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The Stock Market
NYSE Stock
Exchange Description.
NYSE Stock Exchange History
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The
New York
Stock Exchange traces its
origins to a founding agreement
in 1792. The NYSE registered as
a national securities exchange
with the U.S. Securities and
Exchange Commission on October
1, 1934. The Governing Committee
was the primary governing body
until 1938, at which time The
Exchange hired its first paid
president and created a
thirty-three member Board of
Governors. The Board included
Exchange members, non-member
partners from both New York and
out-of-town firms, as well as
public representatives.
NYSE Stock Exchange
Board of
Directors
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In 1971 The
Exchange was incorporated as a
not-for-profit corporation. In
1972 the members voted to
replace the Board of Governors
with a twenty-five member Board
of Directors, comprised of a
Chairman and CEO, twelve
representatives of the public,
and twelve representatives from
the securities industry.
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Subject to the
approval of the Board, the
Chairman may appoint a
President, who would serve as a
director. Additionally, at the
Board's discretion, they may
elect an Executive Vice
Chairman, who would also serve
as a director.
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AMEX Stock
Exchange Description.
The alliance of technology and
people is a hallmark of auction
market trading, and the
AMEX has
been a pioneer in market innovation
for nearly a century.
Today at the
American Stock
Exchange, specialists, traders and
brokers use the world's most
sophisticated, advanced technology
to enhance trading efficiency and
reliability for the investing
public.
AMEX technology improves customer
service for all of the auction
market participants each step of the
way. For listed companies and their
investors, our state-of-the-art
trading ensures trading fairness.
Member firms receive instantaneous
order processing and reconciliation.
Electronic display books greatly
assist AMEX Specialists in
maintaining efficient and liquid
markets, resulting in narrower
spreads for customers.
AMEX Stock Exchange Traded Funds
(ETFs)
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The American Stock Exchange's
Exchange Traded Funds (ETFs)
Marketplace includes ETFs
(Exchange Traded Funds) and
iShares such as, DIA (Nasdaq-100
Index Tracking Stock, QUBES),
DIA (DIAMONDS), and
SPY
(Select Sector SPDRs). Listed
and traded in the Marketplace is
an entire family of ETFs - index-based
investment products that let you
buy or sell shares of entire
portfolios of stock in a single
security. Pioneered by the Amex,
these unique financial products
combine the opportunities of
indexing with the advantages of
stock trading.
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With ETFs based on broad-market,
sector and international
indexes, you have a wide range
of investment opportunities. You
have the ability to establish
long-term investments in the
market performance of the
leading companies in the leading
industries in the United States,
or you can custom tailor asset
allocations using a range of
ETFs (Exchange Traded Funds) to
fit your particular investment
needs or goals. You can hold
ETFs based on a broad-market
index as a core investment, for
example, then use additional
ETFs to increase your exposure
in sector and/or international
index performance.
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AMEX Stock Exchange History
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In 1995, the AMEX became the
first U.S. stock market to
maintain a presence on the world
wide web, offering a site rich
with comprehensive data on our
listed companies, options,
derivatives and capital markets
products. We link, the
exclusive, automated service for
our listed companies, offers
potential investors and
shareholders a range of
information on every AMEX stock.
The NASDAQ Exchange
As the
world's largest electronic stock market, NASDAQ® is
not limited to one central trading location. Rather,
trading is executed through NASDAQ's sophisticated
computer and telecommunications network, which
transmits real-time quote and trade data to more
than 1.3 million users in 83 countries. Without size
limitations or geographical boundaries, NASDAQ's
"open architecture" market structure allows a
virtually unlimited number of participants to trade
in a company's stock.
Today,
NASDAQ lists the securities of nearly 4,100 of
the world's leading companies and each year,
continues to help hundreds of companies successfully
make the transition to public ownership.
Trading on
NASDAQ is not limited to any fixed number of
participants. This allows a large number of firms
with widely different business models and trading
technologies to connect to the NASDAQ network and
compete on an equal basis. Rather than forcing
investors to go through a single financial firm to
buy or sell stocks, NASDAQ links up a variety of
competitors and lets participants choose with whom
they are going to trade. All firms trading NASDAQ
stocks must be certified with the Securities and
Exchange Commission (SEC) and registered with NASDAQ
and NASDAQ Regulation®. Following are examples of
the kinds of firms trading NASDAQ stocks:
Through its unique framework of
multiple market participants, NASDAQ provides listed
companies' securities with ready access to
investors, visibility in the marketplace, and market
conditions that promote immediate and continuous
trading:
- Liquidity
Liquidity is best defined as the ease with which
stocks can be bought and sold in the market. By
encouraging trading among a virtually unlimited
number of market participants, NASDAQ offers an
environment that facilitates greater liquidity.
- Depth of Market
Depth of market refers to the total amount of
money market makers have invested in a single
security and is related to the number of market
participants trading in the security. However,
even a few market participants can provide
abundant depth of market by committing to buy or
sell large quantities of a security. Knowing
there is depth of market can reassure investors
of a stock's marketability, especially during
periods of heavy trading volume.
- Transparency
Transparency, the ability to view investors' buy
and sell orders at different price levels, is
crucial to the decision-making process in
securities trading. NASDAQ's open market
structure offers a level of transparency not
found on other major U.S. markets. On NASDAQ,
all bid and ask quotations in a given security
are broadcast over the network. All NASDAQ
market participants — regardless of whether they
are professional traders — can see the same
information.
Price Efficiency
In securities trading, as in most industries,
competition is one of the most important factors
in creating price efficiencies. The aggressive
competition for orders fostered among NASDAQ's
market participants helps to ensure that
investors receive the best prices for the
securities they trade.
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NASDAQ is building the world's
first truly global stock market — digital and
Internet-accessible, open to anyone anywhere in the
world, 24 hours a day. NASDAQ has already broken new
ground in Europe, Hong Kong, and Canada , with
additional plans for Asia, Latin America, and the
Middle East. By reaching out around the globe,
NASDAQ is creating new links to additional capital
and an even broader pool of investors.
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