New York Stock Exchange

New York Stock Exchange. A look at the NYSE.

New York Stock Exchange

Next to Wall Street, the New York Stock Exchange is probably the most prestigious sounding phrase in the business world. Trillions of dollars pass through the hallowed halls of this money-making, and sometimes losing, institution.

Founded in 1818, the New York Stock Exchange was born when a group of stock brokers established a constitution and a set of regulations and membership rules to follow. The first trades were carried out one at a time with banking and insurance stocks dominating the floor. In 1865 the New York Stock Exchange was moved to its first permanent location at 10-12 Broad Street in New York City. By 1900 the exchange boasted a monopoly on all trade listings except for penny stocks. It moved to its present and more spacious address of 18 Broad Street in 1903. The same trading floor that was used then is still in use today.

During its long and illustrious history there have been two outstanding down turns. One was on Tuesday, Oct. 29, 1929, now infamously known as Black Tuesday when shareholders began selling shares by the millions. The market tumbled 12 percentage points that day and is blamed for starting the great depression. The other down turn was more recent. On October 27, 1997, in response to the Asian currency crisis, the market dropped 7 percent prompting the markets to close early that day.

The securities market is one of the economy's main driving forces and it is what helps businesses raise the funds needed to expand, grow or diversify their assets. The New York Stock Exchange encourages this activity by allowing more than 3000 companies to list their shares for the public to trade. Investors are reassured of the integrity of each trade placed due to the open policy which enables the public to view all the trading done under the New York Stock Exchange roof. Highly trained professionals with an in-depth knowledge of the securities market handle the transactions using the latest communications technology available.

The New York Stock Exchange also offers free tours for those interested in getting better acquainted with this high-powered world of money-making. Tourists are allowed to view the adrenaline-filled trading floor or they can listen to recordings detailing the system used by the exchange to keep track of all the trades. There are also videos, interactive displays and terminals listing market information on all the stocks, options and bonds available. The New York Stock Exchange is considered one of New York City's top-ten tourist destinations with an estimated 700 000 tourists who visit the site every year.

The New York Stock Exchange opens daily at nine o'clock in the morning and closes its doors at four thirty in the afternoon. For those interested in money markets and securities, there is no better place to learn about the inner workings of this fascinating world of power and wealth.