American Stock Exchange
From Wikipedia, the free encyclopedia
| NYSE Amex Equities | |
|---|---|
| U.S. National Register of Historic Places | |
| U.S. National Historic Landmark | |
 The American Stock Exchange
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| Location: | 86 Trinity Pl, Lower Manhattan, New York City, New York[1] |
| Coordinates: | 40°42′31″N 74°00′45″W / 40.70861°N 74.0125°W |
| Built/Founded: | 1921, expanded in 1931 [2] |
| Architectural style(s): | Art Deco[2] |
| Governing body: | NYSE Euronext |
| Added to NRHP: | June 2, 1978 [3] |
| Designated NHL: | June 2, 1978 [2] |
| NRHP Reference#: | 78001867 |
NYSE Amex Equities, formerly known as the American Stock Exchange (AMEX) is an American stock exchange situated in New York. AMEX was a mutual organization, owned by its members. Until 1953 it was known as the New York Curb Exchange.[4] On January 17, 2008 NYSE Euronext announced it would acquire the American Stock Exchange for $260 million in stock.[5] On October 1, 2008, NYSE Euronext completed acquisition of the American Stock Exchange.[6] Before the closing of the acquisition, NYSE Euronext announced that the Exchange will be integrated with Alternext European small-cap exchange and renamed NYSE Alternext U.S.[7] In March 2009, NYSE Alternext U.S. was again rebranded to NYSE Amex Equities.[8]
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[edit] History
The Exchange traces its roots back to colonial times, when stock brokers created outdoor markets in New York City to trade new government-issued securities. The AMEX started out in 1842 as such a market at the curbstone on Broad Street near Exchange Place. The curb brokers gathered around the lamp posts and mail boxes, resisting wind and weather, putting up lists of stocks for sale. As trading activity increased so did the volume of the transactions; the shouting reached such a high level that stock hand signals had to be introduced so that the brokers could continue trading over the din. In 1921 the market was moved indoors into the building at 86 Trinity Place, Manhattan, where it still resides. The hand signals remained in place for decades even after the move, as a convenient means of communication. The building was declared a National Historic Landmark in 1978.[2][9]
[edit] Market
AMEX's core business has shifted over the years from stocks to options and Exchange-traded funds, although it continues to trade small to mid-size stocks. An effort in the mid-1990s to initiate an Emerging Company Marketplace ended in failure, as the reduced listing standards (beyond the existing lenient AMEX standards) caused penny stock promoters to move their scams to a national exchange. In the mid 1990s the exchange was dogged by allegations of trading scandals, which were highlighted by BusinessWeek in 1999.[10] In 1998, the American Stock Exchange merged with the National Association of Securities Dealers (operators of NASDAQ) to create "The Nasdaq-Amex Market Group" where AMEX is an independent entity of the NASD parent company. After tension between the NASD and AMEX members, the latter group bought out the NASD and acquired control of the AMEX in 2004.
Out of the three major American stock exchanges, the AMEX is known to have the most liberal policies concerning company listing, as most of its companies are generally smaller compared to the NYSE and NASDAQ. The Amex also specialises in the trading of ETFs, and hybrid/structured securities. The majority of U.S. listed ETFs are traded at the AMEX including the SPDRs and most PowerShares.
In 2006, the AMEX attempted to popularize an American implementation of the Canadian income trust model. Listed Equity Income Hybrid Securities, (more commonly known as Income Deposit Securities) listed on the AMEX are B & G Foods Holding Corp. (BGF), Centerplate, Inc. (CVP), Coinmach Service Corp. (DRY), and Otelco Inc. (OTT). Recently Coinmach Service Corp, has been attempting to restructure itself away from being an income trust.
As of 31 December 2007, the AMEX had 592 listed companies with a combined market capitalization of $258 billion.[11]
The AMEX also produces stock market indices; perhaps the most notable of these is an index of stocks of internet companies now known as the Inter@ctive Week Internet Index. Recently, the AMEX has also developed a unique set of indices known as Intellidexes, which attempt to gain alpha by creating indices weighted on fundamental factors. The AMEX Composite, a value-weighted index of all stocks listed on the exchange, established a record monthly close of 2,069.16 points on November 30, 2006.
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Located near the World Trade Center, the operation of the AMEX was temporarily affected by the September 11 attacks. The Exchange's operations were temporarily shifted to the Philadelphia Stock Exchange.
The volume of trading is significantly reduced every year on the Jewish holiday Yom Kippur.[12][13][14][15][16]
[edit] 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.[17]
[edit] See also
[edit] Further reading
- Sobel, Robert (1970). The Curbstone Brokers: The Origins of the American Stock Exchange. Washington, D.C.: BeardBooks. ISBN 1893122654.
- Sobel, Robert (1972). AMEX: A History of the American Stock Exchange. Washington, D.C.: BeardBooks. ISBN 1893122484.
[edit] References
- ^ New York County listings at the National Register of Historic Places
- ^ a b c d "American Stock Exchange". National Historic Landmark summary listing. National Park Service. 2007-09-14. http://tps.cr.nps.gov/nhl/detail.cfm?ResourceID=1770&resourceType=Building.
- ^ "National Register Information System". National Register of Historic Places. National Park Service. 2007-01-23. http://www.nr.nps.gov/.
- ^ Klein, Maury (2001). Rainbow's End: The Crash of 1929. Oxford University Press. ISBN 0-19-513516-4.
- ^ "NYSE Euronext to acquire American Stock Exchange". Business Wire. 2008-01-16. http://www.businesswire.com/portal/site/home/index.jsp?epi-content=NEWS_VIEW_POPUP_TYPE&newsId=20080117006151&ndmHsc=v2*A1197982800000*B1200635511000*DgroupByDate*J2*L4*N1000837*Znyx&newsLang=en&beanID=202776713&viewID=news_view_popup.
- ^ "NYSE Euronext Completes Acquisition of American Stock Exchange". 2008-10-01. http://www.nyse.com/press/1222772889985.html.
- ^ "Notice of upcoming NYSE system changes to support the NYSE/Amex Integration (NYSE Alternext U.S.)". 2008-07-07. http://traderupdates.nyse.com/2008/07/notice_of_upcoming_nyse_system.html.
- ^ "NYSE Amex Equities Information". http://www.nyse.com/equities/nysealternextus/1218155408912.html.
- ^ George R. Adams (March, 1977), National Register of Historic Places Inventory-Nomination: American Stock Exchange, National Park Service and Accompanying photos, from 1925-1976PDF (3.43 MB)
- ^ The American Stock Exchange: Scandal on Wall Street
- ^ American Stock Exchange Page via Wikinvest
- ^ Phillip Inman and Andrew Clark (11 October 2008). "Fear takes over from reason as traders see no end to turmoil". The Guardian. http://www.guardian.co.uk/business/2008/oct/11/marketturmoil-shares. Retrieved on 10 April 2009. "The Jewish holiday of Yom Kippur meant Wall Street's trading floors were less crowded than usual"
- ^ Phillip H. Wiggins (October 10, 1989). "Dow Gains 5.89, to 2,791.41, on Low Volume". New York Times. http://www.nytimes.com/1989/10/10/business/dow-gains-5.89-to-2791.41-on-low-volume.html. Retrieved on 10 April 2009. "The Yom Kippur and Columbus Day holidays kept traders on the sidelines"
- ^ Tim Loughran and Paul Schultz (March 18, 2003). "Weather, Stock Returns and the Impact of Localized trading Behavior". University of Notre Dame. http://www.nd.edu/~tloughra/weatherpaper.pdf. Retrieved on 10 April 2009. "the yom Kippur holiday dampens trading volume in cities in cities with high Jewish populations"
- ^ Kristen French (10/09/00). "Market Update: Nasdaq Heading for May Low, Dow Little Changed". TheStreet.com, Inc.. http://www.thestreet.com/story/1116097/1/market-update-nasdaq-heading-for-may-low-dow-little-changed.html. Retrieved on 10 April 2009. "Considering it's Columbus Day and Yom Kippur, the ranks on Wall Street are substantially thinner than usual, seriously paring trading volume."
- ^ "Closing Market Report". Honolulu Star-Bulletin. September 20, 1999. http://archives.starbulletin.com/1999/09/20/business/market.html. Retrieved on 10 April 2009. "Many Wall Street professionals were out of work today to commemorate Yom Kippur, the Jewish Day of Atonement."
- ^ Market Hours, American Stock Exchange via Wikinvest
[edit] External links
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