American Stock Exchange

American Stock Exchange

Overview
NYSE Amex Equities, formerly known as the American Stock Exchange (AMEX) is an American
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...

 stock exchange
Stock exchange
A stock exchange is an entity that provides services for stock brokers and traders to trade stocks, bonds, and other securities. Stock exchanges also provide facilities for issue and redemption of securities and other financial instruments, and capital events including the payment of income and...

 situated in New York
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...

. AMEX was a mutual organization
Mutual organization
A mutual, mutual organization, or mutual society is an organization based on the principle of mutuality. Unlike a true cooperative, members usually do not contribute to the capital of the company by direct investment, but derive their right to profits and votes through their customer relationship...

, owned by its members. Until 1953, it was known as the New York Curb Exchange. On January 17, 2008, NYSE Euronext announced it would acquire the American Stock Exchange for $260 million in stock. On October 1, 2008, NYSE Euronext completed acquisition of the American Stock Exchange.
Discussion
Ask a question about 'American Stock Exchange'
Start a new discussion about 'American Stock Exchange'
Answer questions from other users
Full Discussion Forum
 
Unanswered Questions
Recent Discussions
Encyclopedia
NYSE Amex Equities, formerly known as the American Stock Exchange (AMEX) is an American
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...

 stock exchange
Stock exchange
A stock exchange is an entity that provides services for stock brokers and traders to trade stocks, bonds, and other securities. Stock exchanges also provide facilities for issue and redemption of securities and other financial instruments, and capital events including the payment of income and...

 situated in New York
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...

. AMEX was a mutual organization
Mutual organization
A mutual, mutual organization, or mutual society is an organization based on the principle of mutuality. Unlike a true cooperative, members usually do not contribute to the capital of the company by direct investment, but derive their right to profits and votes through their customer relationship...

, owned by its members. Until 1953, it was known as the New York Curb Exchange. On January 17, 2008, NYSE Euronext announced it would acquire the American Stock Exchange for $260 million in stock. On October 1, 2008, NYSE Euronext completed acquisition of the American Stock Exchange. Before the closing of the acquisition, NYSE Euronext announced that the Exchange would be integrated with the Alternext
Alternext
NYSE Alternext is an equity trading market that was opened May 17, 2005 by its parent institution Euronext to address an opportunity posed by small to medium sized firms that were anticipated to desire easier access to an equity market....

 European small-cap exchange and renamed the NYSE Alternext U.S. In March 2009, NYSE Alternext U.S. was changed to NYSE Amex Equities.

History


In the early 19th century, many new enterprises sprang up in the railroad and construction industries. The New York Exchange Board had then mandated an organization to have a minimum of 100 stocks in order to trade in their exchange. Many of these new companies could not meet such requirements to be listed on the Board. A group of non-member brokers catered to the needs of these companies as they traded their stocks outside the registered exchanges. These brokers came to be known as the curbstone brokers, as they conducted their auctions out in the street.
These brokers often traded stocks that were speculative in nature. With the discovery of oil in the later half of the 19th century, even oil stocks entered into the curb market. By 1865, following the Civil War
American Civil War
The American Civil War was a civil war fought in the United States of America. In response to the election of Abraham Lincoln as President of the United States, 11 southern slave states declared their secession from the United States and formed the Confederate States of America ; the other 25...

, stocks in small industrial companies, such as iron and steel, textiles and chemicals were first sold by curbstone brokers. Efforts to organize and standardize the market started early in the twentieth century under Emanuel S. Mendels
Emanuel S. Mendels
Emanuel S. Mendels, Jr. was a leading curbstone broker who organized the Curb Market Agency in 1908 that developed appropriate trading rules for curbstone brokers...

. In 1908, the New York Curb Market Agency was established, to codify trading practices. In 1911, the curbstone brokers came to be known as the New York Curb Market, which then had a formal constitution with brokerage and listing standards. After several years of outdoor trading, the curbstone brokers moved indoors in 1921 to a building on Greenwich Street in Lower Manhattan
Lower Manhattan
Lower Manhattan is the southernmost part of the island of Manhattan, the main island and center of business and government of the City of New York...

. In 1929, the New York Curb Market changed its name to the New York Curb Exchange. Within no time, the Curb Exchange became the leading international stock market, listing more foreign issues than all other U.S. securities markets combined. In 1953 the Curb Exchange was renamed the American Stock Exchange.

Paul Kolton
Paul Kolton
Paul Kolton was an American reporter, mystery writer and public relations executive who worked for the New York Stock Exchange and became president and then chairman of the American Stock Exchange despite having no prior experience as a stockbroker...

 was named as president of the exchange in 1971, making him the first person to be selected from within the exchange to serve as its leader, succeeding Ralph S. Saul, who announced his resignation in March 1971. In November 1972 Kolton was named as the exchange's first CEO and the first salaried top executive of the exchange. Kolton opposed the idea of a merger with the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...

 while he headed the exchange saying that "two independent, viable exchanges are much more likely to be responsive to new pressures and public needs than a single institution". Kolton announced in July 1977 that he would be leaving his position at the American Exchange in November of that year.

The American Stock Exchange merged with the New York Stock Exchange (NYSE Euronext) on October 1, 2008. Post merger, the Amex equities business was branded "NYSE Alternext US". As part of the re-branding exercise, NYSE Alternext US was re-branded as NYSE Amex Equities. On December 1, 2008, the Curb Exchange building at 86 Trinity Place was closed, and the Amex Equities trading floor was moved to the NYSE Trading floor at 11 Wall Street.

Hours


The exchange's normal trading sessions are from 9:30am to 4:00pm on all days of the week except Saturdays, Sundays and holidays declared by the Exchange in advance.

See also

  • List of stock exchanges
  • New York Stock Exchange
    New York Stock Exchange
    The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...

     (NYSE)
  • Stock exchange
    Stock exchange
    A stock exchange is an entity that provides services for stock brokers and traders to trade stocks, bonds, and other securities. Stock exchanges also provide facilities for issue and redemption of securities and other financial instruments, and capital events including the payment of income and...

  • Economy of New York City
    Economy of New York City
    The economy of New York City is the biggest regional economy in the United States and the second largest city economy in the world after Tokyo...

  • Amex Major Market Index
    Amex Major Market Index
    The AMEX Major Market Index or NYSE Arca Major Market Index or XMI is the American Stock Exchange price-weighted average of 20 Blue Chip industrial stocks of major U.S. Corporations; several of the stocks are also components of the Dow Jones Industrial Average . None of them trade on the Amex;...


External links