New York Stock Exchange

New York Stock Exchange

New York Stock Exchange (abbreviated as NYSE and nicknamed “The Big Board”,), is an American stock exchange located at 11 Wall Street, Lower Manhattan, New York City, New York. It is the world’s largest stock exchange by market capitalization of its listed companies at US$19.69 trillion as of May 2015.[6] The average daily trading value was approximately US$169 billion in 2013. The NYSE trading floor is located at 11 Wall Street and is composed of 21 rooms used for the facilitation of trading. A fifth trading room, located at 30 Broad Street, was closed in February 2007. The main building and the 11 Wall Street building were designatedNational Historic Landmarks in 1978.

The NYSE is owned by Intercontinental Exchange, an American holding company it also lists (NYSE: ICE). Previously, it was part of NYSE Euronext (NYX), which was formed by the NYSE’s 2007 merger with the fully electronic stock exchange Euronext. NYSE and Euronext now operate as divisions of Intercontinental Exchange.

The NYSE has been the subject of several lawsuits regarding fraud or breach of duty and in 2004 was sued by its former CEO for breach of contract and defamation.The earliest recorded organization of securities trading in New York among brokers directly dealing with each other can be traced to the Buttonwood Agreement. Previously securities exchange had been intermediated by the auctioneers who also conducted more mundane auctions of commodities such as wheat and tobacco.[11] 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 stock, although Bank of New York stock was a non-governmental security traded in the early days.