• In 2007, US President George W. Bush shows up unannounced to the Floor about an hour and a half before a Federal Open Market Committee interest-rate decision on January
31; NYSE announces its merger with the American Stock Exchange; NYSE Composite closes above 10,000 on June 1; DJIA exceeds 14,000 on July 19 and closes at a peak of 14,164.53 on October 9.
Trading The New York Stock Exchange (sometimes referred to as “The Big Board”) provides a means for buyers and sellers to trade shares of stock in companies registered
for public trading.
 The last time the stock exchange was closed due to weather for a full two days was on March 12 and 13, 1888.
“ NYSE’s stock exchange traders floor before the introduction of electronic readouts and computer screens On October 19, 1987, the Dow Jones Industrial Average (DJIA)
dropped 508 points, a 22.6% loss in a single day, the second-biggest one-day drop the exchange had experienced.
With 354 members, the Open Board of Stock Brokers rivaled the NYSE in membership (which had 533) “because it used a more modern, continuous trading system superior to the
NYSE’s twice-daily call sessions”.
The trading floor of the New York Stock Exchange in March 2022 Following the Black Monday market crash in 1987, NYSE imposed trading curbs to reduce market volatility and
massive panic sell-offs.
 Notable events See also: Wall Street Crash of 1929; Black Monday (1987); Friday the 13th mini-crash; October 27, 1997 mini-crash; and Economic effects arising from
the September 11 attacks 20th century The exchange was closed shortly after the beginning of World War I (July 31, 1914), but it partially re-opened on November 28 of that year in order to help the war effort by trading bonds, and
completely reopened for stock trading in mid-December.
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.
 • In 1997, on October 27, a sell-off in Asia’s stock markets hurts the U.S. markets as well; DJIA sees the largest one-day point drop of 554 (or 7.18%) in history.
In the aftermath of the September 11 attacks, the NYSE was closed for four trading sessions, resuming on Monday, September 17, one of the rare times the NYSE was closed for
more than one session and only the third time since March 1933.
Like the fall of many foreign markets, the Dow suffered a 7.18% drop in value (554.26 points) on October 27, 1997, in what later became known as the 1997 Mini-Crash but from
which the DJIA recovered quickly.
On September 25, 1995, NYSE member Michael Einersen, who designed and developed this system, executed 1000 shares of IBM through this HHC ending a 203-year process of paper
transactions and ushering in an era of automated trading.
 After re-forming as the New York Stock and Exchange Board, the broker organization began renting out space exclusively for securities trading, which previously had been
taking place at the Tontine Coffee House.
 • Type: Stock exchange; Location: New York City, New York, U.S.; Founded: May 17, 1792; 230 years ago ; Owner: Intercontinental Exchange; Key people: Sharon Bowen (Chair)
Lynn Martin (President); Currency: United States dollar; No.
 The Bank of North America, along with the First Bank of the United States and the Bank of New York, were the first shares traded on the New York Stock Exchange.
of listings: 2,400 ; Market cap: US$26.2 trillion (2021) ; Volume: US$20.161 trillion (2011); Indices: Dow Jones Industrial Average, S&P 500, NYSE Composite History
The earliest recorded organization of securities trading in New York among brokers directly dealing with each other can be traced to the Buttonwood Agreement.
Robert Wright of Bloomberg writes that the merger increased the NYSE’s members as well as trading volume, as “several dozen regional exchanges were also competing with the
NYSE for customers.
In 2005, seat prices shot up to $3.25 million as the exchange entered into an agreement to merge with Archipelago and became a for-profit, publicly traded company.
The New York Stock Exchange (NYSE, nicknamed “The Big Board”) is an American stock exchange in the Financial District of Lower Manhattan in New York City.
• In 2008, the DJIA loses more than 500 points on September 15 amid fears of bank failures, resulting in a permanent prohibition of naked short selling and a three-week temporary
ban on all short selling of financial stocks; in spite of this, record volatility continues for the next two months, culminating at 5+1⁄2-year market lows.
It is by far the world’s largest stock exchange by market capitalization of its listed companies at US$30.1 trillion as of February 2018.
Due to the amount of coverage that the opening/closing bells receive, many companies coordinate new product launches and other marketing-related events to start on the same
day as when the company’s representatives ring the bell.
They will gather around the appropriate post where a specialist broker, who is employed by a NYSE member firm (that is, they are not an employee of the New York Stock Exchange),
acts as an auctioneer in an open outcry auction market environment to bring buyers and sellers together and to manage the actual auction.
 • In 1863, the name changed to the New York Stock Exchange.
Following the 2011 rule change, at the start of each trading day, the NYSE sets three circuit breaker levels at levels of 7% (Level 1), 13% (Level 2), and 20% (Level 3) of
the average closing price of the S&P 500 for the preceding trading day.
 In April 2011, Intercontinental Exchange (ICE), an American futures exchange, and NASDAQ OMX Group had together made an unsolicited proposal to buy NYSE Euronext for
approximately US$11,000,000,000, a deal in which NASDAQ would have taken control of the stock exchanges.
The NYSE now sells one-year licenses to trade directly on the exchange.
Black Monday was followed by Terrible Tuesday, a day in which the Exchange’s systems did not perform well and some people had difficulty completing their trades.
An additional trading room, at 30 Broad Street, was closed in February 2007.
It began trading under the name NYSE Group on March 8, 2006.
 To date, the NASDAQ is the second-largest exchange in the world by market capitalization, behind only the NYSE.
 The floor of the New York Stock Exchange in 1908 On April 21, 2005, the NYSE announced its plans to merge with Archipelago in a deal intended to reorganize the NYSE as
a publicly traded company.
 (The biggest one-day decline in the S&P 500 since 1987 was the 11.98% drop on March 16, 2020.)
The NYSE trading floor in 2009 Electronic As of January 24, 2007, all NYSE stocks can be traded via its electronic hybrid market (except for a small group of very high-priced
In March 2020, the NYSE announced plans to temporarily move to all-electronic trading on March 23, 2020, due to the COVID-19 pandemic.
Government regulation of securities trading was eventually seen as necessary, with arguably the most dramatic changes occurring in the 1930s after a major stock market crash
precipitated the Great Depression.
 On October 29, 2012, the stock exchange was shut down for two days due to Hurricane Sandy.
To raise the profile of the composite index, in 2003, the NYSE set its new base value of 5,000 points equal to the 2002 yearly close.
• In 1987, Black Monday, October 19, sees the second-largest one-day DJIA percentage drop (22.6%, or 508 points) in history.
 • In 1817, the constitution of the New York Stock and Exchange Board is adopted.
A Level 3 decline results in trading being suspended for the remainder of the day.
The NYSE trading floor is at the New York Stock Exchange Building on 11 Wall Street and 18 Broad Street and is a National Historic Landmark.
 • In 1929, the central quote system was established; Black Thursday, October 24 and Black Tuesday, October 29 signal the end of the Roaring Twenties bull market.
The main bell, which is rung at the beginning and end of the trading day, is controlled by a green button.
• In 1923, Poor’s Publishing introduced their “Composite Index”, today referred to as the S&P 500, which tracked a small number of companies on the NYSE.
 This was done to reflect the value of all stocks trading at the exchange instead of just the 30 stocks included in the Dow Jones Industrial Average.
• In 1989, On September 14, seven members of ACT-UP, The AIDS Coalition to Unleash Power, entered the NYSE and protested by chaining themselves to the balcony overlooking
the trading floor and unfurling a banner, “SELL WELCOME,” in reference to drug manufacturer Burroughs Wellcome.
 Notable bell-ringers Many of the people who ring the bell are business executives whose companies trade on the exchange.
Customers can now send orders for immediate electronic execution, or route orders to the floor for trade in the auction market.
On October 1, 1934, the exchange was registered as a national securities exchange with the U.S. Securities and Exchange Commission, with a president and a thirty-three-member
The NYSE is owned by Intercontinental Exchange, an American holding company that it also lists (NYSE: ICE).
Wall Street is the leading U.S. money center for international financial activities and the foremost U.S. location for the conduct of wholesale financial services.
Security after the September 11 attacks • In 2001, trading in fractions (n⁄16) ends, replaced by decimals (increments of $0.01, see Decimalization); September 11 attacks occur
causing NYSE to close for four sessions.
The original signal was a gavel (which is still in use today along with the bell), but during the late 1800s, the NYSE decided to switch the gavel for a gong to signal the
day’s beginning and end.
On May 6, 2010, the Dow Jones Industrial Average posted its largest intraday percentage drop since the crash on October 19, 1987, with a 998-point loss later being called
the 2010 Flash Crash (as the drop occurred in minutes before rebounding).
 On February 5, the DJIA dropped 1,175 points, making it the largest point drop in history.
 The Black Thursday crash of the Exchange on October 24, 1929, and the sell-off panic which started on Black Tuesday, October 29, are often blamed for precipitating
the Great Depression.
After the NYSE changed to its present location at 18 Broad Street in 1903, the gong was switched to the bell format that is currently being used.
 On August 14, 2014, Berkshire Hathaway’s A Class shares, the highest priced shares on the NYSE, hit $200,000 a share for the first time.
 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.
 Subsequently, there was another major drop for the Dow on October 13, 1989—the Mini-Crash of 1989.
NYSE’s governing board voted to merge with rival Archipelago on December 6, 2005, and became a for-profit, public company.
 Until 2005, the right to directly trade shares on the exchange was conferred upon owners of the 1,366 “seats”.
On February 1, 2012, the European Commission blocked the merger of NYSE with Deutsche Börse, after commissioner Joaquín Almunia stated that the merger “would have led to a
near-monopoly in European financial derivatives worldwide”.
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