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NYSE American

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NYSE MKT LLC
TypeStock exchange
LocationNew York City, New York, United States
Founded1908; 116 years ago (1908) (as New York Curb Market Agency)
OwnerIntercontinental Exchange
CurrencyUnited States Dollar
WebsiteNYSE MKT

NYSE MKT LLC, formerly known as the American Stock Exchange (AMEX), is an American stock exchange situated in New York City, New York. AMEX was previously a mutual organization, owned by its members. Until 1953, it was known as the New York Curb Exchange.[1]

On January 17, 2008, NYSE Euronext announced it would acquire the AMEX for $260 million in stock; on October 1, 2008, NYSE Euronext completed the acquisition.[2] Before the closing of the acquisition, NYSE Euronext announced that the AMEX would be integrated with the Alternext European small-cap exchange and renamed the NYSE Alternext U.S.[3]

In March 2009, NYSE Alternext U.S. was changed to NYSE Amex Equities. On May 10, 2012, NYSE Amex Equities changed its name to NYSE MKT LLC.[4]

History

These brokers often traded stocks that were speculative in nature. With the discovery of oil in the latter half of the 19th century, even oil stocks entered into the curb market. By 1865, following the American Civil War, 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 20th century under Emanuel S. Mendels and Carl H. Pforzheimer [1]. 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 New York Curb Exchange Building on Greenwich Street in Lower Manhattan. 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 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.[5][6] In November 1972, Kolton was named as the exchange's first chief executive officer and its first salaried top executive.[7] Kolton opposed the idea of a merger with the New York Stock Exchange 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".[6] Kolton announced in July 1977 that he would be leaving his position at the American Exchange in November of that year.[8]

The American Stock Exchange merged with the New York Stock Exchange (NYSE Euronext) on October 1, 2008.[4] 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.[4]

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.[4]

See also

References

  1. ^ Klein, Maury (2001). Rainbow's End: The Crash of 1929. Oxford University Press. ISBN 0-19-513516-4.
  2. ^ "NYSE Euronext Completes Acquisition of American Stock Exchange". New York Stock Exchange. October 1, 2008.
  3. ^ "Notice of Upcoming NYSE System Changes To Support the NYSE/Amex Integration (NYSE Alternext U.S.)". New York Stock Exchange. July 7, 2008.
  4. ^ a b c d "NYSE Amex Equities Information". New York Stock Exchange.
  5. ^ Rustin, Richard E. (May 14, 1971). "American Board Panel Seen Recommending Kolton, No. 2 Man, as Successor to Saul". The Wall Street Journal. Retrieved October 30, 2010.
  6. ^ a b (registration required) Kaplan, Thomas (October 29, 2010). "Paul Kolton, Who Led the American Stock Exchange, Dies at 87". The New York Times. Retrieved October 29, 2010.
  7. ^ Staff (November 3, 1972). "Amex Formally Elects Paul Kolton as Chairman, Chief Executive Officer". The Wall Street Journal. Retrieved October 30, 2010.
  8. ^ Staff (July 17, 1977). "Paul Kolton Leaving Amex". (via Dow Jones Service (The Pittsburgh Press (via Google News)). Retrieved July 18, 2012.

Further reading

  • Sobel, Robert (1970). The Curbstone Brokers: The Origins of the American Stock Exchange. Washington, D.C.: BeardBooks. ISBN 1-893122-65-4.
  • Sobel, Robert (1972). AMEX: A History of the American Stock Exchange. Washington, D.C.: BeardBooks. ISBN 1-893122-48-4.
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