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Pict0179.jpg (135993 bytes) New York Architecture Images- Lower Manhattan

NEW YORK STOCK EXCHANGE Landmark

architect

 George B Post, Pediment by JQA Ward and Paul Bartlett.

location

 8 Broad Street, between Wall Street and Exchange Place

date

 1903

style

 Neo-Classicism 2

construction

 The trading floor was one of the largest volumes of space in the city at the time at 109 x 140 feet (33 x 42.5 m) with a skylight set into a 72-foot (22 m) high ceiling. The main façade of the building features marble sculpture by John Quincy Adams Ward in the pediment, above six tall Corinthian capitals, called “Integrity Protecting the Works of Man”.

type

 Stock Exchange, Office Building.
 
 
 
 
 
  Image- with special thanks to Rick Stasel
 
  Rendering by Simon Fieldhouse. Click here for a Simon Fieldhouse gallery.
 
 
 
 
 
 
 
 
The New York Stock Exchange (NYSE), nicknamed the "Big Board," is a New York City-based stock exchange. It is the largest stock exchange in the world by dollar volume and, with 2,764 listed securities[1], has the second most securities of all stock exchanges. Its share volume was exceeded by that of NASDAQ during the 1990s. It was considered the second biggest stock exchange in the world in terms of company listings only next to NASDAQ with 3,200 companies, before Bombay Stock Exchange (BSE) of India, consolidated this position as the biggest stock exchange in the world with a company listing of 4,800 as of August 2007.[2] Nonetheless, the NYSE constitutes the most crucial financial hub of the world, along with Tokyo Stock Exchange and London Stock Exchange. As of December 31, 2006, the combined capitalization of all New York Stock Exchange listed companies was $25.0 trillion. [3]

The NYSE is operated by NYSE Euronext, which was formed by the NYSE's merger with the fully electronic stock exchange Archipelago Holdings and Euronext. The New York Stock Exchange trading floor is located at 11 Wall Street, and is composed of four rooms used for the facilitation of trading. A fifth trading room, located at 30 Broad Street, was closed in February 2007. The main building, located at 18 Broad Street between the corners of Wall Street and Exchange Place, was designated a National Historic Landmark in 1978.[4]

NYSE Group merged with Euronext, and many of its operations (particularly IT and the trading platform) will be combined with that of the New York Stock Exchange and NYSE Arca.

Business
The New York Stock Exchange provides an efficient method for buyers and sellers to trade shares of stock in companies registered for public trading. The exchange provides price discovery via an auction environment designed to produce the fairest price for both parties. Since September 30, 1985, the NYSE trading hours have been 9:30–4:00 ET.

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 stocks). Customers can now send orders for immediate electronic execution, or route orders to the floor for trade in the auction market. In excess of 50% of all order flow is now delivered to the floor electronically.

On the trading floor, the NYSE trades in a continuous auction format. Here, the human interaction and expert judgment as to order execution differentiates the NYSE from fully electronic markets. There is one specific location on the trading floor where each listed stock trades. Exchange members interested in buying and selling a particular stock on behalf of investors gather around the appropriate post where a specialist broker, who is employed by a NYSE member firm (that is, he/she is 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. They do on occasion (approximately 10% of the time) facilitate the trades by committing their own capital and as a matter of course disseminate information to the crowd that helps to bring buyers and sellers together. The frenzied commotion of men and women in colored smocks has been captured in several movies, including Wall Street.

In the mid-1960s, the NYSE Composite Index (NYSE: NYA) was created, with a base value of 50 points equal to the 1965 yearly close, to reflect the value of all stocks trading at the exchange instead of just the 30 stocks included in the Dow Jones Industrial Average. 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. (Previously, the index had stood just below 500 points, with lifetime highs and lows of 670 points and 33 points, respectively.)

The right to directly trade shares on the exchange is conferred upon owners of the 1366 "seats". The term comes from the fact that up until the 1870s NYSE members sat in chairs to trade; this system was eliminated long ago. In 1868, the number of seats was fixed at 533, and this number was increased several times over the years. In 1953, the exchange stopped at 1366 seats. These seats are a sought-after commodity as they confer the ability to directly trade stock on the NYSE. Seat prices have varied widely over the years, generally falling during recessions and rising during economic expansions. The most expensive seat was sold in 1929 for $625,000, which, adjusted for inflation, is over six million in today's dollars. In recent times, seats have sold for as high as $4 million in the late 1990s and $1 million in 2001. In 2005, seat prices shot up to $3.25 million as the exchange was set to merge with Archipelago and become a for-profit, publicly traded company. Seat owners received $500,000 cash per seat and 77,000 shares of the newly formed corporation. The NYSE now sells one-year licenses to trade directly on the exchange.

History

The origin of the NYSE can be traced to May 17, 1792, when the Buttonwood Agreement was signed by 24 stock brokers outside of 68 Wall Street in New York under a sycamore tree on Wall Street which earlier was the site of a stockade fence. On March 8, 1817, the organization drafted a constitution and renamed itself the "New York Stock & Exchange Board". (This name was shortened to its current form in 1863.) Anthony Stockholm was elected the Exchange's first president.

The first central location of the NYSE was a room rented for $200 a month in 1817 located at 40 Wall Street. The NYSE was destroyed in the Great Fire of New York (1835). It moved to a temporary headquarters. In 1863 it changed its name to the New York Stock Exchange (NYSE). In 1865 it moved to 10-12 Broad Street. In 1896 the Dow Jones Industrial Average was established by the Wall Street Journal with an initial value of 40.74.

Volume of stocks traded had increased sixfold in the years between 1896 and 1901 and a larger space was required to conduct business in the expanding marketplace.[7] Eight New York City architects were invited to participate in a design competition for a new building and the Exchange selected the neoclassic design from architect George B. Post. Demolition of the existing building at 10 Broad Street and the adjacent lots started on 10 May 1901.

The New York Stock Exchange building opened at 18 Broad Street on April 22, 1903 at a cost of $4 million. The trading floor was one of the largest volumes of space in the city at the time at 109 x 140 feet (33 x 42.5 m) with a skylight set into a 72-foot (22 m) high ceiling. The main façade of the building features marble sculpture by John Quincy Adams Ward in the pediment, above six tall Corinthian capitals, called “Integrity Protecting the Works of Man”. The building was listed as a National Historic Landmark and added to the National Register of Historic Places on June 2, 1978.[8]

In 1922, a building designed by Trowbridge & Livingston was added at 11 Broad Street for offices, and a new trading floor called "the garage". Additional trading floor space was added in 1969 and 1988 (the "blue room") with the latest technology for information display and communication. Another trading floor was opened at 30 Broad Street in 2000. With the arrival of the Hybrid Market, a greater proportion of trading was executed electronically and the NYSE decided to close the 30 Broad Street trading room in early 2006. In late 2007 the exchange closed the rooms created by the 1969 and 1988 expansions due to the declining number of traders and employees on the floor, a result of increased electronic trading.

The 11 Wall Street building was designated a National Historic Landmark in 1978.[5][9][10]

Events

Security after 9/11The Exchange was closed shortly after the beginning of World War I (July 1914), but it re-opened on November 28 of that year in order to help the war effort by trading bonds.

On September 16, 1920, a bomb exploded on Wall Street outside the NYSE building, killing 33 people and injuring more than 400. The perpetrators were never found. The NYSE building and some buildings nearby, such as the JP Morgan building, still have marks on their facades caused by the bombing.

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 of 1929. In an effort to try to restore investor confidence, the Exchange unveiled a fifteen-point program aimed to upgrade protection for the investing public on October 31, 1938.

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 board. On February 18, 1971 the not-for-profit corporation was formed, and the number of board members was reduced to twenty-five.

On October 19, 1987, the Dow Jones Industrial Average (DJIA) dropped 508 points, a 22.6% loss in a single day, the biggest one-day drop the exchange had yet experienced, prompting officials at the exchange to invoke for the first time the "circuit breaker" rule to halt all trading. This was a very controversial move and led to a quick change in the rule; trading now halts for an hour, two hours, or the rest of the day when the DJIA drops 10, 20, or 30 percent, respectively. In the afternoon, the 10% and 20% drops will halt trading for a shorter period of time, but a 30% drop will always close the exchange for the day. The rationale behind the trading halt was to give investors a chance to cool off and reevaluate their positions. 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.

Further information: Black Monday (1987)
There was a panic similar to many with a fall of 7.2% in value (554.26 points) on October 27, 1997 prompted by falls in Asian markets, from which the NYSE recovered quickly.

Further information: October 27, 1997 mini-crash
The NYSE was closed from September 11 until September 17, 2001 as a result of the September 11, 2001 attacks.

On September 17, 2003, NYSE chairman and chief executive Richard Grasso stepped down as a result of controversy concerning the size of his deferred compensation package. He was replaced as CEO by John S. Reed, the former Chairman of Citigroup.

The NYSE announced its plans to acquire Archipelago on April 21, 2005, in a deal intended to reorganize the NYSE as a publicly traded company. NYSE's governing board voted to acquire rival Archipelago on December 6, 2005, and become a for-profit, public company. It began trading under the name NYSE Group on March 8, 2006. A little over one year later, on April 4, 2007, the NYSE Group completed its merger with Euronext, the European combined stock market, thus forming the NYSE Euronext, the first transatlantic stock exchange.

Presently, Marsh Carter is Chairman of the New York Stock Exchange, having succeeded John S. Reed and the CEO is Duncan Niederauer, having succeeded John Thain.

NYSE's stock exchange traders floor before the introduction of electronic readouts and computer screens.
U.S. Secretary of Commerce Donald L. Evans rings the opening bell at the NYSE on April 23, 2003. Former chairman Richard Grasso is also in this picture.
The NYSE at night (July 2007)Wikimedia Commons has media related to:
New York Stock Exchange This article or section may contain an inappropriate mixture of prose and timeline.

1792 - The NYSE acquires its first traded securities [1][2]
1817 - The constitution of the New York Stock and Exchange Board is adopted [3]
1867 - The First Stock Ticker [4]
1896 - Dow Jones Industrial Average (DJIA) first published in The Wall Street Journal [5]
1903 - NYSE moves into new quarters at 18 Broad Street
1907 - Panic of 1907
1914 - World War I causes the longest exchange shutdown: four months, two weeks
1915 - Market price is given in dollars
1929 - Central quote system established; Black Thursday (October 24) and Black Tuesday (October 29) signal coming of Great Depression
1943 - Trading floor is opened to women [11]
1949 - Longest (eight-year) bull market begins [6]
1954 - DJIA surpasses its 1929 peak
1966 - NYSE creates the Common Stock Index; floor data fully automated [7]
1970 - Securities Investor Protection Corporation established
1971 - NYSE recognized as Not-for-Profit organization [8]
1972 - DJIA closes above 1,000
1977 - Foreign brokers are admitted to NYSE
1979 - New York Futures Exchange established
1987 - Black Monday, October 19, sees the largest one-day DJIA percentage drop
1991 - DJIA exceeds 3,000
1996 - Real-time ticker introduced [9]
1999 - DJIA exceeds 10,000
2000 - First NYSE global index launched under the ticker NYIID
2001 - Trading in fractions (n/16) ends, replaced by decimals (increments of $.01, see Decimalisation); September 11, 2001 attacks occur, closing NYSE for 4 sessions
2003 - NYSE Composite Index relaunched and value set equal to 5,000 points
2006 - NYSE and ArcaEx merge, forming the publicly owned, for-profit NYSE Group, Inc.; in turn, NYSE Group merges with Euronext, creating the first trans-Atlantic stock exchange group; DJIA tops 12,000 on October 19
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. [12]
2007 - NYSE announces its merger with the American Stock Exchange; NYSE Composite closes above 10,000 on June 1; DJIA closes above 14,000 on July 19.

References
^ http://www.nyse.com/about/listed/1170350259411.html
^ http://www.bseindia.com/about/st_key/list_cap_raised.asp
^ http://www.nysedata.com/nysedata/asp/factbook/printer_friendly.asp?mode=table&key=2213
^ National Park Service, National Historic Landmarks Survey, New York, retrieved May 31, 2007.
^ a b New York Stock Exchange. National Historic Landmark summary listing. National Park Service (2007-09-17).
^ National Register Information System. National Register of Historic Places. National Park Service (2007-01-23).
^ The Building NYSE Group history
^ National Register Number: 78001877 National Historic Landmark
^ George R. Adams (March 1977). New York Stock Exchange National Register of Historic Places Inventory-Nomination (1MB PDF). National Park Service. Retrieved on 2008-01-30.
^ National Register of Historic Places Inventory-Nomination (1MB PDF). National Park Service (1983).
^ NYSE: Timeline"
^ Katy Byron. "President Bush makes surprise visit to NYSE", CNN Money, Cable News Network, 2007-01-31. Retrieved on 2007-02-20.
 

 

The New York Stock Exchange was organized back in 1792 by a group of stockbrokers. They wanted a more orderly way to sell and buy company stocks. The New York Stock exchange was located 40 Wall Street in New York City. As they grew they later moved into what is currently the New York Stock Exchange Building.

The New York Stock Exchange is the literal and figurative center of Wall Street. National and international visitors alike will recognize the building near the corner of Wall Street and Broadway. 

  •  The NYSE will move in the next few years. Its existing site on Wall Street will become available for a new use sometime before 2006. (Many stock exchange buildings all over the world cannot handle today’s digital technology. Shanghai, Paris, Saint Petersburg and soon New York, all present examples of historical market buildings that are no longer suited to modern technology.)
  •  For New York City, although the NYSE will move, the visitors’ gallery and museum would stay. Some 3,000 square feet of the old exchange floor would also remain. This will preserve the historic association with a now-modern exchange, but one that no longer is suited to a visitors’ gallery.
    The Crash
    Crasg of 1929
    The New York Stock Exchange on Wall Street.
    No one saw it coming. Although the stock market had a few setbacks in 1929, most people felt that the overall growth would continue for years. On October 22, a NEW YORK TIMES article quoted a noted economics professor who predicted that the market would soon return to "steady increases."

    On October 24, stock prices began to fall and brokers began to sell. By noon, millions of shares had been sold. The selling frenzy continued all afternoon. By closing, 13 million shares had been traded and the market dropped four billion dollars. People who had invested their entire life savings during the boom were now bankrupt. Many banks and businesses were forced to close. But the worst was yet to come.

    On October 29, later nicknamed "Black Tuesday," the stock market crashed. On that day, over 16 million shares of stock were sold and the market fell over 14 billion dollars. By comparison, the entire budget of the U.S. Government that year was three billion dollars. Brokers screamed as hysterical visitors were taken away by the police. In one day, the United States lost more capital than it had spent in all of World War I.

    In the 1920's, things were really rocking in the US and around the world. The rapid increase in industrialization was fueling growth in the economy, and technology improvements had the leading economists believing that the uprise would continue. During this boom period, wages increased along with consumer spending, and stock prices began to rise as well. Billions of dollars were invested in the stock market as people began speculating on the rising stock prices and buying on margin.

    The enormous amount of unsecured consumer debt created by this speculation left the stock market essentially off-balance. Many investors, caught up in the race to make a killing, invested their life savings, mortgaged their homes, and cashed in safer investments such as treasury bonds and bank accounts. As the prices continued to rise, some economic analysts began to warn of an impending correction, but they were largely ignored by the leading pundits. Many banks, eager to increase their profits, began speculating dangerously with their investments as well. Finally, in October 1929, the buying craze began to dwindle, and was followed by an even wilder selling craze.

    On Thursday, October 24, 1929, the bottom began to fall out. Prices dropped precipitously as more and more investors tried to sell their holdings. By the end of the day, the New York Stock Exchange had lost four billion dollars, and it took exchange clerks until five o'clock AM the next day to clear all the transactions. By the following Monday, the realization of what had happened began to sink in, and a full-blown panic ensued. Thousands of investors -- many of them ordinary working people, not serious "players" -- were financially ruined. By the end of the year, stock values had dropped by fifteen billion dollars.

    Many of the banks which had speculated heavily with their deposits were wiped out by the falling prices, and these bank failures sparked a "run" on the banking system. Each failed bank, factory, business, and investor contributed to the downward spiral that would drag the world into the Great Depression.

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