities. It is also a transaction services provider. It gives companies and investors access to glo ...
announced their merger to form a new company, as yet unnamed, wherein Deutsche Börse shareholders would have 60% ownership of the new entity, and
NYSE Euronext
NYSE Euronext, Inc. was a transatlantic multinational financial services corporation that operated multiple securities exchanges, including the New York Stock Exchange, Euronext and NYSE Arca (formerly known as ArcaEx). NYSE merged with Archip ...
shareholders would have 40%.
On February 1, 2012, the
European Commission
The European Commission (EC) is the executive of the European Union (EU). It operates as a cabinet government, with 27 members of the Commission (informally known as "Commissioners") headed by a President. It includes an administrative body o ...
blocked the merger of NYSE with Deutsche Börse, after commissioner
Joaquín Almunia
Joaquín Almunia Amann (born 17 June 1948) is a Spanish politician and formerly, prominent member of the European Commission. During his tenure in the two Barroso Commissions, he was European commissioner responsible for economic and monetary a ...
stated that the merger "would have led to a near-monopoly in European financial derivatives worldwide". Instead, Deutsche Börse and NYSE would have to sell either their
Eurex
Eurex Exchange is an international exchange which primarily offers trading in European based derivatives. It is the largest European futures and options market. The products traded on this exchange vary from German and Swiss debt instruments to E ...
derivatives or
LIFFE
The London International Financial Futures and Options Exchange (LIFFE, pronounced 'life') was a futures exchange based in London. In 2014, following a series of takeovers, LIFFE became part of Intercontinental Exchange, and was renamed ICE F ...
shares in order to not create a monopoly. On February 2, 2012, NYSE Euronext and Deutsche Börse agreed to scrap the merger.
In April 2011,
Intercontinental Exchange
Intercontinental Exchange, Inc. (ICE) is an American company formed in 2000 that operates global financial exchanges and clearing houses and provides mortgage technology, data and listing services. Listed on the Fortune 500, S&P 500, and Russell ...
(ICE), an American
futures exchange
A futures exchange or futures market is a central financial exchange where people can trade standardized futures contracts defined by the exchange. Futures contracts are derivatives contracts to buy or sell specific quantities of a commodity or f ...
, and
NASDAQ OMX Group
Nasdaq, Inc. is an American multinational financial services corporation that owns and operates three stock exchanges in the United States: the namesake Nasdaq stock exchange, the Philadelphia Stock Exchange, and the Boston Stock Exchange, and ...
had together made an
unsolicited proposal
A business proposal is a written offer from a seller to a prospective sponsor.
Business proposals are often a key step in the complex sales process—i.e., whenever a buyer considers more than price in a purchase.Newman, Larry. Shipley Associates ...
to buy NYSE Euronext for approximately , a deal in which NASDAQ would have taken control of the stock exchanges.
NYSE Euronext rejected this offer twice, but it was finally terminated after the
United States Department of Justice
The United States Department of Justice (DOJ), also known as the Justice Department, is a federal executive department of the United States government tasked with the enforcement of federal law and administration of justice in the United State ...
indicated their intention to block the deal due to
antitrust
Competition law is the field of law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies. Competition law is implemented through public and private enforcement. It is also known as antitrust l ...
concerns.
[
In December 2012, ICE had proposed to buy NYSE Euronext in a ]stock swap
In corporate finance a stock swap is the exchange of one equity-based asset for another, where, during the merger or acquisition, the swap provides an opportunity to pay with stock rather than with cash; see .
Overview
The acquiring company e ...
with a valuation of $8 billion.[ NYSE Euronext shareholders would receive either $33.12 in cash, or $11.27 in cash and approximately a sixth of a share of ICE. ]Jeffrey Sprecher
Jeffrey Craig Sprecher (, , born February 23, 1955) is an American businessman, the founder, chairman, and CEO of Intercontinental Exchange, and chairman of the New York Stock Exchange.
Early life
Sprecher was born in Madison, Wisconsin, the s ...
, the chairman and CEO of ICE, will retain those positions, but four members of the NYSE board of directors will be added to the ICE board.
Opening and closing bells
The NYSE's opening and closing bells mark the beginning and the end of each trading day. The opening bell is rung at 9:30 am ET to mark the start of the day's trading session. At 4 pm ET the closing bell is rung and trading for the day stops. There are bells located in each of the four main sections of the NYSE that all ring at the same time once a button is pressed. There are three buttons that control the bells, located on the control panel behind the podium which overlooks the trading floor. The main bell, which is rung at the beginning and end of the trading day, is controlled by a green button. The second button, colored orange, activates a single-stroke bell that is used to signal a moment of silence. A third, red button controls a backup bell which is used in case the main bell fails to ring.
History
The signal to start and stop trading was not always a bell. The original signal was a gavel
A gavel is a small ceremonial mallet commonly made of hardwood, typically fashioned with a handle. It can be used to call for attention or to punctuate rulings and proclamations and is a symbol of the authority and right to act officially in the ...
(which is still in use today along with the bell), but during the late 1800s, the NYSE decided to switch the gavel for a gong to signal the day's beginning and end. After the NYSE changed to its present location at 18 Broad Street in 1903, the gong was switched to the bell format that is currently being used.
A common sight today is the highly publicized events in which a celebrity or executive from a corporation stands behind the NYSE podium and pushes the button that signals the bells to ring. Due to the amount of coverage that the opening/closing bells receive, many companies coordinate new product launches and other marketing-related events to start on the same day as when the company's representatives ring the bell. It was only in 1995 that the NYSE began having special guests ring the bells on a regular basis; prior to that, ringing the bells was usually the responsibility of the exchange's floor managers.
Notable bell-ringers
Many of the people who ring the bell are business executives whose companies trade on the exchange. However, there have also been many famous people from outside the world of business that have rung the bell. Athletes such as Joe DiMaggio
Joseph Paul DiMaggio (November 25, 1914 – March 8, 1999), nicknamed "Joltin' Joe", "The Yankee Clipper" and "Joe D.", was an American baseball center fielder who played his entire 13-year career in Major League Baseball for the New York Yank ...
of the New York Yankees
The New York Yankees are an American professional baseball team based in the Boroughs of New York City, New York City borough of the Bronx. The Yankees compete in Major League Baseball (MLB) as a member club of the American League (AL) Amer ...
and Olympic swimming champion Michael Phelps
Michael Fred Phelps II (born June 30, 1985) is an American former competitive swimmer. He is the most successful and most decorated Olympian of all time with a total of 28 medals. Phelps also holds the all-time records for Olympic gold me ...
, entertainers such as rapper
Rapping (also rhyming, spitting, emceeing or MCing) is a musical form of vocal delivery that incorporates "rhyme, rhythmic speech, and street vernacular". It is performed or chanted, usually over a backing beat or musical accompaniment. The ...
Snoop Dogg
Calvin Cordozar Broadus Jr. (born October 20, 1971), known professionally as Snoop Dogg (previously Snoop Doggy Dogg and briefly Snoop Lion), is an American rapper. His fame dates back to 1992 when he featured on Dr. Dre's debut solo single, " ...
, members of ESPN
ESPN (originally an initialism for Entertainment and Sports Programming Network) is an American international basic cable sports channel owned by ESPN Inc., owned jointly by The Walt Disney Company (80%) and Hearst Communications (20%). The ...
’s College GameDay crew, singer and actress Liza Minnelli
Liza May Minnelli ( ; born March 12, 1946) is an American actress, singer, dancer, and choreographer. Known for her commanding stage presence and powerful alto singing voice, Minnelli is among a rare group of performers awarded an Emmy, Grammy ...
and members of the band Kiss
A kiss is the touch or pressing of one's lips against another person or an object. Cultural connotations of kissing vary widely. Depending on the culture and context, a kiss can express sentiments of love, passion, romance, sexual attraction, ...
, and politicians such as Mayor of New York City
The mayor of New York City, officially Mayor of the City of New York, is head of the executive branch of the government of New York City and the chief executive of New York City. The mayor's office administers all city services, public property ...
Rudy Giuliani
Rudolph William Louis Giuliani (, ; born May 28, 1944) is an American politician and lawyer who served as the 107th Mayor of New York City from 1994 to 2001. He previously served as the United States Associate Attorney General from 1981 to 198 ...
and President of South Africa
The president of South Africa is the head of state and head of government of the Republic of South Africa. The president heads the executive branch of the Government of South Africa and is the commander-in-chief of the South African Nationa ...
Nelson Mandela
Nelson Rolihlahla Mandela (; ; 18 July 1918 – 5 December 2013) was a South African Internal resistance to apartheid, anti-apartheid activist who served as the President of South Africa, first president of South Africa from 1994 to 1 ...
have all had the honor of ringing the bell. Two United Nations Secretaries General have also rung the bell. On April 27, 2006, Secretary-General Kofi Annan rang the opening bell to launch the United Nations Principles for Responsible Investment
Principles for Responsible Investment (UNPRI or PRI) is a United Nations-supported international network of financial institutions working together to implement its six aspirational principles, often referenced as "the Principles". Its goal is to u ...
. On July 24, 2013, Secretary-General Ban Ki-moon rang the closing bell to celebrate the NYSE joining the United Nations Sustainable Stock Exchanges Initiative
The Sustainable Stock Exchanges (SSE) initiative promoting corporate investment in sustainable development. It is a project of the United Nations (UN) co-organized by the United Nations Conference on Trade and Development (UNCTAD), the United N ...
.
In addition, there have been many bell-ringers who are famous for heroic deeds, such as members of the New York police and fire departments following the events of 9/11, members of the United States Armed Forces
The United States Armed Forces are the military forces of the United States. The armed forces consists of six service branches: the Army, Marine Corps, Navy, Air Force, Space Force, and Coast Guard. The president of the United States is the ...
serving overseas, and participants in various charitable organizations.
There have also been several fictional characters that have rung the bell, including Mickey Mouse
Mickey Mouse is an animated cartoon Character (arts), character co-created in 1928 by Walt Disney and Ub Iwerks. The longtime mascot of The Walt Disney Company, Mickey is an Anthropomorphism, anthropomorphic mouse who typically wears red sho ...
, the Pink Panther
''The Pink Panther'' is an American media franchise primarily focusing on a series of comedy-mystery films featuring an inept French police detective, Inspector Jacques Clouseau. The franchise began with the release of the classic film ''The Pink ...
, Mr. Potato Head
Mr. Potato Head is an American toy brand consisting of a plastic model of a potato "head" to which a variety of plastic parts can attach — typically ears, eyes, shoes, hat, nose, pants and mouth.
Mr. Potato Head was invented and manufact ...
, the Aflac
Aflac Inc. (American Family Life Assurance Company) is an American insurance company and is the largest provider of supplemental insurance in the United States. The company was founded in 1955 and is based in Columbus, Georgia. In the U.S., A ...
Duck, Gene and Jailbreak of The Emoji Movie
''The Emoji Movie'' is a 2017 American computer-animated science fiction comedy film produced by Columbia Pictures and Sony Pictures Animation, and distributed by Sony Pictures Releasing. Directed by Tony Leondis, who wrote the script with Eri ...
, and Darth Vader
Darth Vader is a fictional character in the ''Star Wars'' franchise. The character is the central antagonist of the original trilogy and, as Anakin Skywalker, is one of the main protagonists in the prequel trilogy. ''Star Wars'' creator George ...
.
See also
* Aftermath of the September 11 attacks
The September 11 attacks transformed the first term of President George W. Bush and led to what he has called the war on terror. The accuracy of describing it as a "war" and its political motivations and consequences are the topic of strenuous ...
* Economy of New York City
The economy of New York City encompasses the largest municipal and regional economy in the United States. Anchored by Wall Street in Lower Manhattan, New York City has been characterized as the world's premier financial center. The city is home ...
* Economy of the United States
The United States is a highly developed mixed-market economy and has the world's largest nominal GDP and net wealth. It has the second-largest by purchasing power parity (PPP) behind China. It has the world's seventh-highest per capita GD ...
* List of American Exchanges
* List of stock exchange mergers in the Americas
This is a list of major stock exchange mergers and acquisitions in the Americas. It also features the name of any resultant stock exchanges from mergers or acquisitions. According to Robert E. Wright of ''Bloomberg'' in 2013, historians assert tha ...
* List of presidents of the New York Stock Exchange
This is a list of presidents of the New York Stock Exchange.
References
{{reflist, 30em
External linksPresidents and Chairmen of the New York Stock Exchange( PDF)
New York Stock Exchange
The New York Stock Exchange (NYSE, nicknamed "The B ...
* List of stock exchange trading hours
This is a list of major stock exchanges. Those futures exchanges that also offer trading in securities besides trading in futures contracts are listed both here and in the list of futures exchanges.
There are sixteen stock exchanges in the world ...
* Rule 48
Rule 48, also known as Exemptive Relief — Extreme Market Volatility Condition, is a mechanism used by the New York Stock Exchange to ease market opening while volatility is high. It may have the effect of pre-empting trading at disrupted prices, ...
* Series 14 exam
The Series 14 – NYSE Compliance Official exam is a qualification examination administered to Compliance officer, compliance officials at New York Stock Exchange (NYSE) registered broker-dealers. The 110-question test (assessment), test is intend ...
* Trading day
In business, the trading day or regular trading hours (RTH) is the time span that a stock exchange is open, as opposed to Electronic trading hours, electronic or extended trading hours (ETH). For example, the New York Stock Exchange is, as of 2020 ...
* U.S. Securities and Exchange Commission
The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market ...
* List of stock exchanges in the Americas
This is a list of active stock exchanges in the Americas. Stock exchanges in Latin America (where Spanish and Portuguese prevail) use the term ''Bolsa de Valores'', meaning "bag" or "purse" of "values". (compare Börse in German or bourse in ...
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{{authority control
Financial services companies established in 1817
1817 establishments in New York (state)
Stock exchanges in the United States
Companies based in New York City
Financial services companies based in New York City
American companies established in 1817
Intercontinental Exchange
2006 mergers and acquisitions
2012 mergers and acquisitions