As one of the largest marketplace in the world, the NYSE allows traders and investors to purchase corporate stocks and other securities. As a security exchange, it lists 82% of S&P 500, 90% of Dow Jones industrial Average and 70 corporations.
It is the biggest equities-based marketplace according to total market capitalization for all listed securities and was formerly a private organization that relied on floor-trading for many years.
They used an open outcry system where brokers made verbal bids and offers in trading-pits. Apart from verbal bids, brokers used hand signals as a way of creating a contract which ensured buying and selling of securities.
NYSE History
According to history, the organization dates back to May 17th, 1792. During its creation, 24 brokers signed an agreement, Buttonwood Agreement. This was signed at 68 Wall Street where it started off with five securities. The first security to be listed was Bank of New York together with another bank and government bonds.
This new organization was named New York Stock Exchange Board before being shortened to New York Stock Exchange. This occurred in 1863. Between its creation and subsequent name change, the marketplace had 1,366 traders who were all men until 1967. That year, the first woman was allowed to trade and her name was Muriel Siebert.
In 1971, it became a not for profit organization before being converted into a publicly traded company in 2016. During this period, the marketplace changed from an open outcry system to an electronic system. Thanks to this change, the organization now had an ability of accommodating of up to 10 billion shares per day.
A merger between the marketplace and Euronext happened finally changing its name to NYSE-Euronext. This merger combined five major European exchanges that include Paris Bourse, London International Financial Futures Exchange, Brussels, Amsterdam and Lisbon.
Today, NYSE-Euronext operates three exchanges:
a. NYSEArca
b. NYSELiffe
c. NYSEBonds
Trading Hours
The marketplace opens from Monday through Friday from 9.30 AM to 4.00 PM EST. During all federal holidays, it is usually closed. If a holiday falls on a Saturday, it will remain closed beginning the Friday preceding that federal holiday. If a federal holiday falls on a Sunday, it will remain closed even the following Monday.
The shareholders approved the purchase of $8.2 billion by Intercontinental Exchange, a company renowned for having launched an electronic trading- platform that was able to bring transparency and accessibility toOTC energy markets.
Today, Intercontinental-Exchange is a Fortune 500 company which operates a global ecosystem of clearing houses and markets. Furthermore, it continues to deliver information and listing services to traders and investors.
Final Thoughts
What you ought to know is that the marketplace remains a gateway for helping companies raise capital used to expand their operation not only within but globally too. As a result, it will continue to act as a marketplace for traders, brokers and investors looking to purchase and sell corporate stocks and other securities.
To ensure traders are able to enjoy all its services, the organization has continued to improve on its services by automating different operations making it easier for investors, brokers and traders to access markets despite their location.