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national stock exchange that is located at the corner of Broad and Wall Streets in New York City; often called the Big Board. It has a central trading location where securities are bought and sold in an auction market by brokers acting as agents for the buyer and seller. It is governed by a board of directors consisting of one-half exchange members and one-half public members. The NYSE is the largest exchange and generates the most dollar volume in large, well-known companies. Its listing requirements are the most restrictive. For a company to be listed on the NYSE for the first time, for example, the corporation must have at least 2000 stockholders owning 100 shares, and its aggregate market value must be $18 million or more.
founded in 1792, it is the largest equities marketplace in the world. It is located at 11 Wall Street in New York City; also known as the Big Board and The Exchange. Approximately 2,800 companies worth $20 trillion in global market capitalization are listed on the exchange, a cross section of leading blue chip, mid-size, and small capitalization companies that meet the NYSE's stringent listing requirements. More than 450 non-U.S. companies valued at nearly $7 trillion are part of the NYSE market. Average daily stock volume is more than $1.6 billion, with an average dollar value of $55 billion. The NYSE also operates an automated bond market offering investors corporate, agency, and government bonds. NYSE-listed equity issuers can list their bonds without charge on the exchange. Corporate debt represents the largest share of NYSE bond volume, with some 85% in nonconvertible bonds and 15% in convertible debt issues.
The NYSE is expanding its position in the trading of Exchange-Traded Funds (ETFs) , structured products, and other derivative securities, and in 2005, announced the transfer of 61 iShares ETFs to its market from the American Stock Exchange. The move made the NYSE the largest market for listing iShares ETFs, building on its already-growing base of 19 listed ETFs, including GLD, DVY, TIP and the NYSE-based U.S. 100 and Composite Index funds, NY and NYC. Additionally, Dow Jones Indexes developed and maintains a family of NYSE-branded indices that track the performance of NYSElisted companies in key market sectors and regions. These indices form the basis for future launches of other tradable products.
The NYSE is a not-for profit corporation governed by a two-tier board: the Board of Directors (BoD), comprised of independent directors and the CEO, and an advisory Board of Executives (BoE) appointed by the Board of Directors to provide guidance on the Exchange's business strategy. The independent Board of Directors, whose individual members have no material connection to any of the NYSE's listed companies, management, or member firms, supervises regulation, governance, compensation, and internal controls. The Board of Executives is composed of constituent representatives who discuss NYSE marketplace operations, membership and listed-company issues, and public issues relating to market structure and performance. The NYSE's governance structure separates its regulatory organization from marketplace operations, with the Chief Regulatory Officer reporting to the Board of Director's Regulatory Oversight and Regulatory Budget Committee-not the NYSE CEO. Staff groups handle specialized functions, such as trading technology and operations, liaison with listed companies and member firms, government relations, and economic research. Certain operational functions are handled by affiliated corporations, such as Depository Trust Company, National Securities Clearing Corporation (NSCC), and Securities Industry Automation Corporation (SIAC). Total voting membership is currently fixed at 1,366 "seats," which are owned by individuals, usually partners or officers of securities firms. The number of firms represented is over 400, seven of which are specialist firms responsible for the maintenance of an orderly market in the securities they handle. Most members execute orders for the public, although a small number-called registered competitive market makers-deal exclusively for their own accounts.
In 2005, the NYSE announced plans to acquire electronic stock exchange operator Archipelago Holdings Inc. and become a publicly held company, to be known as NYSE Group Inc. This will enable the public to own shares in the combined group, which will be a diverse platform for trading of listed and over-the-counter securities, options, and other products, including derivatives. Trading hours: 9:30 A.M. to 4 P.M. followed by after-hours automated Crossing Sessions, Monday through Friday. www.nyse.com.See also securities and commodities exchanges
largest and oldest stock exchange in the United States. The New York Stock Exchange, also known as the Big Board, is the most influential stock exchange, listing securities of the largest U.S. corporations, including the 30 firms listed in the Dow Jones Industrial Average. The NYSE is a self-regulatory organization with a 20-member board of governors who regulate the trading activities of its 1300 members.See also American Stock Exchange (AMEX)
Copyright © 2006, 2003, 1998, 1995, 1991, 1987, 1985 by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.
Copyright c 2006, 2000, 1997, 1993, 1990 by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.
Copyright © 2007, 2000, 1997, 1987, by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.